Homecomings Financial Originates Record $18.3 Billion in 2003

Business Wire, Feb 6, 2004

Business Editors

MINNEAPOLIS--(BUSINESS WIRE)--Feb. 6, 2004

Third Consecutive Year of Record Wholesale Funding Volume;

Three-Year Growth Rate in Excess of 700 Percent Outpaces Market

Homecomings Financial(SM), a wholly owned subsidiary of Residential Funding Corporation (GMAC-RFC), announced today that its wholesale channel originated a record $18.3 billion in residential mortgages during 2003. This represents a 32 percent increase from 2002 and a 776 percent increase since 2000, when Homecomings Financial's wholesale funding volume was $2.1 billion. Industry-wide, wholesale funding though the broker channel grew 174 percent from 2000 through the third quarter of 2003.(a)

"Our record growth in loan funding volume, significantly outpacing the growth of the wholesale funding market over the past three years, demonstrates our success in providing brokers with the tools and loan products required to serve the widest possible range of borrowers," said Lee Jacobsohn, executive vice president and managing director, Homecomings Financial. "We credit our rapid growth to our focus on providing increased value and superior customer service to our broker partners."

Homecomings Financial partnered with its brokers to help over 123,000 homeowners meet their home financing needs in 2003. Throughout the year, the company implemented several technology enhancements to its industry-leading Assetwise(SM) Direct Internet-based loan evaluation system to increase efficiencies for the company and its brokers. This, coupled with 99 percent availability of the Assetwise system during business hours, resulted in a 90 percent satisfaction rate among Homecomings Financial's broker partners during a time of record high application volume.

"As we look ahead to 2004, we plan on adding additional functionality to our technology platforms in order to provide our broker partners with the ability to better control their business pipelines, determine compliance, and accommodate special or unique borrower situations," added Jacobsohn. "In addition, we aim to foster closer relations with our e-Partner brokers through a broader array of products and services that will meet the needs of a wide range of borrowers in a purchase market."

About Homecomings Financial

Homecomings Financial Network, Inc. (Homecomings Financial), a wholly owned subsidiary of Residential Funding Corporation (GMAC-RFC), is a leading wholesale lender and mortgage servicer in the U.S. GMAC-RFC, a wholly owned subsidiary of General Motors Acceptance Corporation (GMAC Financial Services), is a leading private issuer of mortgage-backed securities and mortgage related asset-backed securities and the No. 1 warehouse lender in the U.S. 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, Canada, Mexico, United Kingdom and Continental Europe. www.gmacrfc.com

(a) Source: Inside Mortgage Finance, Thomson Financial Media