Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

GMAC-RFC pilot program takes flight

Staff Reporter 4 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.

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
TheAdviser logo

The not-to-be-missed Accountants Daily Strategy Day will travel through Melbourne and Sydney in August to equip accounting professionals with the latest industry updates and tips for modern practice management as well as the latest cutting-edge technology, processes, strategies and trends shaping the future of accounting. Visit the website for more information: www.accountantsdaily.com.au/strategy-day



more from the adviser
damian zaleski RYyr k3Ysqg unsplash

Breaking News

GetCapital launches broker platform

The business lender has rolled out a new broker platform, as it h...

fixed rate

Breaking News

Loyalty tax issue flagged to MPs

Brokers are key to holding lenders to account to ensure borrowers...

trade deal contract

Breaking News

Connective launches trail book marketplace

The aggregation group has announced a new arrangement with a spec...