The New York Times rambles, and mangles mortgages along the way

The New York Times rambles, and mangles mortgages along the way

Mortgage finance and mortgage regulation aren’t the paper’s strong suits

WATCH: Trulia stages haunted house for unsuspecting homebuyers

'Tis the season. For screaming.

10 reasons why people don’t get a mortgage

It’s not just because of finances
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GMAC Adds to Subservicing Portfolio

GMAC SubservicingGMAC 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.  "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.

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