The servicing operations of Homecomings Financial will be integrated into the servicing operations of GMAC Mortgage Servicing, according to Residential Capital Corp., the Minneapolis-based parent company of GMAC Mortgage.The company said it will integrate primary, subservicing, and master servicing operations to form a debt service utility capable of managing any loan product as part for ResCap's domestic servicing portfolios. Tony Renzi, chief operating officer of ResCap's residential finance group, said the integration will add value for homeowners as well as investors and subservicing clients. He told MortgageWire that the integration of the Homecomings servicing operation should be completed by April 2007 and that ResCap does not currently plan to close any of its five servicing sites. ResCap anticipates doubling the size of the servicing portfolio (which totals $424 billion in loans) over the next five years, he said. ResCap can be found on the Web at http://www.rescapholdings.com.

Subscribe Now

Authoritative analysis and perspective for every segment of the mortgage industry

30-Day Free Trial

Authoritative analysis and perspective for every segment of the mortgage industry