GMAC's Subservicing Volume Up 45%

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.