ELKINS PARK, Pa. -- GMAC Mortgage Corp. announced Monday completion of an agreement to acquire Residential Funding Corp., a subsidiary of Anchor Savings Bank FSB of Hewlett, N.Y.
RFC, headquartered in Minneapolis, is one of the nation's leading companies in the purchase and sale of 'AA' rated mortgage pass-through securities and maintains a master servicing portfolio of nearly $8 billion.
RFC, which provides mortgage services to more than 400 lenders, will become a wholly owned subsidiary of GMAC Mortgage of Elkins Park, Montgomery County.
Through the acquisition, GMAC plans to expand the range of mortgage products and services it offers. Of particular interest is RFC's skill in the acquisition and marketing of jumbo loans and related mortgage securities which complements GMAC's strength in other product areas, officials said.
GMAC is one of the nation's largest mortgage lenders, servicing a portfolio of nearly $30 billion, representing nearly 400,000 customers. The company is a wholly owned subsidiary of General Motors Acceptance Corp., a subsidiary of General Motors Corp.
GMAC has over 70 offices for residential customers, nine income property financing offices and major servicing centers in Philadelphia and Waterloo, Iowa.
RFC has a staff of more than 200 in seven locations. RFC will continue to operate under existing management at its present locations.