GMAC-RFC announces record year for portfolio sales

This has been a major contribution to the success of the company that also saw record lending figures last year.

The Capital Markets team at GMAC-RFC achieved the results through the sale of a total of 12 portfolios throughout the year, made up of a variety of mortgage products and ranging in value from between £75m and £460m. The portfolios were purchased by a range of other different lenders, each with their own objectives for the purchase and to date a total of 28 transactions have been completed. In every transaction the terms and conditions for the customer are not affected.

Steve Khan, Head of Asset Sales at GMAC-RFC commented: "We had an outstanding year in 2003 and have built up a number of excellent working relationships with many different acquirers, many of whom have bought more than one portfolio. It was also a year of firsts. In October we completed our first ever non-conforming portfolio sale whilst earlier in the year we also completed our first forward sale agreement." This success reinforces GMAC-RFC's position as a leading creator and trader of mortgage assets.

Commenting on the success of the Capital Markets team, Jeff Knight, Head of Marketing Services at GMAC-RFC, added: "The selling of mortgage assets is becoming increasingly popular in the UK market. It is definitely a "win-win" situation for all parties. For GMAC-RFC it means that we can continue to develop and market very competitive products, which is good news for intermediaries and their clients. We then sell on the resultant assets in mixed loan pools to the acquiring lenders, when they need them, without any change to the terms and conditions of the loan. This allows them to add to their book in a very cost effective fashion and without placing unnecessary strain on their in-house processing."

GMAC-RFC will continue to establish more relationships with lenders and other potential acquires during 2004 as it enhances its creating and trading strategy.