Quantcast

GMAC to Absorb Homecomings' Servicing Platform

Residential Capital, the parent company of GMAC Mortgage and GMAC-RFC, said it is integrating the mortgage servicing operations of Homecomings Financial and GMAC-RFC master servicing, and GMAC Mortgage into a single "debt servicing utility" for all of ResCap's domestic servicing portfolios.

GMAC said the DSU, which runs on Fiserv's MortgageServ loan servicing technology, is capable of supporting any loan product, including mortgages, consumer loans and leases. It is also adaptable for different investor requirements. GMAC said the DSU will enhance customer service and provide more choices for subservicing clients and investors through improved asset performance and more efficient operations.

Tony Renzi, chief operating officer for ResCap's residential finance group, said the DSU will provide GMAC's associates with better technology and tools, increasing the speed and volume of portfolio information available to the associates and expanding the flexibility of servicing systems.

GMAC Mortgage services about 2.4 million households nationwide and Homecomings Financial services about 850,000 customers. The company's master servicing operation oversees about 60 servicers.

The combined DSU operation will manage a portfolio of $424 billion in unpaid principal balance based on third-quarter figures.

Mr. Renzi told MSN that the transformation to a single DSU environment will likely not result in the closing of any of the company's five primary servicing sites in operation today. In fact, he said ResCap plans to pursue significant growth, hoping to double the size of the servicing portfolio within five years.

The organization services loans originated through ResCap's channels, including GMAC Mortgage, ditech.com, Homecomings Financial and GMAC-RFC. The company also provides subservicing through more than 100 relationships and a dozen lending brands.

Mr. Renzi said the technology will allow the company to integrate people, technology and other business systems to achieve higher levels of customer satisfaction.

"I think you end up with something that is very entrepreneurial and very beneficial for customers." (c) 2006 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com http://www.sourcemedia.com

Next in News ►