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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The mortgage technology unit of Intercontinental Exchange reported a return to profitability in the second quarter, as revenues continued their recent rise.
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The 30-year fixed rate mortgage is at its highest point in 51 weeks with a divergence in forecasts for what happens between now and the end of the year.
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Positive changes in credit provisions contributed to a multiyear high in net income as the GSE and its rival fought to purchase lenders' single-family loans.
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Properties outside flood zones carry outsized risk without insurance but client education and proactive solicitation before a storm can decrease serious delinquencies.
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Earlier in the day, the company confirmed it made staffing reductions as it aligns its cost structure with its technology investments to help operations.
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Federal Reserve Chair Kevin Warsh acknowledged that his limited guidance might have been a factor in rising market rates, but said whatever increased volatility can be attributed to the changes is more than offset by the benefit of a more nimble central bank.
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