Lender GMAC and packager County Group have launched mortgage provider County Home Loans to provide a quick turnaround mortgage firm for intermediaries.
The joint venture, based in Fareham, Hampshire, began trading last week, with its funding provided by GMAC. Initial application assessment, offer letters and completions will be done in County’s offices. County has established a partnership with legal outfit MyHomeMove which offers seven-day trading and online tracking facilities, and Allied Surveyors to enable the lender to instruct, track and receive all reports electronically.
David Wylie, director of County, said: ‘This tie-up will result in reduced turnaround times, less administration and lower costs to the service providers. Consumers will also complete their transactions in much less time. Let’s face it, standards must be raised.’
John Archibald, business development director for Allied, commented: ‘Allied has been providing valuations for County Mortgage Services for some time but has recently agreed to take over the management of its panel. This allows County to concentrate on its lending operation while we utilise our experience and technology to ensure they receive high quality valuations in accordance with agreed service standards.’