New GMAC Correspondent Unit Focuses on Community Lenders

The correspondent and warehouse lending division of Ally Bank, a unit of GMAC Financial Services, has created a correspondent community bank team that will purchase closed residential mortgage loans from banks, thrifts and credit unions. The new unit also will offer a table funding service — which means loan brokers should benefit. An executive with GMAC said the new unit will focus on community financial institutions that outsource some or all of their mortgage origination process. It will customize services to supplement the client's in-house capabilities. The Fort Washington, Pa., based company said it saw an opportunity in this line of business because market conditions have reduced funding alternatives for smaller institutions. Doug Miller is joining GMAC as the director of correspondent community banking. He held a similar position at Taylor Bean Whitaker, which filed for bankruptcy protection in August.