GMAC Mortgage Signs Two New Subservicing Clients.Business Editors HORSHAM, Pa.--(BUSINESS WIRE)--March 3, 2004 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 announced today that it has signed two new servicing clients in its fast-growing subservicing business line. GMAC Mortgage will provide subservicing to Redwood Trust and MortgageIT. "GMAC Mortgage is delighted to welcome these new clients," said Tony Renzi, Executive Vice President and head of National Loan Administration. "Each of the arrangements with our newest clients is unique, which underscores one of our major strengths as a premier subservicer. Not only do we offer services for a variety of mortgage loan products and asset classes, we also can customize our servicing options to meet a client's specific business objectives." Redwood Trust, a Mill Valley, CA-based REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). that participates mainly in high-quality jumbo single-family residential and commercial mortgage loans and mortgage-backed securities Mortgage-backed securities (MSBs) Securities backed by a pool of mortgage loans. , has selected GMAC Mortgage to provide servicing for its jumbo ARMs. GMAC Mortgage will service the new sub-prime offering by MortgageIT, Inc. Headquartered in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , MortgageIT is one of the nation's largest privately held mortgage bankers Mortgage Banker A company, individual or institution that originates, sells and services mortgage loans. Notes: Don't confuse a mortgage banker with a mortgage broker. with 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 volumes of $12 billion. 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 A Second lien financing is a form of financing secured on a second ranking basis by (more or less) the same security, which secures the first ranking financing. The first lien lenders and the second lien lenders agree that, in the event of a security enforcement or bankruptcy, the residential mortgage loans through a nationwide network of retail offices, direct lending centers, and Internet sites, under the brands, gmacmortgage.com and ditech.com. 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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