UK mortgage lender, GMAC-RFC has launched a system called POSO, which it claims will provide applicants with an instant formal decision to their mortgage application.

Jeff Knight of GMAC says: “This technology is not only responding to the immediacy of contemporary consumer demand, but is also reducing costs for our business partners while freeing up sales time for them.

“To be successful in today’s fast moving mortgage market you need to be able to envision the future and the technological developments that will get you there first.”