GMAC-RFC Receives Top Master Servicer Designation From Fitch; Rating Agency Assigns First RMS1 Residential Master Servicer Rating

GMAC-RFC Receives Top Master Servicer Designation From Fitch; Rating Agency Assigns First RMS1 Residential Master Servicer Rating

		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

MINNEAPOLIS, July 10 /PRNewswire/ -- GMAC-Residential Funding Corporation (GMAC-RFC) today announced it has been assigned the top master servicer designation by international rating agency Fitch, marking the first time a company has received the highest distinction possible. The RMS1 rating reflects GMAC-RFC's continued commitment to building strong servicing capabilities in support of its diverse product lines. (Photo: http://www.newscom.com/cgi-bin/prnh/20000324/MNF002 ) "GMAC-RFC strongly supports master servicing and is committed to bringing value to our investors," said Bob Appel, managing director, master servicing, GMAC-RFC. "Fitch's rating recognizes our ability to provide superior service for a broad range of mortgage products." Fitch rates master servicers on a scale of 1 to 5, with 1 being the highest rating. According to Fitch's independent evaluation, the rating is based on GMAC-RFC's experienced management team, significant and stable financial resources, demonstrated expertise in servicing a diverse portfolio and extensive experience managing primary servicers. "Our strategy supports taking a proactive role in servicing our investors' loans," Appel said. GMAC-RFC's loss mitigation efforts include onsite field audits, detailed reviews of delinquent loans and trend analysis to identify areas in need of improvement. "These efforts, combined with ongoing investments in technology and recruitment of experienced key managers and staff, are designed to reduce credit losses for the benefit of investors," Appel noted. As of March 31, 2000, GMAC-RFC's master servicing portfolio consisted of 554,000 loans with a balance of $70.3 billion, including a wide range of first and second lien residential mortgage loan products in approximately 700 mortgage-backed transactions for both public and private investors. GMAC-RFC, a wholly owned subsidiary of General Motors Acceptance Corporation, is a national leader in non-agency issuance of mortgage-backed securities and a leading residential 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. More information is available at http://www.gmacrfc.com