The modifications allow a packager or intermediary to proceed to an online offer, without the requirement to send in a signed paper application form. All that may be required on cases is a fully completed and signed direct debit mandate.
Previously, as part of the application process, brokers had to print the declaration form, and then ask the client to read and sign it before sending it back to the company. With the new process, the broker simply reads out the ‘important applicant information’ to their client from their computer screen then clicks the ‘confirm’ button. As a result, no hard copy is required.
Customers obtaining point of sale mortgage offers are already experiencing significant time and cost savings, revealed GMAC-RFC.
Jeff Knight, director of marketing for GMAC-RFC, said: When it comes to technology, we do not use technology for technology’s sake. We listen to what our customers – brokers and packagers – are saying and respond accordingly. We did so when we were the first to provide online binding decisions which gave greater certainty. We did so with cascade, giving more flexibility. We did so when we were the first to provide point of sale mortgage offers, giving greater speed. And we have done so now by making our system much slicker and easier to use. All of this enhances the reputation of brokers and packagers and saves them time and money.
Furthermore, the finance group is sending brokers guides on how to use the improved online system to help ensure that the transition is smooth.
