Fort Washington, PA. (June 27, 2006)- GMAC Mortgage Corporation, the nation's third largest subservicer, today announced an agreement with 1st National Bank of Arizona (FNBA) to handle all of the bank's subservicing needs.
One of the premier Alt-A lenders in the country, 1st National Bank of Arizona is a privately-held, full-service bank. "The current mortgage market requires scalability. Our own strengths in loan origination, product development, risk management and capital markets, coupled with GMAC Mortgage's solid servicing capabilities, enable us to become more efficient and solidify our position as an innovative, long-term Alt-A lender," said Patrick Lamb, mortgage division president at FNBA.
GMAC Mortgage specializes in subservicing multiple products and asset grades on one servicing system, allowing clients to concentrate on building value for their customers—without the risk attached to servicing loans in-house.
"By outsourcing their servicing needs to us, 1st National Bank of Arizona can grow their business by concentrating on origination and entering new markets. This, in turn, increases profitability and decreases costs," said Tom Donatacci, senior vice president of business development at GMAC Mortgage.
Ranked the nation's third largest subservicer, GMAC Mortgage had a subservicing portfolio in excess of $41.8 billion at the end of the first quarter of 2006. By outsourcing their servicing to the company, financial institutions and other businesses realize enhanced customer service, improved efficiency and greater product diversity, all while mitigating operational risk.
About GMAC Mortgage Subservicing
GMAC Mortgage Corporation, based in Fort Washington, Pa., is a wholly owned subsidiary of Residential Capital Corporation (ResCap). The company is ranked among the nation's top ten residential mortgage servicers and originators, and is the third largest subservicer in the country. Among its core competencies, GMAC Mortgage has established itself as a leader in the development, implementation and administration of customized subservicing programs for financial institutions, government sponsored enterprises, specialty finance companies, insurance companies, utility companies and investment banking firms. The company offers a full range of branding options to support the servicing of multiple products, including first mortgages, home equity loans and lines and unsecured consumer credit, as well as multiple asset grades, including non-prime and non-performing loans. For more information about GMAC Mortgage's subservicing services, contact 1-877-300-GMAC or visit www.gmacsolutions.com. GMAC Mortgage is a licensed mortgage lender and an Equal Housing Opportunity Lender.
About 1st National Bank of Arizona
1st National Bank of Arizona is one of the largest privately-owned mortgage banks in the country. As the Home of Alt-A Mortgage LendingSM, FNBA's wholesale, correspondent and warehouse divisions lend in 49 states, employ over 225 mortgage banking account executives who have a local presence in virtually every state, and operate six operations centers in order to provide exceptional customer service. FNBA is also the largest locally-owned bank in Nevada and Arizona with assets in excess of $3.4 billion and more than 2,000 employees. Its retail and commercial loan products include both residential and commercial real estate loans, in addition to an active construction and land acquisition and development loan division. For more information, please visit www.fnbavenue.com.