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PARATUS AMC - Formerly GMAC RFC


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GMAC have changed their name to Paratus - and according to them the only thing that has changed is the name.

 

However, I am helping with a suspended repo case and the previous helpfullness of the GMAC credit management team at Burnley seems to have been replaced with scathing unhelpfullness from Bracknell - which is apparently where the phone calls are directed to these days.

Seems the staff have undergone some sort of new wave Paratus style training - makes you wonder what is going on there.

 

According to one of their telephone operators they have moved the credit management team from Burnley to Bracknell - but the person I am helping has had letters this week posted from Burnley ???

 

Anyone with any info on the "new" Paratus please let me know.

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Hi Ell-enn,

 

I can't be sure but I imagine this is related to the transfer of the administration of GMAC-RFC accounts from HML (the subsidiary of Skipton Building Society that does outsourced account management) back in-house. HML have offices in Padiham near Burnley (http://www.hmlcareers.co.uk/pages/padiham) while GMAC-RFC were always based in Bracknell .

 

According to this article:-

 

http://www.mortgagestrategy.co.uk/economy/gmac-rfc-moves-mortgage-book-servicing-in-house/1023709.article

 

the transfer was due to take place in April but there was then a further article in December about redundancies at HML and the ability of staff to move with the job to Bracknell under TUPE rights so maybe the move has already started:-

 

http://www.mortgagestrategy.co.uk/latest-news/gmac-rfc-move-puts-hml-employees-at-risk/1023925.article

 

Quite possibly responsibilities are split between the two organisations during the transitional phase which would explain letters being sent from Burnley but calls going to Bracknell. ParatusAMC is just the new name of GMAC-RFC with effect from 28.1.11 according to Companies House, have looked for press coverage but it doesn't seemed to have been publicised like Capstone's rebrand to Acenden. I would imagine this is to differentiate the new business, which is an asset manager, from the old business, which was a mortgage originator (I hesitate to call them a lender as they were off balance sheet). Possibly also an attempt by the new owner to distance itself from the company's roots as part of General Motors or maybe they even had to change it within a certain timescale as the business is no longer linked to GM.

 

In truth outsroucers are somewhat tarnished following the FSA enforcement cases on GMAC, Kensington and Rooftop all of whom were HML clients and today's announcement of the DB Mortgages case who used the outsourcer Vertex. There is a general trend for administration to be brought back in-house to establish greater control and (usually!) to ensure better regulatory compliance. See also Acenden (formerly Capstone) - which is being used to bring the administration of the former Lehman's brands of SPML, Preferred, LMC & SPPL in-house from Vertex. Nationwide is also bringing in the books it purchased from Cheshire and Derbyshire which were with HML:-

 

http://www.mortgagestrategy.co.uk/distribution/nationwide-takes-back-£2bn-book-from-hml/1024658.article

 

Hope this helps give some background, Mortgage Strategy is a great source of industry info - although it is aimed at brokers it covers the mortgage industry generally and it's worth signing up for their email alerts.

 

KC

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Thanks for the info Killerschick :) - very interesting.

Help us to keep on helping

Please consider making a donation, however small, if you have benefited from advice on the forums

 

 

This site is run solely on donations

 

My advice is based on my opinion and experience only. It is not to be taken as legal advice - if you are unsure you should seek professional help.

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  • 2 months later...

Have either of you managed a successful SAR to GMAC/Paratus? Thanks

omnia praesumuntur legitime facta donec probetur in contrarium

 

 

Please note: I am not a member of the legal profession, all advice given is purely my opinion, if in doubt consult a professional

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