GMAC Mortgage to Buy Pacific Republic's Assets

GMAC Mortgage Corp., Horsham, Pa., has announced an agreement to acquire certain assets of Pacific Republic Mortgage, a privately held mortgage banking company based in Anaheim, Calif.The terms of the deal were not disclosed. Pacific has 31 retail offices and 290 loan officers in Arizona, California, Colorado, Idaho, Oregon, Utah, and Washington, with the majority of operations in California, GMAC said. It funded $7.9 billion in mortgages in 2003, evenly divided between retail and wholesale/broker channels. "This acquisition complements our strategy to increase market share in the western United States by uniting with established, closely held regional lenders," said Ralph Hall, chief operating officer of GMAC Mortgage.