Under the terms of the contract, L&E will panel manage and title insure the conveyancing of GMAC-RFC's Express Completion and Free Remortgage Services, through its web-based panel management solution, COMPLETE.
Jo Hargreaves, Business Risk Manager at GMAC-RFC comments: "By using L&E's COMPLETE panel management solution, we will enhance the level of service we provide to brokers and can now offer one of the most efficient remortgaging
services in today's market, significantly reducing the time from offer to completion - particularly important in the non-conforming marketplace. The use of L&E's COMPLETE panel management solution supports GMAC-RFC's value proposition - creating value for our customers by 'consistently offering attractive mortgages for everyone through a fast, automated and easy
"We pride ourselves on offering our customers the widest range of innovative mortgages, and the creation and trading of mortgage assets enables us to do this. If an issue does come to light on any transaction, then L&E's unique 6 month - cure or pay guarantee means that we know the claim will be met if
a solution can't be found. I don't know any other title insurer willing to make this promise."
In trials with GMAC-RFC, COMPLETE has already resulted in a substantialincrease in applications processed, and has significantly reduced the average time from offer to completion.
Chris Taylor, Sales and Client Services Director at London & European, comments: "Working with one of the UK's largest and most dynamic mortgage lenders is a truly exciting prospect. GMAC-RFC aims to transform markets by providing innovative mortgage solutions worldwide, and we hope to encourage
this vision through our services. We're looking to introduce a number of new product lines and services this year, designed to make property transactions fast, simple and secure, and these will certainly go some way to supporting GMAC-RFC's ambitions to grow its position in the UK mortgage market."