GMAC-RFC has launched a cascade service covering mortgages in the mainstream, self-cert, buy-to-let and sub-prime sectors.Research by the lender suggests some 15% of mainstream deals and 20% of self-cert mortgage applications are initially declined. A quarter of mainstream declines and one-third of self-cert declines are due to adverse credit, highlighting the need for a product range midway between mainstream and sub-prime. This means brokers and therefore consumers have a wider range of options and don’t simply fall straight into the sub-prime category. GMAC-RFC says it has introduced cascaded products on mainstream and self-cert to provide a bridge between these and sub-prime, giving clients a better chance of the deal completing with no complications. Jeff Knight, head of marketing services at GMAC-RFC, says: “Our cascade system offers an unprecedented service to brokers. Saving time is one of the most valuable benefits a lender can provide its intermediaries. Our research shows there is a need for the cascade service across all product types and we have moved to meet that need. “This is something intermediaries have asked for, with 42% saying it would be a huge help as regards saving time when searching for alternative lenders or products. “Another 53% felt it would be useful as long as there was a suitable alternative product offered. We can now offer that.”
- Top trends
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