Backed by Strong Clients, GMAC Mortgage Announces Record Growth

HORSHAM, Pa.-- GMAC Mortgage Corporation today announced an increase in subservicing volume: a jump from $22.4 billion UPB (unpaid principal balance) in second quarter 2005 to $32.5 billion UPB in third quarter 2005. Ranked the country's fifth largest subservicer at second quarter close, the company attributes its recent growth to increased client originations and movement into niche products.

"Our clients are venturing more and more frequently into niche products, or those that span the complete spectrum of asset grades, including subprime loans," said Tom Donatacci, senior vice president, business development. "As a result, GMAC Mortgage is experiencing a period of significant growth. As a mega-servicer, we have the scalability to comfortably handle this type of growth in our subservicing business."

According to Donatacci, the company expects subservicing demand to remain strong throughout the remainder of 2005 and into 2006. "With a subservicing portfolio in excess of $32.5 billion, we remain committed to supporting our customers' efforts to capture market share, expand product offerings and improve profitability."

A year and a half ago, GMAC Mortgage completed its conversion to a single platform, capable of servicing any loan product, supporting any brand or managing to any servicing requirement. This model has enabled GMAC Mortgage to dramatically expand its servicing bandwidth, while reducing overall costs and passing on this savings to its clients.

Today, GMAC Mortgage is able to service multiple mortgage loan products, including first mortgages, HELOCs, unsecured consumer credit, non-prime loans and non-performing loans. By outsourcing their servicing, financial institutions and other businesses realize significant cost savings, enhanced customer service, improved efficiency and greater product diversity, all while mitigating operational risk.

About GMAC Mortgage

GMAC Mortgage Corporation, a wholly owned subsidiary of Residential Capital Corporation (ResCap), is headquartered in Horsham, PA. GMAC Mortgage is among the nation's top ten residential mortgage servicers and originators. As of December 2004, the company's servicing portfolio of more than $214 billion represents nearly 2 million customers throughout the nation. GMAC Mortgage is an established 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.

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.