Radius Chooses GMAC Servicing
GMAC Mortgage Corp., the nation's third-largest subservicer, will handle special servicing for Radius Mortgage Capital, a whole loan mortgage investor and affiliate of Kelly Capital, a private investment firm.
Radius, based in San Diego, specializes in nonconforming and difficult-to-sell residential mortgages. GMAC Mortgage will provide interim and retained subservicing for the Radius portfolio of first mortgages and closed-end second mortgages.
"We chose GMAC Mortgage for its unique servicing platform and ability to service a broad spectrum of product types and multiple-asset grades," said Chris Goode, executive vice president of Radius, in a news release.
Tom Donatacci, senior vice president of business development at GMAC, said his company's extensive knowledge of default operations "is integral to the special handling required for these kinds of loans."
GMAC Mortgage had a subservicing portfolio totaling $41.8 billion at the end of the first quarter. (c) 2006 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com http://www.sourcemedia.com