Stephen Knight, executive chairman of GMAC-RFC, says the company's new point-of-sale mortgage offering taken up for the first time today is not a 'decision-in-principle' offer.
The offering - labelled POSO - relies on automated valuation modelling provided by Hometrack, and GMAC-RFC expecting some 60% of applications will be treated this way from here on. The offering works by offering a broker and their client a binding decision within 30 seconds. If the applicant says they want an instant mortgage offer, the application fee is paid by credit card and the system obtains an automated valuation. In about 60% of cases an instant, full, binding mortgage offer will be available. The intermediary completes a couple more screens of detail, then prints the mortgage o...
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