HORSHAM, Pa., Feb. 19 /PRNewswire/ -- GMAC Mortgage Corporation announced
today it was one of the first of four mortgage servicers to receive Freddie
Mac's Tier One performance ranking recognition for performing and non-
performing loans.
    The announcement was made by Camillo Melchiorre, vice president of
Servicer Relations at Freddie Mac in concert with the Mortgage Bankers
Association of American's National Mortgage Servicing Conference held this
week in New Orleans.
    According to GMAC Mortgage Senior Vice President of Servicing Operations
Ed Hughes, "The Tier One ranking from one of the nation's top secondary
mortgage investors (Freddie Mac) is proof of the quality of our servicing
operation in Waterloo, Iowa.  The fact that we are the only  servicer among
FHLMC's 25 largest to receive this ranking is especially fulfilling."
    The Waterloo, Iowa, facility employs more than 840 people and handles all
aspects of mortgage servicing and customer service inquiries among other
aspects of GMAC Mortgage's business.  Mortgage servicing involves monthly
billing, payment processing, handling problem loans, and timely disbursement
of taxes and insurance.
    "Over the past year, our servicing operation has been exposed to numerous
changes resulting from our need to be more competitive in the mortgage
business.  These changes include significant investments made in our servicing
platform in Waterloo.
    This announcement affirms that we are making good progress in all areas
and expect this to continue," said Hughes.
    Through Freddie Mac's Servicer Performance Profile, a mortgage servicer is
measured on how effectively it manages cash remittance, investor reporting,
and default management (principally collections, workouts and foreclosure
processing).
    GMAC Mortgage President Mike O'Brien said, "This announcement affirms that
our business strategies are aligned with those of our investor customers.  We
know the importance of demonstrated expertise in controlling credit losses and
we will continue to pursue a `best practices' standard in our servicing
operations," O'Brien stated.
    GMAC Mortgage is a wholly owned affiliate of General Motors Acceptance
Corporation.  They are one of the nation's leading mortgage bankers, servicing
first and second mortgage loans for more than 700,000 customers and
originating loans from a nationwide retail branch network of more than 200
offices.

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