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GMAC-RFC book sale raises £145m

GMAC-RFC has completed its latest mortgage book portfolio sale.

The £145m portfolio of fixed and discounted mortgages is the latest GMAC-RFC portfolio to be bought by E-Mex Home Funding Limited, a subsidiary of the Cheshire.

Stephen Hynes, capital markets director at GMAC-RFC says: “This type of sale is becoming increasingly popular in the mortgage industry and re-enforces our position as the UK&#39s leading creator and trader of assets. “The transfer of these mortgage loans sees our customer friendly terms remain unchanged. This ensures that both customers and brokers will benefit from the deal.”

Jason Gaunt, director of E-Mex Home Funding, says: “Sourcing mortgage assets through GMAC-RFC is proving to be an important component in our growth strategy as we continue to build on the success that the subsidiary has achieved to date.”


Mortgage Times appoints head of marketing and corporate relations

Payam Azadi has joined London-based brokerage Mortgage Times. Azadi previously worked for Network Data for four and a half years, where he undertook various positions including marketing and design, media relations and public relations. His responsibilities at Mortgage Times will include advertising, promotions and further development of corporate relationships. Chris May, director of Mortgage Times, […]

FSA to fast-track &#39good&#39 MCCB members

Mortgage brokers regarded by the Mortgage Code Compliance Board as &#39members in good standing&#39 can expect to see their applications for authorisation fast-tracked. Firms from the General Insurance Standards Council and Institute of Insurance Brokers Regulatory Council will also benefit from the decision. In a letter sent last week Sarah Wilson, director of the FSA&#39s […]

Better in the promise than in the execution

Kevin Paterson, managing director, Park Row Independent Mortgages. Recent research indicates that a third of IFAs believe that offset mortgages will represent more than half of all borrowing within five years and blame the lack of recent growth in this market on lack of customer understanding. The only thing this demonstrates is that IFAs have […]

Offset deals to double by 2008

Current account mortgages and offset deals look set to boom with independent reports suggesting the market will double by the year 2008. Research by independent market analyst Datamonitor suggests the CAM and offset markets currently account for £22bn of gross advances in the UK mortgage market. It adds that the products will become even more […]

How to use wills to protect your clients’ wishes

March was Free Wills Month! Free Wills Month brings together a group of well-respected charities to offer members of the public aged 55 and over the opportunity to have their simple wills written or updated free of charge by using participating solicitors in selected locations around England and Wales. Research by the Law Society* highlighted that only 64 […]


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