GMAC-RFC completes portfolio sale

Amanda Jarvis

February 11, 2003

The “whole loan” sale was acquired by North Yorkshire Mortgages Limited, and the loans will be managed by Specialist Mortgage Services Limited, a third party mortgage administrator.

The transaction reinforces GMAC-RFC's position as the UK's leading “creator and trader” of mortgage assets, and represents its seventeenth portfolio sale in the last three years. Other portfolio sales from GMAC-RFC have been acquired by a range of lenders that vary in size – from large high street names, to smaller building societies.

Commenting on the move, Stephen Hynes, capital markets director at GMAC-RFC said: “We are delighted that North Yorkshire Mortgages Limited has partnered with us on this portfolio acquisition and, as the leading all-status lender, we are looking to establish similar relationships with other clients. This type of sale is becoming increasingly popular in the UK mortgage industry, and the creator and trader technique is revolutionising the market.”

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