Press Release

GMAC BANK LAUNCHES INNOVATIVE WHOLESALE WEB FUNCTIONALITY: Web Application Allows GMAC Bank Correspondents and Brokers to “Get Scenario” Instantly On Products and Pricing For Customers

Horsham, Pa. - February 21, 2006 -

GMAC Bank’s wholesale lending unit recently announced the launch of a cutting edge web application called “Get Scenario,” available to its broker and correspondent customers, which enables users to enter loan level data attributes and almost instantly receive a list of eligible products for sale through GMAC Bank.

“’Get Scenario’ is a sophisticated product and price selector that gives our customers the ability to quickly narrow their product search online, which makes our extensive product mix easily assessable rather than intimidating,” said Pat Callaghan, vice president of wholesale pricing and inventory control, GMAC Bank. “Customers who use our call centers will also benefit from the new technology. Our call center representatives can pull options for product inquires within seconds and recommend loan products to our correspondents and brokers that will get their borrowers to the table.”
 
The “Get Scenario” web application was also designed for enhanced ease and efficiency in the loan registration process. First, GMAC Bank correspondents and brokers login to www.gmacbankwholesale.com. Second, users enter a few pieces of their customer’s loan information, and a requested final rate or final price. The “Get Scenario” application will provide a list of eligible products, which users can click on to get more information.  Users then click on the price and are provided detailed pricing and loan attribute detail.  If GMAC Bank Customers are not sure if the recommended product is the best option for their borrowers, they can simply alter the data and view another potential set of products. Lastly, when users find the product for their borrower they are most satisfied with, they can register and lock the loan directly from the “Get Scenario” web application.

“We’ve received great feedback from our correspondents and lenders on “Get Scenario”, said Callaghan. “The number of hits to the site each day is on target with expectations, and we expect the number of Users to increase as we get the word out and continue to enhance our capabilities.”

The “Get Scenario” web application was designed a about a year ago, development started in May and launched in late November.  This application is the first in a series of GMAC Bank online enhancements designed to offer our customers process empowerment and functionality that will assist them in attaining their business goals.   
 
About GMAC Mortgage
GMAC Mortgage Corporation, , a wholly owned subsidiary of Residential Capital Corporation (ResCap),  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, and Internet sites, under the brands, gmacmortgage.com and ditech.com. 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 2005, GMAC Mortgage originated $94 billion in residential mortgages, representing over 580,000 transactions. The company's servicing portfolio of more than $262 billion represents nearly 2 million customers throughout the nation.

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