HORSHAM, Pa., Feb. 19 /PRNewswire/ -- GMAC Commercial Mortgage (GMACCM)
announced today that it has been selected by Fannie Mae as the master servicer
for Fannie Mae's recently announced $326.1 million multifamily Real Estate
Mortgage Investment Conduit (REMIC).
GMACCM also said it is contributing $16 million in mortgages to the REMIC,
Fannie Mae's first security backed by collateral from its multifamily
Aggregation facility.
"Our selection as master servicer in this historic securitization is
testament to GMACCM's leadership in the commercial mortgage sector," said
Denise Pagnucci, vice president and director of investor relations for
GMACCM's Servicing Group.
"One of the innovations we will be providing to investors for the first
time is the ability to access loan-level information on a Fannie Mae
transaction via the Internet. Previously, investors usually had to rely on
periodic status reports to monitor their investments. Now, they will be able
to get a snap shot in real time over the Internet through GMACCM's website
http://www.gmaccm.com whenever it's convenient to them.
"GMACCM is committed to providing banks, insurance companies, pension
funds and other important investors with the highest degree of one-stop
service at the lowest possible price. We feel our selection as master
servicer for all the transaction loans in this securitization reflects the
success of our strategy for leadership."
The new Fannie Mae security, a Wisconsin Avenue Securities (WAS) senior-
subordinated structure, consists of multifamily and blanket cooperative
mortgage loans. Morgan Stanley participated in the offering by structuring
and marketing the security. NCB and the originators of the Aggregation loans
will subservice their respective loans.
The REMIC consists of 133 recently originated, fixed-rate multifamily and
residential cooperative mortgage loans.
GMAC Commercial Mortgage, a subsidiary unit of GMAC Financial Services,
is the nation's leading one-stop financial resource in the commercial mortgage
banking industry, with a servicing portfolio of more than $40 billion.
Press releases and other information about GMAC Commercial Mortgage and
its products and services are available at http://www.gmaccm.com on the
Internet. For GMACCM press releases by fax, call 800-758-5804, ext. 122720.
SOURCE GMAC Commercial Mortgage Corporation
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Related links:
http://www.gmaccm.com
CONTACT:
Scott Rombach of GMAC Commercial Mortgage,
215-328-3383
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