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GMAC Mortgage Corp. Restructures Rapidly Growing Default Unit.

Business Editors

HORSHAM, Pa.--(BUSINESS WIRE)--Jan. 27, 2004

In recognition of the increasing role that default management is playing in its long-term growth, GMAC Mortgage Corp. today announced it has restructured its Default Management Operations department and promoted two executives.

Effective immediately, the company's default operations will be broken into two units, one focusing on collections and loss mitigation and the other concentrating on foreclosure / bankruptcy and REO, according to Bill Maguire, Senior Vice President of Risk Management for National Loan Administration at GMAC Mortgage.

Mitch Oringer has been promoted to Vice President and will assume management of all of GMAC Mortgage's collections and loss mitigation activities for its first mortgage, consumer, and special servicing operations.

Lionel Antunes, Vice President of Default Operations, will continue his leadership responsibility for managing the operations and timelines of the foreclosure and bankruptcy units.

"This restructuring will achieve several key goals for GMAC Mortgage," Maguire said. "It will allow us to better manage and control our risk at the same time that it strengthens our ability to serve investors and clients across our products and customer brands. We are committed to maintaining a laser-like focus on our default operations, and this reorganization will help us maintain that concentration."

GMAC Mortgage's fast-growing servicing operation, known as National Loan Administration, has set very ambitious goals for the future and specifically is aiming to substantially grow market share in the subservice and special servicing markets. The company is entering the final phase of a historic technology conversion, making it the first company in the industry to service all first, consumer, and special service loans from a single platform. The company also has reiterated its goal to be the industry's low-cost provider with exceptional service levels.

Maguire said that Default Management Operations has been a huge contributor to the company's growth in special servicing, and that this restructuring will better align the operations for its continuing expansion. "Default Management Operations plays a critical role in ensuring that GMAC Mortgage executes key strategic and tactical plans," he said.

Mitch Oringer joined GMAC Mortgage in 2001, following the acquisition of the special servicing operations of Clayton National, where he formerly worked. He has been a catalyst in the building of the Special Servicing business unit. Oringer has 13 years of default management experience, including leadership assignments at Dime Savings and Clayton National.

In addition to managing the operations and timelines of the foreclosure and bankruptcy units, Lionel Antunes will oversee the critical activities associated with property management, post-foreclosure sale, and REO. He has been instrumental in transforming the company's default operations into an industry leader. Antunes has more than 25 years of industry experience and joined GMAC Mortgage in September of 2001. Prior to joining GMAC, Antunes held leadership positions with Bayview Financial and Home Savings of America.

About GMAC Mortgage

GMAC Mortgage Corporation, headquartered in Horsham, Pa., is among the nations's top ten residential mortgage servicers and originators. The company originates first and second lien residential mortgage loans through a nationwide network of retail offices, direct lending centers, and internet sites, under the brands and GMAC Mortgage also offers custom mortgage services to GM employees and their family members, retirees and dealers through the GM Family First program. As of December 2003, GMAC Mortgage originated $112 billion in residential mortgages, representing 773,135 transactions. The company's servicing portfolio of more than $196 billion represents nearly 2 million customers throughout the nation.
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Publication:Business Wire
Geographic Code:1USA
Date:Jan 27, 2004
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