Mortgage Daily

Published On: April 19, 2004
Fitch Gives Nod to GMAC-RFC

Originator/issuer operational review highlights management, market position

April 19, 2004

By staff

The mortgage arm of one of the world’s biggest automakers continues to maintain a strong staff and financials, according to a leading ratings agency.

Fitch Ratings updated its annual originator/issurer operational review of GMAC-RFC Residential Capital Group’s residential operations. Fitch confirmed that the indirect subsidiary of General Motors Acceptance Corp. continues to maintain an experienced management team and staff, a good financial position and overall sound production operations.

The Minneapolis-headquartered company has purchased and securitized mortgage products for 21 years, maintained a strong commitment and presence in most aspects of the nonconforming mortgage market, and has a strong ability to serve a broad spectrum of the mortgage market, the ratings agency reported.

GMAC-RFC has established its position as one of the nation’s leading private issuer of mortgage-backed securities and mortgage-related asset-backed securities, with cumulative issuance greater than $258 billion through 2003, the ratings agency reported. In 2003, it issued $52.9 billion, making it the second largest private mortgage conduit issuer of the two securities.

Despite continued competition for mortgage product from government agencies and other nonconforming mortgage conduits, the ratings agency said GMAC-RFC has continued to grow in product coverage and production volume.

Product lines including Alt-A, subprime and HLTV saw increases from 2002 to 2003, Fitch said, while whole loans decreased 33% to $6.8 billion.

In 2003, GMAC-RFC’s correspondent channel executed 79% of the company’s residential loan activity, followed by 17% via its broker channel and 4% retail, the ratings agency reported.

Stable leadership and staff experience has guided the company in broadening its spectrum through diversification and expansion initiatives, Fitch said.

GMAC-RFC plans to continue growing through key product and customer development efforts, expected to be supported through the implementation of a new loan acquisition system in 2004, Fitch said.

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