GMAC Mortgage to acquire Pacific Republic assets

Deseret News (Salt Lake City), Jul 24, 2004

GMAC Mortgage Corp. has signed an agreement to acquire certain assets of Pacific Republic Mortgage, a privately held mortgage banking company headquartered in Anaheim, Calif.

This acquisition will support the growth of GMAC Mortgage's lending business in the western United States, including Utah, according to a GMAC statement released Thursday.

Pacific Republic Mortgage has 31 retail offices and 290 loan officers in Utah, Arizona, California, Colorado, Idaho, Oregon and Washington, with the majority of its operations in California. All will be re-named GMAC Mortgage upon the closing of the acquisition, which is expected to be complete in the third quarter.