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We give real binding decisions, not decisions in principle

From Jeff Knight

I would like to respond to last week’s Star Letter (Mortgage Strategy October 24). I was pleased to note that in the long list of lenders which have caused him delay, Jonathan Burridge did not include GMAC-RFC. And if he thinks we undersell our service in any way, I can safely say GMAC-RFC’s service is outstanding. In explaining why this is so I can also clarify an important point that may be confusing intermediaries in today’s market.

We use technology to provide a binding decision. And when we say we give a binding decision at point-of-sale in brokers’ offices we mean exactly that. We do not require paper references at all. The status decision has been made and will only be overturned upon discovery of fraud. Our investment in this technology is the reason we have been able to double new business volumes without a hint of an administrative delay and transform the lives of brokers by giving them immediacy and certainty while the client is with them.

Intermediaries wishing to avoid administration delays should always ask whether paper references are required (whether they be payslips, P60s or written references) in support of the online decision. If they are, what they have received is not a binding decision but a decision in principle, which explains why some lenders using online decisioning are suffering administrative backlogs.

We are delighted that Burridge, like all our other intermediary customers, is finding the service which supports our current product range not only up-to-date, but getting quicker. Our average decision time is just 30 seconds (down from 35 seconds) and I suspect that might make Burridge’s tortoise, of which he speaks so fondly, withdraw into its shell. More importantly it means intermediaries need not blame anyone, including themselves.


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