GMAC-RFC today announced the launch of the first cascade service that will cover mortgages for everyone.
GMAC-RFCs cascade system is unique as it also applies to mainstream, self-cert, buy-to-let and sub-prime mortgages.
Broker research reveals the appetite for this superior service as approximately 15% of mainstream and 20% of self-cert mortgage applications are actually declined initially.
A quarter of mainstream declines and one third of self-cert declines are due to adverse credit therefore highlighting the need for a product range that falls midway between mainstream and sub-prime.
This means that the broker and therefore the customer have a far better range of more attractive options than simply falling straight into the non-conforming category.
GMAC-RFC has therefore introduced cascaded products on mainstream and self-cert to provide a bridge between these and sub-prime, giving their clients even greater choice and a better chance of the deal being completed quickly with no complications.
This new service will save even more time for brokers.
This is something that brokers have asked for as the vast majority of brokers welcome the cascade system with open arms as 42% claim it would be a huge help in saving time searching for alternative lenders or products.
Another 53% felt it would be useful as long as there was a suitable alternative product offered, which GMAC-RFC can now offer.
Jeff Knight, head of marketing services at GMAC-RFC, says: Our new cascade system offers an unprecedented service to brokers. It’s a utopian one stop-shop for brokers.
“In the increasingly hectic work place saving time is one of the most valuable benefits a lender can give to brokers.
“Our research shows that there is a need for the cascade service across all product types and we have endeavoured, as the white knight of the mortgage industry, to meet that need.