GMAC Reports NetBank Servicing Pact

Published August 26, 2005, 2:00 p.m. EDT

1 Min Read

GMAC Mortgage Corp., Horsham, Pa., has announced an agreement with NetBank, an online bank, under which GMAC Mortgage will service NetBank's option ARMs before their sale into the secondary market.NetBank's option ARM is an adjustable-rate mortgage that offers the option of making one of three mortgage payments: a minimum payment, an interest-only payment, or a fully amortizing payment, based on a 15-, 30-, or 40-year term, depending on the product. The company said NetBank also intends to sell option ARM loans to other GMAC Mortgage clients, "significantly reducing transfer-related expenses for both parties and reducing the borrower confusion associated with loan servicing transfers." The companies can be found online at http://www.gmacmortgage.com and http://www.netbank.com.

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