History
GMAC Mortgage came into existence in 1985 when it acquired the mortgage loan operations of the Colonial Mortgage Service companies and the servicing arm of the former Norwest Mortgage, Inc.
1985: GMAC acquires Colonial Mortgage Service Company as well as the loan administration and servicing portfolio of Norwest Mortgage and becomes GMAC Mortgage.
1990: GMAC Mortgage acquires Residential Funding Corporation
1998: Purchased 1st mortgage servicing rights from Wells Fargo
1998: GMAC Mortgage announces formation of GMAC Home Services and acquisition of Better Homes and Gardens® Real Estate Service
1998: Purchased 400,000 conforming loans from Capstead making it the largest servicing-only acquisition in the company's history.
1999: Acquired primarily all the assets of DiTech Funding Corp. (now known as ditech.com, LLC) to increase the company's e-commerce presence on the Internet.
2000: GMAC Residential was given conditional approval to form GMAC Bank.
2003: GMAC Mortgage announces the formation of CalDirect, the premiere mortgage lender for California homeowners.
2004: GMAC Mortgage converts servicing to single platform (DSU), acquires Pacific Republic Mortgage to grow business in the West, and achieves second best earnings ever with $262 million and $89 billion in lending production.
2005: GMAC Residential celebrates its 20th year with GMAC. GMAC also announced the official launch and initial funding of our new parent holding company, Residential Capital, or ResCap, a global real estate finance business created from the combined strength and experience of GMAC Residential and GMAC-RFC.
2006: GMAC Residential and GMAC-RFC continue the integration process and form the Residential Finance Group (RFG) under GMAC ResCap.
2007: The home offices of GMAC Mortgage and GMAC Bank relocate from its Horsham, Pa. headquarters to a brand new GMAC facility in Fort Washington, PA.
