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MortgageRamp Announces MultiTrak, A New Multifamily Underwriting Process Combining Fannie Mae's Aggregation Facility With GMAC Commercial Mortgage's Production and Recourse

CHARLOTTE, N.C., July 9 /PRNewswire/ -- MortgageRamp, a leading provider of technology solutions for the commercial real estate industry, today announced the launch of MultiTrak, a new underwriting process supported by MortgageRamp's proprietary technology. MultiTrak features include:

* 20-day closing
* streamlined underwriting requirements
* competitive pricing

"We are always looking for ways to help reduce cost and time spent on commercial mortgages for our customers, and we have come up with a revolutionary product solution," said Michael H. Greco, president of MortgageRamp. "While we were looking to offer competitive, proprietary loan origination services to lenders, Fannie Mae wanted to explore our quick close loan delivery model for use by its existing Multifamily Aggregation lenders."

GMACCM, a Fannie Mae-approved seller/servicer, has entered into an agreement with MortgageRamp whereby they have private labeled the MultiTrak process and will provide funding for MultiTrak-underwritten loans originated through GMACCM production channels, as well as MortgageRamp's on-line origination platform. GMACCM will retain servicing rights for loans originated through GMACCM's production channels and will sell the loans to Fannie Mae. Fannie Mae's Aggregation lenders can also participate through the MultiTrak platform and will continue to sell loans to Fannie Mae on a non-recourse, servicing retained basis. GMACCM will provide first loss coverage to Fannie Mae both for the GMACCM and for the Aggregation loans.

"MortgageRamp's MultiTrak process addresses the need lenders have for faster closings and for underwriting services which make the process less labor-intensive," said Ken Bacon, Fannie Mae's senior vice president for Multifamily Lending and Investment.

"We have worked diligently for the past year with GMACCM and Fannie Mae to develop, refine and now launch the MultiTrak process," continued Greco. "The MultiTrak underwriting process is currently being used exclusively by GMACCM through the MultiTrak private label. However, the MultiTrak process option should soon be available to all of Fannie Mae's Aggregation lenders."

MortgageDaily.com
About Fannie Mae
Fannie Mae is a New York Stock Exchange company and the largest non-bank financial services company in the world. It operates pursuant to a federal charter and is the nation's largest source of financing for home mortgages. Fannie Mae's multifamily assets, comprised of multifamily mortgages purchased for cash, multifamily Mortgage-Backed Securities (MBS) and other assets, now total more than $68 billion, maintaining the company's position as the nation's largest private investor in multifamily housing. For more information, visit the Fannie Mae Web site at http://www.fanniemae.com .

About GMAC Commercial Mortgage
GMAC Commercial Mortgage is the leading U.S. financial solutions provider servicing commercial real estate borrowers and investors seeking relationship- based advice and consultation. GMACCM is an industry leader in loan origination, servicing, asset management and securitization of commercial mortgages. The diverse lending and servicing specialist has more than 50 offices nationwide. More information is available at http://www.gmaccm.com .

About MortgageRamp
MortgageRamp is the only complete source for the commercial real estate industry, offering a turnkey solution to help borrowers, brokers, financial institutions, lenders and vendors execute every step of the loan process from bid to close. MortgageRamp's technology solution, Deal Central, is a proprietary, Web-based technology platform delivering increased efficiency, productivity and cost savings by integrating the entire process of originating, packaging, underwriting, pipeline management and reporting, closing and delivering commercial mortgage loans. MortgageRamp offers industry related services such as: BOSS (Back Office Services and Systems); appraisals through RSI (Realty Services International Inc.); and QuickRamp, a streamlined 10 day loan closing process utilized for private conduits. MortgageRamp.com provides access to most major lending institutions and combines revolutionary technology with personal customer service. MortgageRamp can be reached at http://www.MortgageRamp.com or by calling 1-888-496-2200.

SOURCE:
MortgageRamp

Web Sites:
http://www.fanniemae.com
http://www.gmaccm.com
http://www.MortgageRamp.com

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