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Press Release: GMAC-RFC
October 24, 2006
MINNEAPOLIS, MN -- GMAC-RFC announced yesterday that it is partnering with First Savings Mortgage Corp. to roll
out a co-branded servicing initiative offering mortgage lenders the ability to maintain a marketing presence in
front of their homeowners throughout the life of their loans without the investment in servicing rights or servicing
platform.
The program helps McLean, Virginia-based First Savings Mortgage Corp. and other qualified mortgage lenders maintain
their visibility and trust with homeowners post origination through monthly servicing communications and new product
information, resulting in potential increased market share for the mortgage lender.
“We’re excited about this innovative co-branding program and the benefits it will bring to mortgage lenders and
homeowners," Robert Meachum, senior vice president of GMAC-RFC’s correspondent lending business. "This
is just one of the ways GMAC-RFC strives to provide opportunities for our mortgage lending partners to differentiate
themselves in the marketplace and with their homeowners.”
GMAC-RFC’s co-branded servicing program prominently displays the mortgage lender’s name and logo, along with GMAC
Mortgage, on the monthly statement and gives the lender the opportunity to include a marketing message, such as
the originating loan officer’s name and contact information. This keeps the lenders’ brand visible to the homeowner
on an ongoing basis, allowing the lender to regularly offer the homeowner additional mortgage product options such
as home equity, construction or 125 LTV loans. The lender is able to do this without an upfront investment in servicing
rights or establishing its own mortgage loan servicing infrastructure.
GMAC Mortgage’s combined servicing platforms service the loans of more than 3.4 million households nationwide.
“We are thrilled to be the first mortgage lender to partner with GMAC-RFC on this initiative,” said Larry Pratt,
CEO of First Savings. “We value our relationship with our borrowers. This program will take us to the next level
of success in enhancing our relationships with our homeowners and providing them a wide array of unique products.”
First Savings began offering this servicing option to its clients in the Washington, D.C. area in July. GMAC-RFC
plans to offer its co-branding program to other qualified, mid-to-large-sized mortgage lenders by the end of the
year.
The co-branded servicing initiative complements other programs GMAC-RFC has in place to help its mortgage lending
clients enhance their relationships with homeowners, such as its private-branded AssetwiseSM and private-branded
pricing. With private-branded Assetwise, GMAC-RFC clients can expand their reach into the mortgage marketplace
by branding GMAC-RFC’s Assetwise DirectSM loan evaluation engine with their own logos, colors, help text, web address
and links. Clients can use the private-branded pricing tool to obtain granular, endless pricing options and to
support simple-to-intricate pricing strategies.
“GMAC-RFC is committed to providing our mortgage lending clients with the tools they need to effectively compete
in today’s marketplace with the largest of competitors,” Meachum added. “With our co-branded servicing program
and other client-centric initiatives, we believe we can help our clients get closer to their homeowners with innovative
and beneficial products and services.”
About First Savings Mortgage Corp.
First Savings Mortgage Corp. is a 100% retail mortgage lender based in McLean, Virginia, primarily serving the
metropolitan Washington D.C. marketplace since 1989. Originations for 2005 were $3.4 billion and will be $3.0 billion
in 2006. First Savings offers construction and permanent residential lending products.
About GMAC-RFC
GMAC-RFC is one of the nation's leading warehouse lenders and private mortgage conduits serving correspondent lenders,
financial institutions and institutional investors. The company offers warehouse lending (collateralized lines
of credit), acquires residential mortgages in the secondary market, and creates mortgage-backed securities and
whole loan portfolios as investments. GMAC-RFC (http://www.gmacrfc.com),
is one of Residential Capital Corporation's (ResCap) diversified businesses focused on the residential real estate
market in the United States. ResCap’s diversified lines of business include residential mortgage banking, home
services, residential construction finance, timeshare resort finance, healthcare finance and consumer banking.
ResCap is an indirect wholly owned subsidiary of GMAC Financial Services (GMAC LLC). For more information about
ResCap, visit http://www.rescapholdings.com.
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Contacts GMAC-RFC Jodi Ehlers Swanson, 952-857-7343 jodi.ehlers@gmacrfc.com or Stephen Dupont, 952-857-6643 stephen.dupont@gmacrfc.com
Source: GMAC-RFC