$41.8 billion 1st quarter production
By MortgageDaily.com staff
4/21/2005

Volume was down at GMAC's mortgage operation.

First quarter originations of $41.8 billion fell from $47.1 billion in last year's final quarter, but were higher than $35.6 billion a year earlier, according to the earnings announcement of its parent General Motors Corp.

The production reported encompasses activity for GMAC's three mortgage entities -- GMAC Residential Mortgage, GMAC Residential Funding Corp. and GMAC Commercial Mortgage.

Net mortgage servicing rights last quarter were $4.2 billion, the announcement said.

While the reported mortgage operations earnings of $385 million during the first quarter improved substantially from a year ago, reflecting increases in all three arms, the parent company reported a net loss of $839 million, excluding special items and a tax-rate adjustment.

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