1st National Bank of Arizona Chooses GMAC Mortgage for Subservicing Needs.HORSHAM, Pa. -- GMAC GMAC General Motors Acceptance Corporation GMAC Graduate Management Admission Council GMAC Give Me A Call GMAC Genetic Manipulation Advisory Committee GMAC Genetic Modification Advisory Committee (Singapore) GMAC Give Me A Chance Mortgage Corporation, the nation's third largest subservicer, today announced an agreement with 1st National Bank of Arizona (FNBA FNBA First National Bank of Arizona (Scottsdale, Arizona) FNBA Flexible Narrow Beam Adapter FNBA French National Basketball Association ) to handle all of the bank's subservicing needs. One of the premier Alt-A lenders in the country, 1st National Bank of Arizona is a privately-held, full-service bank. "The current mortgage market requires scalability. Our own strengths in loan origination The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , product development, risk management and capital markets, coupled with GMAC Mortgage's solid servicing capabilities, enable us to become more efficient and solidify so·lid·i·fy v. so·lid·i·fied, so·lid·i·fy·ing, so·lid·i·fies v.tr. 1. To make solid, compact, or hard. 2. To make strong or united. v.intr. our position as an innovative, long-term Alt-A lender," said Patrick Lamb, mortgage division president at FNBA. GMAC Mortgage specializes in subservicing multiple products and asset grades on one servicing system, allowing clients to concentrate on building value for their customers- without the risk attached to servicing loans in-house. "By outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. their servicing needs to us, 1st National Bank of Arizona can grow their business by concentrating on origination Origination The process through which a mortgage lender creates a mortgage secured by some amount of the mortgagor's real property. Notes: Also known as loan origination, everyone must go through the origination process when securing a mortgage for a piece of real and entering new markets. This, in turn, increases profitability and decreases costs," said Tom Donatacci, senior vice president of business development at GMAC Mortgage. Ranked the nation's third largest subservicer, GMAC Mortgage had a subservicing portfolio in excess of $41.8 billion at the end of the first quarter of 2006. By outsourcing their servicing to the company, financial institutions and other businesses realize enhanced customer service, improved efficiency and greater product diversity, all while mitigating operational risk. About GMAC Mortgage Subservicing GMAC Mortgage Corporation, based in Horsham, Pa., is a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Residential Capital Corporation (ResCap). The company is ranked among the nation's top ten residential mortgage servicers and originators, and is the third largest subservicer in the country. Among its core competencies A core competency is something that a firm can do well and that meets the following three conditions specified by Hamel and Prahalad (1990):
About 1st National Bank of Arizona 1st National Bank of Arizona is one of the largest privately-owned mortgage banks in the country. As the Home of Alt-A Mortgage Lending(SM), FNBA's wholesale, correspondent and warehouse divisions lend in 49 states, employ over 225 mortgage banking account executives who have a local presence in virtually every state, and operate six operations centers The facility or location on an installation, base, or facility used by the commander to command, control, and coordinate all crisis activities. See also base defense operations center; command center. in order to provide exceptional customer service. FNBA is also the largest locally-owned bank in Nevada and Arizona with assets in excess of $3.4 billion and more than 2,000 employees. Its retail and commercial loan products include both residential and commercial real estate loans, in addition to an active construction and land acquisition and development loan division. For more information, please visit www.fnbavenue.com. |
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