With Major Players Exiting the Business, GMAC-RFC Continues to Approve New
Warehouse Lines
MINNEAPOLIS, Nov. 22 /PRNewswire/ -- GMAC-Residential Funding Corporation
(GMAC-RFC) continues to dominate the warehouse lending industry despite recent
market turbulence, approving more than $1 billion in new warehouse lines in
the last four months. The $1 billion in new approvals represents a tenfold
increase over the same months last year. Through October, GMAC-RFC had $6.1
billion in commitments.
"We haven't backed off -- in fact we're very committed to this industry,"
said Larry Pendleton, GMAC-RFC managing director of warehouse lending. "Our
strategy to serve warehouse lending clients with a diversified product mix
remains the same. By diversifying, we can tailor our products to satisfy our
clients' needs, and we're also able to manage our risk effectively."
Pendleton projects $6.5 billion in total commitments for 1999, up
$.5 billion from last year. "As both an investor and lender, we're positioned
to meet the full spectrum of our clients' needs with a variety of programs for
jumbo, prime, subprime, home equity and HLTV [high loan to value] products and
a variety of other capital needs," he said.
Pendleton attributes much of GMAC-RFC's success to the high quality of its
collateral handling operations. Innovative technology, in the form of
RFConnects(SM), is a key factor in the success of these operations.
RFConnects is GMAC-RFC's second-generation Internet-based system that offers
clients the convenience of electronically managing and utilizing their
facility through a real-time interface with GMAC-RFC's back office. The
system allows GMAC-RFC clients to complete funding, shipments, and payoffs
online, and instantly view the status or activity of any aspect of their
warehouse relationship.
Pendleton said the Internet solution clearly differentiates GMAC-RFC from
other warehouse lenders. "This system allows us to deliver the best
collateral handling services available in the industry," he said. "We can
give our clients faster, more efficient service."
In addition, earlier this year, GMAC-RFC opened a warehouse lending office
in Denver which has generated over $500 million in new approved credits during
the third quarter. "The Rocky Mountain office represents about half of our
new clients," Pendleton said.
GMAC-RFC, a wholly owned subsidiary of GMAC, is committed to providing
capital and investments worldwide through its core businesses in
securitization, lending and investment. The company is the leading non-agency
issuer of mortgage-backed securities and a leader in asset-backed securities
and warehouse lending. Headquartered in Minneapolis, the company has
operations nationwide, in the United Kingdom and Mexico. GMAC-RFC is on the
World Wide Web at http://www.rfc.com
SOURCE GMAC-RFC
 back to top
Related links:
http://www.rfc.com
Company News On-Call:
http://www.prnewswire.com/comp/138832.html or fax,
800-758-5804, ext. 138832
CONTACT:
Jodi Ehlers Swanson of GMAC-RFC,
612-832-7343, jehlers@rfc.com , or Randy Sands of Shandwick
International, 612-841-6145, rsands@shandwick.com , for GMAC-RFC
|
