GMAC Residential Funding Opens Warehouse Lending Office in Dallas

		GMAC-RFC LOGO GMAC-RFC (Residential Funding Corporation) logo. GMAC-RFC, a wholly owned subsidiary of General Motors Acceptance Corporation, is America's largest private-label issuer of mortgage-backed securities and a leading warehouse lender. The company leverages its strengths in securitization, lending and investment to offer a broad portfolio of innovative capital solutions. The company is headquartered in Minneapolis and operates in the United States, Europe, Latin America and Japan. Contact: http://www.rfc.com. (PRNewsFoto)[KI] MINNEAPOLIS, MN USA

		GMAC RESIDENTIAL FUNDING BRIAN HILBERTH Brian Hilberth, GMAC Residential Funding. (PRNewsFoto)[JL] MINNEAPOLIS, MN USA

Brian Hilberth, Former Executive With Bank One's Warehouse Lending Group, To Open Office MINNEAPOLIS, May 31 /PRNewswire/ -- GMAC Residential Funding today announced it has opened a Dallas office to provide warehouse lending services to mortgage bankers in Texas and surrounding states. (Photo: http://www.newscom.com/cgi-bin/prnh/20000324/MNF002 http://www.newscom.com/cgi-bin/prnh/20010531/MNTH012 ) Brian Hilberth, a former vice president of warehouse lending at Bank One and most recently at Guaranty Federal Bank, will staff the office, with responsibility for the management of new and existing warehouse lending relationships. Hilberth recently joined GMAC Residential Funding as a director and has more than nine years of experience in the mortgage banking industry. "We have provided warehouse financing to the Texas market for years, and established a Dallas office as part of our long-term commitment to give the best possible service to our lender partners," said Larry Pendleton, executive vice president and managing director of warehouse lending, GMAC Residential Funding. "Brian's knowledge of warehouse lending and mortgage banking makes him the ideal candidate to expand our business in Texas." GMAC Residential Funding is currently the leading warehouse lender in the United States. In 10 years, the company has grown its lending commitments volume from $760 million to a record-breaking $9 billion in first-quarter 2001. Outstandings are also at a record $6 billion. "While many lenders are re-evaluating their commitment to the mortgage banking industry or have abandoned the warehouse lending business all together, we are continuing to expand our reach and provide innovative capital solutions to our lender partners. Our customers have access to a diversified product mix and leading-edge technology that help them gain more market share," Pendleton said. Currently, GMAC Residential Funding has warehouse lending offices in the following locations: Bethesda, Md.; Sunrise, Fla.; Denver, Colo.; Los Angeles, Calif.; and Walnut Creek, Calif. The new Dallas office will allow the company to better service mortgage bankers in the Central region. Hilberth will report to Jerry Davis, regional manager for the Central region. GMAC Residential Funding acquires residential mortgages and home equity loans and lines from mortgage banks and other lenders, securitizes and sells them as investments, and also provides a consistent source of warehouse financing for mortgage lending partners. GMAC Residential Funding is one of three business units within GMAC-RFC's Residential Capital Group. GMAC-RFC, a wholly owned subsidiary of GMAC Financial Services, is America's largest non-agency issuer of mortgage-backed securities (MBS) and home equity loan (HEL) asset-backed securities (ABS), and number one warehouse lender. The company leverages its strengths in securitization, lending and investment to offer a broad portfolio of innovative capital solutions. The company is headquartered in Minneapolis and operates in the United States, Europe and Latin America. http://www.gmacrfc.com