Subscribe to the print edition of National Mortgage Professional MagazineSubscribe to our RSS feedFollow us on TwitterGet daily updates via emailJoin us on Facebook

GMAC Mortgage

GMH Names Scott Medrow SVP of Its National Mortgage Center and Specialty Products Division


GMH Mortgage Services LLC has announced the addition of Scott Medrow as senior vice president of its National Mortgage Center and Specialty Products Division.  GMH's Mortgage Center, which does business under the name "Credence Mortgage," has been a thriving segment of the business since 2010, with double-digit same store revenue growth from 2011 to 2012.Click to continue

Check's In the Mail: Four Million-Plus Borrowers to Receive Servicing Settlement Payouts


Payments to 4.2 million borrowers are scheduled to begin on April 12 following an agreement reached by the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Board with 13 mortgage servicers. The agreement, which was reached earlier this year, provides $3.6 billion in cash payments to borrowers whose homes were in any stage of the foreclosure process in 2009 or 2010 and whose mortgages were serviced by one of the following companies, their affiliates, or subsidiaries: Aurora, Bank of America, Citibank, Goldman Sachs, HSBC, JPMorgan Chase, MetLife Bank, Morgan Click to continue

Ally Fulfills Nationwide Mortgage Settlement Requirement


Joseph A. Smith Jr., Monitor of the National Mortgage Settlement, has filed a report with the Federal District Court for the District of Columbia that certifies that Residential Capital LLC, Ally Financial Inc. and GMAC Mortgage LLC (collectively known as "Ally") have satisfied their consumer relief obligations and partially certifies completion of Ally’s mandatory solicitation requirements under the settlement.Click to continue

Hope LoanPort Joins With GMAC Mortgage to Launch Loss Mitigation Web Portal


Hope LoanPort (HLP) has announced that it has partnered with GMAC Mortgage to launch Homeowner Connect ( As a consumer direct Web portal, Homeowner Connect will standardize the entire communication life-cycle of loss mitigation activities between mortgage servicers and borrowers. Homeowners, who may be struggling with their mortgage, will have the ability to connect with valuable free resources, such as information on options via government and industry programs.Click to continue

Hope LoanPort Launches Maryland Mediation Portal to Bring Transparency to the Foreclosure Process


Hope LoanPort (HLP), the national, neutral, non-profit Web-based system designed to bring efficiency, consistency and transparency to the processing of foreclosure alternatives, announces the launch of the state of Maryland Mediation Portal (Portal) which is the first statewide mediation portal in the country. Maryland and GMAC Mortgage collaborated with HLP with the objective of increasing the number of Maryland homeowners who opt-in by providing a Web-based method for homeowners to participate in meaningful foreclosure mediation.Click to continue

Ally Financial Mortgage Subsidiary ResCap Files for Chapter 11


Residential Capital LLC (ResCap), a subsidiary of Ally Financial Inc., has announced that its Board of Directors voted to file for Chapter 11 protection along with 50 of its subsidiaries. ResCap’s mortgage origination, servicing and other business activities, conducted through its subsidiaries, including GMAC Mortgage, will continue to operate as the Chapter 11 proceeds. Undergoing the Chapter 11 process will:Click to continue

Massachusetts AG Coakley Targets Five Major Banks for Illegal Foreclosure and Servicing Practices


Massachusetts Attorney General Martha Coakley has filed a lawsuit in Suffolk Superior Court against five national banks, Bank of America, Wells Fargo, JP Morgan Chase, Citi and GMAC Mortgagein connection with their roles in allegedly pursuing illegal foreclosures on properties in Massachusetts, as well as deceptive loan servicing. The suit also names Mortgage Electronic Registration System Inc. (MERS) and its parent, MERSCORP Inc., as defendants.Click to continue

NMP Mortgage Professional of the Month: Len Oslar, Senior Vice President, Nationwide Equities Corporation

Nationwide Equities Logo

Each month, National Mortgage Professional Magazine will focus on one of the industry's top players in our "Mortgage Professional of the Month" feature. Our readers are encouraged to contact us by e-mail at to be considered for a future "Mortgage Professional of the Month" feature article. This month, we had a chance to chat with Len Oslar, senior vice president of Nationwide Equities Corporation.Click to continue

FHFA Takes Legal Action Against 17 Firms to Recoup GSE Losses

Black Gavel Pic/Credit: Brand X Pictures

The Federal Housing Finance Agency (FHFA), as conservator to the government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac, has filed lawsuits against 17 financial institutions, certain of their officers and various unaffiliated lead underwriters. The suits allege violations of federal securities laws and common law in the sale of residential private-label mortgage-backed securities (MBS) to the GSEs.

Complaints have been filed against the following lead defendants:Click to continue

Direct to Consumer Foreclosure Mediation Portal Launched in Maryland

Foreclosed Home Sign

HOPE LoanPort, the proprietary, Web-based tool used by non-profit housing counselors, housing finance agencies, investors and major mortgage servicers, has announced that it will partner with the state of Maryland and mortgage servicer GMAC Mortgage (GMACM) on a direct-to-consumer foreclosure mediation portal.Click to continue