GMAC Adds to Subservicing Portfolio
GMAC Mortgage, LLC, the nation's second largest subservicer, announced today that it will handle interim subservicing for Sherman Oaks, Calif.-based Metrocities Mortgage, LLC. A residential mortgage lender, Metrocities Mortgage's lending territory covers all 50 states. GMAC Mortgage will provide interim subservicing for the company's full line of first mortgages, closed-end seconds and HELOCs. Â "By partnering with us, Metrocities is better able to focus on their core competency of lending, assured that the servicing side of their business is being handled by an industry leader," said Tom Donatacci, senior vice president of business development at GMAC Mortgage. By outsourcing their servicing to GMAC Mortgage, the subservicer says financial institutions can realize significant cost savings, enhanced customer service, improved efficiency and greater product diversity, all while mitigating operational risk. According to the National Mortgage News Quarterly Data Report, GMAC Mortgage had a subservicing portfolio in excess of $54.2 billion at the end of the third quarter 2006.