Homecomings Financial Receives Highest Servicer Designations From Fitch; Rating Upgrades Reflect Staff, Technology and Servicing Excellence

Homecomings Financial Receives Highest Servicer Designations From Fitch; Rating Upgrades Reflect Staff, Technology and Servicing Excellence

		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, Dec. 11 /PRNewswire/ -- Homecomings Financial(SM), a wholly owned subsidiary of Residential Funding Corporation (GMAC-RFC), announced today that it received top servicing designations from international rating agency Fitch. (Photo: http://www.newscom.com/cgi-bin/prnh/20000324/MNF002 ) Homecomings Financial received upgraded RPS1 and RSS1 residential servicer ratings for subprime and special servicing; RPS1 ratings for home equity/home equity line-of-credit (HELOC) and high loan-to-value (HLTV) products; and a RMS1 master servicer rating. Fitch also affirmed Homecomings Financial's RPS1 residential primary servicer ratings for prime and Alternative-A products. All of these ratings are the highest given by Fitch. "Strong rating designations demonstrate our commitment to providing top-notch service to our clients, as well as to operating at the highest standards," said Mike Kozlak, president of GMAC-RFC's Residential Capital Group, the company's U.S. mortgage banking and securitization business. "Fitch's ratings are a valuable third-party endorsement of our cutting-edge technology, experienced associates, risk management capabilities and diverse product line." Fitch rates residential mortgage primary, master and special servicers on a scale of 1 to 5, with 1 being the highest rating. According to Fitch's independent evaluation, Homecoming Financial's top ratings reflect its seasoned management team and staff, proven servicing platform and technology initiatives, and continued emphasis on state-of-the-art risk management strategies. "GMAC-RFC is committed to innovative technology and partnerships that bring value to our business partners and homebuyers," said Kozlak. "We aim to exceed the expectations of our investors, lender partners and consumers by providing unsurpassed service, and Fitch's ratings are a validation of these efforts." ABOUT HOMECOMINGS FINANCIAL Homecomings Financial, the wholesale loan origination and servicing arm of GMAC-RFC, is comprised of three, fully-integrated sites (Dallas, Texas, San Diego, Calif., and Blue Bell, Pa.), with the Dallas office serving as platform headquarters. ABOUT GMAC-RFC GMAC-RFC, a wholly owned subsidiary of GMAC Financial Services, is America's largest private issuer of mortgage-backed securities and home equity loan asset-backed securities, and the No. 1 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. http://www.gmacrfc.com