HORSHAM, Pa. - GMAC Mortgage Corporation's private label loan servicing division, Client Branded Solutions(sm), today announced it received a "strong" rating from Standard & Poor's (S&P) as an Alternative Residential Mortgage Servicer.
Client Branded Solutions received strong ratings from S&P in every category including management and organization, loan servicing and financial condition. According to S&P, the strong rating is "based on the company's seasoned management team and staff, comprehensive procedures, effective internal control environment and solid technology platform."
The Client Branded Solutionssm business unit services home equity lines of credit (HELOC), closed-end second loans, high loan-to-value (HLTV) loans, and private label servicing programs for more than 25 third party organizations. As of Sept. 30, 2000, the unit supports a managed portfolio of more than 385,000 loans representing $11 billion in managed outstandings, up 12% from the previous quarter and 61% from Sept. 30, 1999.
GMAC Mortgage is one of the nation's leading mortgage bankers, servicing first and second mortgage loans for more than 1.8 million customers and originating loans from a nationwide retail branch network, direct lending centers and via the Internet. More information on GMAC Mortgage and Client Branded Solutions is available at http://www.gmacmortgage.com, http://www.gmacsolutions.com, respectively.