GMAC Mortgage Wins Two Clients
GMAC Mortgage here has signed two new clients for its fast-growing subservicing business.
Redwood Trust and MortgageIT will outsource selected servicing functions to GMAC.
Tony Renzi, executive vice president and head of national loan administration at GMAC Mortgage, said GMAC is delighted to have the two new clients.
"Each of the arrangements with our newest clients is unique, which underscores one of our major strengths as a premier subservicer. Not only do we offer services for a variety of mortgage loan products and asset classes, we also can customize our servicing options to meet a client's specific business objectives," Mr. Renzi said.
Redwood Trust, a Mill Valley, Calif.-based REIT that participates mainly in high-quality jumbo single-family residential and commercial mortgage loans and mortgage-backed securities, has selected GMAC to provide servicing for jumbo ARMs.
MortgageIT, headquartered in New York, will have GMAC service a new subprime offering. MortgageIT is one of the nation's largest privately held mortgage bankers.
GMAC Mortgage Corp. is a top 10 mortgage originator and servicer. At the end of last year, GMAC serviced more than $196 billion of home loans, representing nearly two million customers.
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