GMAC Mortgage Corporation
GMAC Mortgage Corporation Head Quarters:
GMAC Funded Loans
- First Time Buyer Loan Programs
- New Home Purchases
- Interest Only Loans
- Balloon Mortgage – in 5 or 7 year terms.
- Home Equity Loan Programs
- Home Equity Lines of Credit (HELOC)
- Refinance Mortgage Programs
- 2nd Mortgage Loan Programs
- Debt Consolidation Programs
- Imperfect Credit / Bad Credit Mortgage Loans
- FHA & VA Loan Programs
- Construction Financing Programs
- Fixed Rate Loan Programs
- Adjustable Rate Loan Programs (ARM)
GMAC Mortgage
GMAC Mortgage is one of the United State’s top ten residential mortgage originators and servicers. GMAC Mortgage provides lending through a nationwide network of retail offices, direct lending centers, as well as Internet sites under gmacmortgage.com and DiTech.com (see Historical Info Below). If a consumer wishes to apply for a mortgage via the GMAC Corporation, they must apply through GMAC Mortgage. GMAC Mortgage is headquartered in Horsham, Pennsylvania.
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GMAC Mortgage Corporation Historical Information:
- Date 1985 - GMAC acquires Colonial Mortgage as well as the servicing arm of Norwest Mortgage thus becoming GMAC Mortgage Corp. of PA.
- Date 1990 GMAC Mortgage Corporation acquires Residential Funding Corp.
- Date 1998 – Purchased first mortgage servicing rights from Wells Fargo.
- Date 1998 – GMAC Mortgage announced formation of GMAC Home Services as well as acquisition of Better Homes and Gardens Real Estate.
- Date 1998 – Purchased 400,000 conforming loans from Capstead-making it the largest servicing-only acquisition in their history.
- Date 1999 – Acquired DiTech Funding Corp.(aka ditech.com) in hopes of increasing e-commerce on the Internet.
- Date 2000 – GMAC Residential received conditional approval to form GMAC Bank.
- Date 2003 – GMAC Mortgage proclaimed the forming of CalDirect which is the premier lender for CA homeowners.
GMAC Residential Holding Business Units:
- GMAC Residential Holding Corp. – the parent to three top business segments: GMAC Mortgage Corporation, GMAC Home Services, Inc., and GMAC Bank.
- GMAC Mortgage Corporation – GMAC Mortgage is an indirect wholly-owned subsidiary of GMAC (General Motors Acceptance Corp.)
- GMAC Home Services, Inc. – provides comprehensive real estate services directly to customers. Brands under their umbrella include GMAC Real Estate and GMA Global Relocation Services, Inc.
- GMAC Bank – offers consumers a vast array of personal financial products/services like checking, savings, CD accounts as well as a variety of insurance & investments.
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Loans Funded by GMAC Mortgage
GMAC Mortgage literally offers a huge variety of home mortgage loan products. Apply online too.
- First Time Buyer Loan Programs – 1) offering (HomeFlex Plan) – a great option as it offers borrowers 100% financing along with no Private Mortgage Insurance (PMI). Quite commonly called an 80/20 Loan and is a combination of two loans with the first being a mortgage for 80% of the home price and the second being for 20% of the home price. Due to the fact that neither of the mortgages go above 80%, borrowers do not have to pay for the costly PMI, although the consumers would still have sufficient funding to finance the entire purchase of the home, therefore eliminating a down payment. 2) offering (HomeStrength) – loan comes with additional Second Loan for 4% of the home’s value. The extra 4% will cover the down payment and all but $500 of closing cost. The greatest feature of this loan is the second portion requires no monthly payment and is completely "forgiven" after ten years of on-time mortgage payments.
Recent GMAC Mortgage News
- Date 4/3/2006 – GM Reaches Agreement to Sell Controlling Stake in GMAC: Cerebus Led Consortium to Buy 51% of GMAC Equity, GM to Receive $14B in Cash Over 3-Year Period
- 2) Date 2/21/2006 – GMAC Bank Launches Innovative Wholesale Web Functionality: Web App Allows GMAC Bank Correspondents/Brokers to "Get Scenario" Instantly on Products/Pricing for Customers.
- 3) Date 11/30/2005 - GMAC Mortgage Hires Two Subservicing Veterans; they will join its business development team
- 4) Date 11/16/2005 - Backed by Strong Clients, GMAC Mortgage Announced Record Growth
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California Mortgage Loans is not directly affiliated with any mortgage broker or lender and cannot make any guarantee as to the lender affiliation of any broker or agent which contacts you. Company information on our site is for informational purposes only.
