Terms of the transaction were not disclosed. GMACCM will retain servicing rights for loans originated through GMACCM's production channels and will sell the loans to Fannie Mae. The new process promises competitive pricing and 20-day closings on most loans.
Fannie Mae's Aggregation lenders can also participate through the MultiTrak platform and will continue to sell loans to Fannie Mae on a non-recourse, servicing-retained basis.
In a prepared statement, Ken Bacon, Fannie Mae's senior vice president for multifamily lending and investment, says MultiTrak "addresses the need lenders have for faster closings and for underwriting services which make the process less labor-intensive."
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