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GMAC sees best day of business

GMAC-RFC says June 13 was its best day of business, with over £150m worth of applications submitted.

The lender says buy-to-let has been its biggest growth area, with double the amount of business coming in.

Jeff Knight, director of marketing at GMAC-RFC, says: “If we continue to achieve these volumes, we will be in for another record year.”

And a poll by the lender has found brokers are confident about the market’s prospects. In the poll of 600 brokers, some 40% say sub-prime would be the fastest growing area in 2007.

A further 24% predict self-cert will lead the pack, while almost a fifth back buy-to-let.

Almost nine out of 10 of those surveyed want more lenders to provide point-of-sale offers, and eight out of 10 say GMAC-RFC has good or excellent completion times.

Knight adds: “It is clear that our technology has made a huge impact on brokers and packagers.

“It enhances their reputations, off-ers much faster turnaround times and greater control. That’s why the market is calling for more lenders to follow suit.”

He adds: “So come on everyone, stop messing about and start delivering next generation technology and services to the market – it will benefit all of us and will lead to a greater share of business for brokers.”


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Genetic tests no impediment to cover

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Brokers should consider getting into equity release as product development and wider lender choice will ensure the sector’s expansion, says Ged Hosty

KGB adds Mortgage Express to panel

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Life after the CML

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