| GMAC Reports Record 2002 FHA Production
More than $800 million in loans closed January 22, 2003 By MortgageDaily.com staff |
| GMAC Commercial Mortgage Corporation announced it closed a record volume of loans insured by the Federal Housing Administration (FHA) during 2002. More than $800 million in loans closed at the Horsham, Pa.-based firm were FHA insured. This represents about 14% of all FHA loans, GMAC reported. About 70% of FHA activity at GMAC is targeted toward multifamily housing. Loans processed under the Multifamily Accelerated Processing (MAP) program at the Department of Housing and Urban Development (HUD) account for one-third of the company’s HUD loan production, said Karl Reinlein, senior vice president of the HUD/FHA programs at GMAC. Robert Feller, CEO of GMAC Commercial Holding Corp., said, “MAP has increased the use of FHA mortgage insurance products, especially in previously under-served areas.” GMAC Commercial Holding Corp. is GMAC Commercial Mortgage’s parent company. The mortgage subsidiary said its servicing portfolio is approaching $160 billion, and has lending units focused on healthcare, hospitality, and franchise and equipment lending. The amount in FHA-insured loans closed by GMAC during 2001 was not readily available. |
