GMAC-RFC’S lending exceeds £12 billion in 2006

GMAC-RFC today released their pre-audit lending figure for 2006 at £12.1bn – a staggering 75% year-on-year growth in a market that is estimated to have grown by 15%.

That makes GMAC-RFC’S lending five times the market rate of growth and is believed to be the highest for any major lender in 2006.

For the seventh year running, GMAC-RFC has taken share from its competitors and will continue to innovate in technology and improve products to increase its share in the future.

Jeff Knight, Director of Marketing said: “Our success in 2006 was about product and delivery innovation, where we have led the market on both fronts. Unusually, this explosive growth has been accompanied by several awards for service excellence. In fact, we received a record number of 20 industry awards last year, which is a true testament that we are providing the intermediaries and packagers the products, service and technology they need to enhance their own service and reputation.”

GMAC-RFC continues to lead the market and in September 2006 it became the first lender in the world to offer full binding mortgage offers on line at point of sale within minutes of applying. Slowly and surely this is starting to revolutionise the way intermediaries and packagers do business.

Knight added: “We realise that others are trying to copy our business model, and we are more than happy about that. Then of course, there are those who do not have this technology who will criticise it, or attempt to mitigate its impact. The truth is every day of every week, more intermediaries and packagers are realising that they do not have to incur massive costs in gathering paper for lenders, whilst leaving clients in the dark as to the success of their application. A full, binding mortgage offer is available from GMAC-RFC within minutes of applying for most applicants, with an online mortgage offer available a few days later for the rest”.

GMAC-RFC is focused on continuing to improve on their already award winning service to intermediaries, packagers and the end consumer.

“We realise that every day we have to go and earn new business based on our most recent product and service competitiveness. We will continue to work hard and improve our business in 2007 and aim to outperform the market in new lending for our eighth consecutive year” concluded Knight.