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GMAC-RFC pilot program takes flight

Staff Reporter 2 minute read

Selected brokers from the FAST, Astute and The Mortgage Professionals aggregation groups will take part in GMAC-RFC’s launch into the Australian mortgage market.

The lender has established a pilot platform to introduce its own-branded products, using a ‘roll-out’ style approach over a six month trial period.

Until now GMAC-RFC’s products were available through subsidiary Capital First, which it purchased in 2006.

The new platform will consolidate application processes for conforming and non-conforming loans into one system. It will also feature an IT capability the lender terms a ‘cascade effect’, where borrowers are automatically matched to an appropriate loan should they fail to qualify for their loan of choice.

“We’ve spent a lot of time in consultation with brokers to develop the platform, but the module is still being built and refined,” GMAC-RFC managing director Neil Sinden told Mortgage Busniess.

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The Mortgage Professionals’ CEO Mike Nicholson believes the three groups chosen represent a good cross section of the industry in terms of size and geographic presence – which will help GMAC-RFC iron out any early glitches.

He also believes early involvement with GMAC-RFC will be an advantage for the associated groups.

“GMAC-RFC is a significant partner on a global scale; establishing a grass roots partnership will give us access to products and services that only a limited number of brokerages have. This is a great point of difference for us,” he said.

The model, which is based on a similar platform created in the UK, will be available to all brokers in mid 2008.

GMAC-RFC pilot program takes flight
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