GMAC Residential Funding Introduces Home Solution 107 LTV Mortgage Product

		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

Product Helps First-Time Homebuyers Qualify for More Loan With Less Out-of-Pocket Expense MINNEAPOLIS, Oct. 29 /PRNewswire/ -- GMAC Residential Funding today announced a new loan program -- Home Solution(SM) 107 -- that enables first-time borrowers to qualify for more house and leverage home equity with less out-of-pocket expense. (PHOTO: http://www.newscom.com/cgi-bin/prnh/20000324/MNF002 ) "GMAC Residential Funding is dedicated to providing solutions to markets that need and desire flexible mortgage alternatives," said Eric Scholtz, managing director, capital markets, for GMAC-RFC's Residential Capital Group. "Home Solution 107 fills a void in an under-served niche market. Our lender partners will be able to use this new program to help credit-worthy homebuyers customize their mortgage financing needs." The Home Solution 107 program allows for loan-to-value (LTV) up to 107 percent of the purchase price and borrowing limits up to $400,000. The program will benefit both qualifying first-time homebuyers with limited funds and borrowers who have sufficient funds for downpayment but prefer to leave those funds in other, more flexible investment vehicles. Loan proceeds in excess of 100 percent LTV can be used for traditional closing costs; prepaid items, including escrows for hazard, flood or mortgage insurance; and payoff of consumer credit. "Home Solution 107 offers financing options for closing costs and debt consolidation, which allows borrowers to optimize their purchase dollars," said Mike Kozlak, president of GMAC-RFC's Residential Capital Group. "This program is an example of our commitment to deliver innovative capital solutions that deliver better value to homeowners." GMAC-RFC's Assetwise(SM) loan evaluation system supports the origination of the Home Solution 107 to streamline the diligence process for qualifying loans. Since Assetwise is fully integrated with Freddie Mac's Loan Prospector(R) and Fannie Mae's Desktop Underwriter(R), lenders can easily use their existing platforms to originate nonconforming loans and get results in minutes. "This program provides lenders and borrowers with flexibility and choices, which will ultimately strengthen the relationships our business partners have with homebuyers," said Scholtz. ABOUT GMAC RESIDENTIAL FUNDING 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 General Motors Acceptance Corporation, is America's largest non-agency issuer 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 and Latin America. More information is available at http://www.gmacrfc.com