POSO celebrates first birthday

GMAC stated that the innovation of POSO technology has meant the timeline for obtaining a mortgage offer has been reduced from weeks to an average of under 4 days, with many offers being generated in a matter of minutes.

But GMAC-RFC is also keen to remind users that there is more benefits to the innovative system than just fast offers.

Julie Gaskin, corporate relations manager, GMAC-RFC, said: “Before we launched POSO, we understood that speed of decision and offers were crucial to brokers and packagers. Being able to turnaround an offer quickly for a client that will not be declined at a later stage of the process has had a huge positive effect. The overall customer experience for everyone has improved greatly.

"However, we are also keen to highlight the POSO system isn’t just about adopting a ‘fastest finger first’ mentality, it’s about enhancing the overall service which is important."

GMAC-RFC’s research has shown that automated cascade had given the ability for the brokers and packagers to offer a client a mortgage that fits their profile, knowing that they have been fully accepted with a binding decision.

Gaskin continued: “Automated cascade has been one of the big benefits to our brokers. It enables them to get a definite ‘yes’ to their client providing a choice of products available to them, which match their criteria. And all this is possible in a matter of seconds, seeing intermediaries being able to book funds there and then, which is especially beneficial in a rising rate environment that we currently find ourselves in.

"Feedback from intermediaries and packagers over the past year has shown that POSO has undeniably boosted their reputation amongst their clients. The overall system has meant clients now have their cases dealt with more quickly and hassle free and has meant that brokers no longer have to jump through hoops and produce additional paperwork for lenders.”

John Cupis, head of mortgages and general insurance at Sesame, commented: “I’m a great believer in the value technology can bring to intermediaries in the market today. GMAC-RFC has regularly been at the forefront of technology and I have been impresses by its systems and the efficiencies they offer.”