2004 Production Falls at GMAC

$147.0 billion funded
By MortgageDaily.com staff
3/22/2005

Annual mortgage production was off for GMAC, led by a plunge in prime conforming originations.

GMAC Residential and GMAC-RFC originated 147.0 billion in residential loans in 2004, downsizing from the previous year's $179.2 billion, according to the Form 10-K filing of parent GMAC.

Prime conforming fundings accounted for $45.6 billion of the volume -- down significantly from $89.3 billion the prior year. Government loans nudged down 2% to $4.8 billion, while prime nonconforming originations increased 25% to $52.5 billion, the report said.

Prime second-lien mortgage fundings jumped 23% to $11.3 billion, GMAC reported, and nonprime originations slipped 3% to $32.8 billion.

The bulk of originations -- $112.8 billion -- came from correspondent and broker channels, while the rest reportedly came from retail and direct channels.

The size of the residential servicing portfolio at the fourth quarter's end was $337.2 billion -- about $47 billion larger than a year ago, the filing said.

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