View more on these topics

GMAC-RFC completes £60m portfolio sale to Derbyshire Home Loans

GMAC-RFC has announced the completion of a portfolio sale worth £60m, made up of fixed and discounted mainstream mortgages and self-certification loans.

The “whole loan” sale was acquired by Derbyshire Home Loans, a subsidiary of The Derbyshire, one of the UK&#39s top 10 building societies.

The deal is the second this year between the two organisations. In June 2002, Derbyshire Home Loans acquired a £54m portfolio from GMAC-RFC, bringing the total transaction value to over £100m.

The transaction enhances GMAC-RFC&#39s position as a “creator and trader” of mortgage assets, and represents its 14th portfolio sale in the last two years.

Stephen Hynes, capital markets director at GMAC-RFC, says: “We are delighted that The Derbyshire has partnered us for a second portfolio acquisition, and, as the leading all-status lender, we are looking to establish similar relationships with other clients.

“This type of sale is becoming increasingly popular in the UK mortgage industry, and the creator and trader technique is revolutionising the market.”

Gina Collman, head of corporate communications at GMAC-RFC, says: “It&#39s a win-win situation for all parties involved – the intermediary, the customer and the acquiring lender.

“We launch highly competitive mortgage products when the intermediaries and customers want them. We then sell on the resultant assets in mixed loan pools to the acquiring lenders when they need them. These acquirers obtain additional valuable assets without any strain on their existing distribution channels or in-house processing.

“The customers benefit because the key terms of the loans remain unchanged, and GMAC-RFC&#39s key terms are highly customer-friendly.”

Martin Latham, director of Derbyshire Home Loans, says: “The GMAC-RFC transactions have been instrumental in our progressive growth strategy and enable the group to expand into the wider mortgage market in a controlled and effective manner. I am delighted with the relationship between GMAC-RFC and DHLL and I look forward to working on similar transactions in the future.”


My mortgage week

Monday: I start with a visit to our local gym which is on the way to the office. After a good workout I feel ready to face the rigours of a fresh week in the mortgage industry. I know that this week is going to be more than the usually busy as Brentchase Financial are […]

Advantage not being taken of all sales channels

Intelligent Finance says intermediaries are missing out on sales opportunities by internet and telephone.Mark Curran, senior manager for e-commerce, says modern consumers are gaining confidence in technology and are more willing to try different sales channels than ever. Curran says: “Intermediaries need to look at technology to manage a growing number of client requirements. Clients […]

Face up to the seller&#39s pack challenge

The great “will they or won&#39t they” debate finally came to a conclusion last week as the government confirmed that legislation to bring in seller&#39s packs will be brought forward in the new session of Parliament. The sections of the Homes Bill that related to seller&#39s packs, which were put on hold when last year&#39s […]

Solicitor warns of equity release mis-selling

Elderly homeowners who are sold equity release schemes on the promise that it will cut their inheritance tax liability could be £1,000s worse off, according to Manchester-based Glaisyers Solicitors. Mortgage-based equity release schemes allow elderly homeowners to release cash from their property without having to make payments during their lifetime. The interest is &#39rolled up&#39 […]

Image courtesy of Stuart Miles at

Pension freedom: wish you were here?

Out there lies a warm ocean of desert islands, sun, sand and palm trees, where individuals can choose how and when to tax-efficiently access their pension fund and realise the retirement dreams they have worked so hard for.


News and expert analysis straight to your inbox

Sign up