GMAC Mortgage Signs Four Credit Unions as Mortgage Clients

Business Wire, Oct 1, 2003

Business Editors

HORSHAM, Pa.--(BUSINESS WIRE)--Oct. 1, 2003

GMAC Mortgage Corporation today announced it has signed four new credit unions as clients of its mortgage outsourcing services. As the preferred mortgage provider to the four institutions, GMAC Mortgage will provide mortgage services to nearly 35,000 credit union members in four East Coast states.

The four credit unions are: Scott Credit Union in Mobile, AL (23,000 members); Bay Atlantic Credit Union in Vineland, NJ (6,500 members); Georgia Coastal Federal Credit Union in Brunswick, GA (3,200 members); and Atlantic Greyhound Federal Credit Union in Charleston, WV (1,800 members).

"We are delighted to welcome these four credit unions as clients of GMAC Mortgage," said Peter Conners, Vice President of Affinity Lending for GMAC Mortgage. "We are deeply supportive of the ideals of the credit union movement and look forward to building on their fine record of member service with our own commitment to outstanding customer service."

Conners said the addition of the four new credit unions to GMAC Mortgage's customer base builds on the company's long-standing and strong relationships with credit unions throughout the country. "Our commitment to credit unions and to helping them assist their members in becoming homeowners is resonating with credit unions of all sizes across the nation. We expect to announce several more new relationships soon."

Under the four agreements, GMAC Mortgage will not sell other products to members of those credit unions, nor will it sell members' loans to other mortgage companies for the life of the loan.

About GMAC Mortgage

GMAC Mortgage Corporation, headquartered in Horsham, Pa., is among the nation's top ten residential mortgage servicers and originators. The company originates first and second lien residential mortgage loans through a nationwide network of retail offices, direct lending centers, correspondents and Internet sites. GMAC Mortgage also offers custom mortgage services to GM employees and their family members, retirees and dealers through the GM Family First program. As of December 2002, GMAC Mortgage originated $70 billion in residential mortgages, representing 553,994 transactions. The company's servicing portfolio of more than $198 billion represents 2 million customers throughout the nation.