GMAC Mortgage

GMAC came into existence in 1985, after acquiring Colonial Mortgage Company. It is an indirect wholly owned subsidiary of General Motors Acceptance Corporation, one of the largest financial services companies in the world. Since that time, through a series of mergers and acquisitions, GMAC Mortgage has become one of the top ten lenders in the United States; they rank 5th for on-line loan originations; 6th for mortgage servicing; 7th in retail loans; and 8th in originations among the mortgage industry. GMAC Mortgage operates online under the names gmacmortgage.com and ditech.com. The company also administers the GM Family First program, a homeownership program available to GM employees, retirees, and dealers.

The GMAC family of financial services includes GMAC Bank, GMAC Real Estate, GMAC Commercial Mortgages, GMAC Global Relocation, GMAC Mortgage Subservicing, GMAC Bank Wholesale Mortgage Lending, and CalDirect, a mortgage provider tailored for California residents.

Loans funded by GMAC Mortgage

  • First mortgages with a variety of options for financing down payments
  • Federal Housing Authority backed mortgages
  • Veterans’ Administration mortgages
  • Interest-only mortgages
  • Adjustable Rate mortgages
  • Balloon mortgages
  • Construction and renovation loans
  • Home equity loans and lines of credit
  • Loans for a second home or investment property
  • Refinance products for major purchases, debt consolidation, or second homes
  • Solutions Mortgage, for those with past credit problems; it provides the ability to refinance at a more favorable rate after one year
  • Pathways Mortgage, for those with no down payment; with as little as $500 down, the rest is financed through secondary loans

At the end of 2004, GMAC Mortgage had originated $70 billion in residential mortgages, representing 553,994 transactions. Two million customers are being served nationwide, with a $214 billion total. GMAC Mortgage also offers subservicing for other financial institutions, insurance companies, utilities and government lenders, which totals $32.5 billion in that portfolio. This benefits clients, through the ability of GMAC Mortgage to streamline administration, decrease risk, and offer lower costs. It has benefited GMAC Mortgage in its ability to expand its platform of products and reach niche markets.

GMAC Mortgage’s commitment to the communities it serves is reflected in its involvement with Habitat for Humanity. In 2004, the company was involved in seven building projects in the United States. The total contribution was in excess of $700,000. The company also matches donations of time and money made by employees to non-profit organizations that align with the company’s business and community interests.

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