GMAC Mortgage Corp. has received an RPS1 rating from Fitch Ratings for servicing alternative-A, prime, subprime, high loan-to-value, and home equity loans and lines of credit.The rating is Fitch's highest for a servicer. In addition, Fitch upgraded GMAC Mortgage's special servicer rating to RPSS2-plus. Tony Renzi, executive vice president and head of national loan administration for GMAC, said the high ratings reflect the company's investment in its people, processes, and technology. GMAC Mortgage serviced $198 billion of loans at the end of last year.
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Experts have some tips for how to best employ strategies that can minimize the damage from changes in the market.
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Bill Pulte, FHFA director, has ordered Fannie Mae to update its servicer guide to mirror Freddie Mac policy regarding notifying borrowers about dropping MI.
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Seven of eight offices are open; debit cards are capped at $1,000 a day; and the bank's website is down. The bank has given no restoration date.
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It will be a promotion for Jones, currently the deputy assistant secretary for single-family housing at the Department of Housing and Urban Development.
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The Federal Housing Administration share of August new-home purchase applications hit its highest mark in three months, the Mortgage Bankers Association said.
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While Federal Reserve Chair Kevin Warsh has sought to inject some mystery into the central bank's communications with markets, an American Banker analysis shows that officials other than the chair have been speaking more and more frequently over the last few decades.
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