GMAC's Subservicing Volume Up 45%

Published November 16, 2005, 3:00 p.m. EST

1 Min Read

GMAC Mortgage Corp., Horsham, Pa., says its subservicing volume increased to $32.5 billion in the third quarter, up 45% from $22.4 billion in the second quarter.GMAC was already the fifth-largest subservicer of residential home loans at the end of the second quarter based on unpaid principal balance, the company said. Tom Donatacci, senior vice president for business development at GMAC Mortgage, attributed the growth to GMAC's scalability as a mega-servicer and its ability to handle a variety of loan products on behalf of subservicing clients. At the end of the third quarter, GMAC serviced $276 billion of home loans in total, including both owned servicing rights and subservicing, according to the Quarterly Data Report, a MortgageWire affiliate.

Processing Content

For reprint and licensing requests for this article, click here.

MORE FROM NATIONAL MORTGAGE NEWS

Secondary markets

Pulte moves give whole loan sellers reason to act on VS4

Lenders may not be able to fully respond to the broader government-sponsored enterprises' rollout of VantageScore 4.0 yet but there is one thing they can do now.

By Bonnie Sinnock
Capital Markets Editor

7h ago
Mortgage rates

Rising rates force concessions: reach sideline buyers

Sellers are easing demands as rates hit 15-month highs, giving buyers leverage. Originators: target sideline buyers before next week's Fed hike lifts rates further.

By Brad Finkelstein
Originations Editor

8h ago
Originations

Lenders see robust jumbo market despite tightening credit

The decrease in jumbo availability accounted for much of the drop in the latest mortgage credit index, as conforming and government offerings were unchanged.

By Spencer Lee
Technology Reporter

September 11
Inflation

Modest CPI reading gives Fed no clear direction on rates

The consumer price index rose 0.4% last month, in line with July's reading. For a monetary policy committee that has been split on inflation, the inconclusive report will compel the Fed to make a call on whether to raise interest rates or stay put.

By Kyle Campbell
Staff writer

September 11
9/11 Anniversary

Lessons from 9/11: How one NYC community bank rebounded

Abacus Federal Savings Bank in Chinatown scrambled to reopen in the days following the World Trade Center attacks. The exercise resulted in the bank's first disaster-recovery plan.

By Allissa Kline
Reporter

September 11
RMBS

PMT Loan Trust raises $363.6 million in prime RMBS

The current transaction has the largest collateral pool that the platform has issued all year, with 294 loans, and it has the highest percentage of conforming loans, at 45.1%.

By Donna M. Mitchell
Editor

September 10

Load More