GMAC-RFC’s online KFIs not ready

Amanda Jarvis

November 1, 2004

In research conducted by Mortgage Introducer – News last week GMAC-RFC stated that it would have online KFIs ready “after ‘Mortgage Day’” but did not state that this meant a few weeks after regulation had come into effect.

Jeff Knight, head of marketing services at GMAC-RFC when contacted last week, said: “GMAC-RFC intends to provide pre-sale KFIs online after ‘Mortgage Day’. Our current online decisioning system is extremely popular and adding this functionality will enhance it even further. Instant and binding decisions online remains our vision of the future but intermediaries who prefer to submit applications by paper can continue to do so after ‘Mortgage Day’ too.

“Should any problems occur with our online point-of-sale system we have back-up systems in place to ensure that accurate and compliant pre-sale and offer KFIs are available.”

Mortgage Introducer can now reveal that GMAC-RFC will not have online KFIs up and running until later this month.

Jeff Knight commented: “We have undertaken vigourous testing of our online KFIs but don’t want to make them available until they are completely ready. Clients can still get online binding decisions but the KFIs will have to be provided manually for the time being.”

– Standard Life Bank have also informed Mortgage Introducer that its KFIs are not available online.

-Mortgage Express has announced it will have its online FKIs ready by 8 November.

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