Pink announces record GMAC business

Amanda Jarvis

May 25, 2006

Since the launch of the partners proposition on 27 March 2006, Pink has seen its packaged GMAC business increase by an 45 per cent and this trend looks set to continue.

The new product range launched with GMAC-RFC has had an impact on business levels. The new non-conforming range: level 1 near prime, offers a two-year fixed rate from 5.69 per cent on full status products, and a two-year fixed rate from 5.89 per cent on self-cert products. There is also a free valuation and Pink are waiving their £90 administration fee.

Shaun Turner, from BT Home Loans, said: “The fact that there is no valuation fee on both purchase and re-mortgage is a strong selling point coupled with the fact that GMAC look at the number of CCJ’s instead of the amount can make the non-conforming range very attractive to my clients.”

The point of sale decision system which can be accessed directly by brokers to give their clients a quick and binding decision. Once brokers have filled in their clients details to obtain a decision in principle they can use this information to pre-populate a GMAC application form thus cutting down on administration time, and aiding quicker packaging when the case comes into Pink.

David Copland, marketing director at Pink said: ”GMAC-RFC have one of the best service propositions for packagers in the market. Now that this has been combined with a unique product range which is only available through packagers, it allows us to provide our customers with an unrivalled combination.”

Roger Brown, director of partners division at GMAC-RFC said: “A 45 per cent increase in business is fantastic news, both for Pink and for GMAC-RFC and we are delighted that the new range is taking off for Pink. This news supports our decision to split our product ranges so that our packaging Partners have an exclusive range to take to market on behalf of GMAC-RFC.”

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