GMAC Mortgage Corporation, a wholly owned subsidiary of Residential Capital Corporation (ResCap), is headquartered in Horsham, PA. GMAC Mortgage is among the nation’s top ten residential mortgage servicers and originators. As of December 2004, the company’s servicing portfolio of more than $214 billion represents nearly 2 million customers throughout the nation.
Loans Funded by GMAC Mortgage Corporation
- Home Equity Loans
- Refinance Mortgages
- 2nd Mortgage Loans
- Debt Consolidation Loans
- Home Equity Lines of Credit
- Bad Credit Mortgage Loans
GMAC Home Services, Inc. is based in Warren, N.J., GMAC Home Services provides comprehensive, world-class real estate services directly to customers. Brands under GMAC Home Service’s business umbrella include GMAC Real Estate and GMAC Global Relocation Services, Inc.
GMAC Real Estate has a network of approximately 20,000 sales associates in 1,350 franchise and company-owned residential offices throughout the United States and Canada.
GMAC Mortgage Co. History
GMAC Mortgage Corporation came into existence in 1985 when it acquired the mortgage loan operations of the Colonial Mortgage Service companies and the servicing arm of the former Norwest Mortgage, Inc.
In 1985, GMAC acquired Colonial Mortgage Service Company as well as the loan administration and servicing portfolio of Norwest Mortgage and becomes GMAC Mortgage Corporation of Pa.
Five years later, GMAC Mortgage Corporation acquired Residential Funding Corporation. Then in 1998, they purchased 1st mortgage servicing rights from Wells Fargo. Later that year, GMAC Mortgage announced formation of GMAC Home Services and acquisition of Better Homes and Gardens Real Estate Service and Purchased 400,000 conforming loans from Capstead making it the largest servicing-only acquisition in the company’s history.
Then in 1999, the company acquired DiTech Funding Corp. (now known as ditech.com) to increase the company’s e-commerce presence on the Internet.
A year later, GMAC Residential was given conditional approval to form GMAC Bank. And most recently, in 2003, GMAC Mortgage announced the formation of CalDirect, the premiere mortgage lender for California homeowners.
Recent GMAC Mortgage Co. News.
GMAC Mortgage Corp. announced the hiring of Raymond F. Morris and Sammy J. Long, two subservicing industry veterans, to join its business development team.
Morris was most recently vice president of whole loan originations at JPMorgan Chase. Prior to joining JPMorgan Chase, Morris was a correspondent lending divisional manager for Chase Home Finance.
Long joins GMAC Mortgage Corp. as director of business development from Master Financial Inc., based in Orange, California, where he held the position of business development officer.
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