Regarding your last issue’s news report entitled ‘New lender entrants slated’, I found the piece not only a breathtaking generalisation but also unwarranted and way off the mark.
The basic thrust of the piece was that new entrants have tried to break into the market with low rates and have failed to deliver when it comes to service and technology.
Since when has GMAC-RFC set itself up as judge and jury of the new entrant lenders? No names were mentioned but I interpret the lack of clarity as an implied criticism of all new market entrants.
As a lender relatively new to the market, let me put the record straight. At Infinity, we have invested significant sums in broker-facing technology. As early as 2005 we launched Infinet, the only web-based mortgage processing system in the UK.
Our view is simple – technology is a partner and we believe that our industry remains firmly a people business. Clearly, GMAC-RFC feels that this approach is quaint.
The Infinity way is to have service done and decisions taken by people, not machines. Ultimately, people are accountable for underwriting decisions, not machines.
I can only draw the conclusion that the outburst was a result of the effect the new lenders are having on GMAC-RFC’s market share.
Head of Marketing and Communications