GMAC-RFC Touts Assetwise Decision Engine

GMAC Residential Funding Corp., Minneapolis, has announced that it has enabled 1st National Bank of Arizona to increase loan production by 50% after six months using a customized version of the GMAC-RFC Assetwise decision engine.Over that period 1st National, a leading alternative-A lender, used the customized system, dubbed Avenue in its private-label version, to increase its loan volume from $200 million to $300 million between March and August 2002. "Our monthly volume has climbed to $300 million, and we expect to exceed $400 million per month in 2003,” said 1st National president Jeff Walton. “Plus, our pull-through rate climbed from about 30% to nearly 48% in the past few months." GMAC-RFC reports similar results with the customized Assetwise system it developed for its wholly owned subsidiary Homecomings Financial, which used its Internet-based Assetwise Direct system to chalk up $5.4 billion in mortgages in the first half of 2002, an 80% increase over the same period in 2001. The company can be found online at http://www.gmacrfc.com.