GMAC Mortgage to Handle Subservicing for Americorp Credit

GMAC Mortgage Corp. today announced that it will handle interim subservicing for Americorp Credit Corporation’s first mortgages and closed-end second mortgages.

“Americorp chose GMAC Mortgage because of our strong reputation in the subservicing industry,” said Tom Donatacci, senior vice president of business development. “Our solid focus on the customer and capability to service multiple products on an interim basis were driving factors in this strategic business decision.”

A nationwide lending institution, Americorp employs high-quality technology and proprietary software systems to serve customers in all areas of mortgage banking. “The GMAC Mortgage-Americorp partnership will allow Americorp to concentrate on in-house originations, while enabling vital resources to be directed toward company growth,” said Phillip McCall, Americorp president.

Interim servicing is the process of servicing loans that are held in a portfolio and awaiting sale. According to the arrangement, Americorp will originate loans on a retail and wholesale basis, and GMAC Mortgage will interim service them. A subservicer with experienced transfer management personnel, GMAC Mortgage is fully-equipped to handle interim servicing’s inherent challenges.

Ranked the nation’s third largest subservicer, GMAC Mortgage had a subservicing portfolio in excess of $38.9 billion at the end of 2005. By outsourcing their servicing to the company, financial institutions and other businesses realize significant cost savings, enhanced customer service, improved efficiency and greater product diversity, all while mitigating operational risk.