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Mortgage Express acquires GMAC-RFC portfolio

The purchase is the third arising from an agreement announced in December 2003 to acquire from GMAC-RFC a minimum of £400m, and up to £1.4bn, of loans in 2004 in four tranches. The total amount acquired by Mortgage Express so far in 2004 is £717m. All lending in the portfolio is secured on UK residential property and has a similar credit risk profile to previous portfolio acquisitions.

The acquired mortgages are expected to be, by value, approximately 22% buy-to-let, approximately 45% self-certified, with the remainder standard mortgages. The book is expected to have an average loan size of approximately £131,000 and an average loan to value of approximately 70%.

Tim Dawson, managing director at Mortgage Express, says: &#39&#39We are pleased to have again worked with GMAC-RFC on this purchase, which is a part of our strategy to grow our business both organically and through acquisition&#39&#39.


Concern that IFAs will be at lenders&#39 mercy

This is a particular problem for IFAs specialising in equity release and home reversion where many firms don&#39t offer the same online facilities as traditional brokers. KRS has been contacting all major providers for reassurance that they will provide the illustrations in time. The feedback has ranged from assurances that an online service will be […]

SPML announces board appointments

Melanie Leask has been promoted from executive manager mortgage servicing to director of mortgage servicing, and Anthony Keeble has been promoted from chief accountant to finance director. Angela Davies, formerly SPML&#39s director of operations has moved to a position within SPML&#39s parent company, Lehman Brothers, where she will continue to contribute to SPML&#39s strategic direction […]

Personal Finance Society , LIA and SOFA announce name and details

The merged organisation will come into being on January 1 next year, subject to votes by both organisations. The mailings precede a series of member roadshows during September and October, which in turn are followed by EGMs, at which the votes will be taken on October 13 (LIA) and 15 (SOFA).  In a foreword to […]

All change for independence

For firms to describe themselves as independent after Mortgage Day, they must offer consumers a purely fees-based payment option. David Whitely, press officer for the Financial Services Authority, says: “If this is how the consumer chooses to pay, any commission received on a sale will have to be paid to the consumer.” London broker Alexander […]


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