Terms of the transaction were not disclosed. GMACCM will retainservicing rights for loans originated through GMACCM's productionchannels and will sell the loans to Fannie Mae. The new processpromises competitive pricing and 20-day closings on most loans.
Fannie Mae's Aggregation lenders can also participate throughthe MultiTrak platform and will continue to sell loans to FannieMae on a non-recourse, servicing-retained basis.
In a prepared statement, Ken Bacon, Fannie Mae's senior vicepresident for multifamily lending and investment, says MultiTrak"addresses the need lenders have for faster closings and forunderwriting services which make the process lesslabor-intensive."
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
