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GMAC Mortgage to Provide Interim Subservicing for Metrocities Mortgage.

HORSHAM, Pa. -- GMAC Mortgage, LLC, the nation's second largest subservicer, announced today that it will handle interim subservicing for Sherman Oaks, Calif.-based Metrocities Mortgage, LLC.

A leading residential mortgage lender, Metrocities Mortgage's lending territory covers all 50 states. GMAC Mortgage will provide interim subservicing for the company's full line of first mortgages, closed-end seconds and HELOCs. "By partnering with us, Metrocities is better able to focus on their core competency of lending, assured that the servicing side of their business is being handled by an industry leader," said Tom Donatacci, senior vice president of business development at GMAC Mortgage.

By outsourcing their servicing to GMAC Mortgage, financial institutions realize significant cost savings, enhanced customer service, improved efficiency and greater product diversity, all while mitigating operational risk. "The quality of GMAC Mortgage's service is unsurpassed," said Paul Wylie, CEO of Metrocities Mortgage, LLC. "As a preferred lender, Metrocities has a reputation of providing outstanding customer service, and this partnership will further cement that reputation."

According to the National Mortgage News Quarterly Data Report, GMAC Mortgage had a subservicing portfolio in excess of $54.2 billion at the end of the third quarter 2006.

About GMAC Mortgage Subservicing

GMAC Mortgage, LLC, based in Horsham, Pa., is an indirect wholly owned subsidiary of GMAC ResCap (Residential Capital, LLC). The company is ranked among the nation's top ten residential mortgage servicers and originators, and is the second largest subservicer in the country. Among its core competencies, GMAC Mortgage has established itself as a leader in the development, implementation and administration of customized subservicing programs for financial institutions, government sponsored enterprises, specialty finance companies, insurance companies, utility companies and investment banking firms. The company offers a full range of branding options to support the servicing of multiple products, including first mortgages, home equity loans and lines and unsecured consumer credit, as well as multiple asset grades, including nonprime and nonperforming loans. For more information about GMAC Mortgage Subservicing, contact 1.877.300.GMAC or visit http://www.gmacsolutions.com. GMAC Mortgage is a licensed mortgage lender and an Equal Housing Opportunity Lender.

About GMAC ResCap

GMAC ResCap (Residential Capital, LLC) is a leading real estate finance company, focused primarily on the residential real estate market in the United States, Canada, Europe and Latin America. Our diversified businesses -- GMAC-RFC, GMAC Mortgage, LLC, ditech.com, GMAC Bank, GMAC Real Estate, and Homecomings Financial, LLC -- cover the spectrum of the U.S. residential finance industry, from origination and servicing of mortgage loans through their securitization in the secondary market. We also provide capital to other originators of mortgage loans, residential real estate developers, resort and timeshare developers and healthcare companies. GMAC ResCap (http://www.rescapholdings.com) is an indirect wholly owned subsidiary of GMAC LLC.

About Metrocities Mortgage, LLC

Established in 1989, Metrocities Mortgage is ranked in the top 1 percent of residential mortgage lenders nationwide for closed loan volume. Headquartered in Sherman Oaks, California, Metrocities Mortgage has become a leading nationwide lender based on unique loan programs and successful joint ventures (affiliated business arrangements) with key real estate companies, credit unions, financial advisor/business management companies, builders and other affinity groups. Loan Officers have access to over 7,000 loan programs and proprietary search engine technology enabling them to find the best loan products for their clients. Metrocities Mortgage was named the "Most Innovative Mortgage Company" by Inman News, and received both the 2005 and 2006 CustomerSat ACE Awards for mortgage borrower satisfaction. For additional information, please contact (800) 215-7138 or visit www.metrocitiesmtg.com.
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Publication:Business Wire
Article Type:Company overview
Date:Dec 13, 2006
Words:589
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