In its 2004 annual accounts GMAC announced that its gross advances totalled £6.34 billion, virtually identical lending to Bradford & Bingley and Britannia Building Society.
The accounts also show pre-tax profits to be up 65 per cent to £36.2 million.
It has highlighted the launch of its automated decisioning technology as a key factor in its success with intermediaries.
In 2004 GMAC-RFC traded £3.6 billon on the capital markets via its securitisation programme and £2.6 billion to other lenders via whole loan sales.
In doing so its UK business was again Europe’s fourth largest issuer of residential mortgage-backed securities in 2004.
Stephen Knight, executive chairman at GMAC-RFC, said: “We believe that our strategy of offering innovative and highly competitive mortgages for everyone through a fast, automated and easy process continues to find resonance and high demand among the intermediary community.”
He continued on the future of the lending market: “We expect the slowdown to continue.
“There has been much commentary about the fact that lending to first-time buyers is currently below the long-term trend; however our view is that there is lifestyle as well as affordability issues underpinning this statistic.
“First-time buyers choosing to delay their entry into homeownership, and living in privately rented accommodation, are fuelling the growth in the buy-to-let sector.”
Mark Fenton, director at Fenton Simpson Financial Services, said: “I have had no problems with GMAC; it provides a good straight-forward service. I wish I could say the same of a number of other lenders.”
