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CHARLOTTE-Locally based MortgageRamp is contracting with GMACCM, a Fannie Mae-approved seller/servicer, to provide its new MultiTrak underwriting process. GMACCM will provide funding for MultiTrak underwritten loans originated through GMACCM and MortgageRamp.

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.”

MortgageRamp came up with the MultiTrak tool after looking for ways to reduce cost and time spent by clients on commercial mortgages, Michael H. Greco, president, MortgageRamp, says in the same prepared statement.

“While we were looking to offer competitive, proprietary loan origination services to lenders, Fannie Mae wanted to explore our quick close loan delivery model for use by its existing multifamily aggregation lenders,” Greco says.

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