GMAC-RFC Implements Basis100's Automated Valuation Service

		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

Reflects the Company's Commitment to Fully Automate the Residential Mortgage Underwriting Process MINNEAPOLIS, Oct. 15 /PRNewswire/ -- Residential Funding Corporation (GMAC-RFC) today announced the implementation of Basis100's Solimar automated valuation technology as an enhancement to its automated underwriting programs, Assetwise(SM) and Assetwise Direct(SM). The new technology will make the collateral valuation and mortgage origination process faster, more efficient and less expensive for lenders and borrowers. (Photo: http://www.newscom.com/cgi-bin/prnh/20000324/MNF002 ) The new automated valuation model (AVM) service conducts a statistical estimate of a property's value faster and more affordably than a full appraisal. The service conducts a complete evaluation in seconds, versus the typical 3 to 14 days for a standard on-site appraisal. The technology will perform the collateral valuation at no charge for select Jumbo A, Expanded Criteria, and home equity loans through GMAC-RFC's Assetwise and Assetwise Direct underwriting programs. "Lower cost valuation alternatives are critical to transform the mortgage industry and bring significant, lasting benefits to customers and homebuyers," said Michael J. Kozlak, president of GMAC-RFC's Residential Capital Group. "This service is another step toward our end goal of streamlining the mortgage finance process." "The expansion of our technologies into GMAC-RFC's Assetwise and Assetwise Direct underwriting programs confirms that our AVM technology brings measurable value to both an organization and its customers," said Gary Bartholomew, CEO and Chairman, Basis100. There are currently 475 lenders and 2,500 brokers using Assetwise, which underwrites over $5 billion in loan applications per month. Assetwise facilitated the purchase of more than $1.3 billion in closed loans in the month of August. "We have simplified the underwriting process for lenders and brokers, which translates to quicker property valuations and lower costs for consumers," said Kozlak. "And ultimately, that end result of creating better value for homebuyers is what we strive for at GMAC-RFC." ABOUT Basis100 Basis100 is a leading e-commerce technology solution provider for financial institutions and service providers enabling them to build, distribute, buy and sell their products and services in new ways. Basis100 is focused on the mortgage origination, consumer credit, fixed-income trading, automated property valuation and service vendor markets across North America and internationally. For more information about Basis100, visit http://www.basis100.com ABOUT GMAC-RFC 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. Homecomings Financial provides a portfolio of wholesale lending products to mortgage brokers, and originates and services mortgage loans. http://www.gmacrfc.com