Homecomings Financial Receives S&P'S Highest Residential Mortgage Servicer Designation

Business Wire, August 19, 2002

Business Editors

MINNEAPOLIS--(BUSINESS WIRE)--Aug. 19, 2002

Upgraded Rankings Reflect Company's High Level

of Service to Borrowers and Investors

Homecomings Financial(SM), a wholly owned subsidiary of Residential Funding Corporation (GMAC-RFC), announced today that it received an upgraded "strong" servicing ranking for its residential loan servicing including subprime and special servicing from international rating agency Standard & Poor's (S&P). The company also received a top ranking for the first time on its alternative loan servicing operations.

S&P conducted a comprehensive evaluation of Homecomings Financial's primary loan servicing capabilities. Rankings reflect the company's seasoned leadership team and staff, comprehensive training programs, improved audit environment, superior technology platform, robust data analytics and continued emphasis on risk management strategies.

"S&P recognized our efforts to maximize our human capital, technology and capacity to develop best practices across our three servicing sites," said Chris Gilson, chief operating officer, GMAC-RFC's Residential Capital Group, which includes Homecomings Financial. "Our business is founded on providing superior service, technology solutions and diversified product portfolios for mortgage lenders."

In the last year, Homecomings Financial has also been given top servicer rankings by rating agency Fitch and top master servicing designations by S&P. In May of this year, Moody's Investor Services gave Homecomings Financial its top ranking for primary servicing.

S&P rates servicers on a five-point scale, ranging from "weak" to "strong." The agency assigned Homecomings Financial its highest rating, "strong," as a residential special servicer, residential subprime loan servicer, residential loan servicer and residential alternative loan servicer. According to S&P, a "strong" ranking demonstrates the highest degree of ability, efficiency and competence in managing large and highly diverse asset portfolios. "Strong" ranking recipients also have a proven track record of strong and stable management, state-of-the-art computer technology and excellent internal controls, policies and procedures.

"Homecomings Financial's ongoing focus on risk management through strong internal controls and emphasis on developing human capital demonstrates that the company continues to be well-situated to execute its business plan," said Richard Koch, an analyst at S&P. "Homecomings will continue to leverage its superior systems environment and default management expertise in order to remain a highly effective servicer of conforming, subprime, and non-performing residential mortgage assets."

According to industry sources,(a) Homecomings Financial ranks as one of the top 15 residential mortgage servicers YTD and the eighth largest subprime servicer in the United States.

ABOUT HOMECOMINGS FINANCIAL/GMAC-RFC

Homecomings Financial, the loan servicing unit of GMAC-RFC, services over 560,000 loans through three fully integrated loan servicing centers in Dallas, Texas, San Diego, Calif., and Blue Bell, Pa. , The Dallas center serves as platform headquarters. GMAC-RFC, a wholly owned subsidiary of General Motors Acceptance Corporation (GMAC), is a leading 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 to businesses in a variety of markets. The company is headquartered in Minneapolis and operates in the United States, Europe and Latin America. www.gmacrfc.com

(a) INSIDE MORTGAGE FINANCE PUBLICATIONS.