Press Release

GMAC MORTGAGE CORPORATION ANNOUNCES AGREEMENT TO ACQUIRE ASSETS OF PACIFIC REPUBLIC MORTGAGE

HORSHAM, PA - July 22, 2004 - GMAC Mortgage Corporation today announced it has signed an agreement to acquire certain assets of Pacific Republic Mortgage (PRM), a large privately held mortgage banking company, headquartered in Anaheim, Calif. This acquisition will support the growth of GMAC Mortgage's lending business in the western United States, increasing the Company's presence in California.

"This acquisition complements our strategy to increase market share the western United states by uniting with established, closely held regional lenders," said Ralph Hall, chief operating officer, GMAC Mortgage. "We look forward to this addition to the GMAC Mortgage family and expect this acquisition to accelerate our growth in one of the largest regional housing markets in the country."

Pacific Republic Mortgage funded $7.9 billion in mortgages in 2003, evenly divided between retail and wholesale broker channels. PRM has 31 retail offices and 290 loan officers in Arizona, California, Colorado, Idaho, Oregon, Utah and Washington, with the majority of their operations in California. In addition, the company has five wholesale lending offices. PRM offices will be re-branded as GMAC Mortgage upon the closing of the acquisition.

"We look forward to continuing our growth along with GMAC Mortgage," said Steve Ginder, president, Pacific Republic Mortgage, who will become senior vice president of GMAC Mortgage, Retail Lending, Western US Sales Group. "We are pleased to have found a partner that shares our commitment to providing homeowners with the innovative products and services they need to successfully manage their investment in their homes."

Through the addition of PRM, GMAC Mortgage and PRM customers in the western United States will benefit from additional retail locations that can offer them GMAC Mortgage's wide array of mortgage products and tools for borrowers.

Ralph Hall added, "PRM has a strong track record in pursuing purchase business, and as a result, we expect PRM to benefit from our retail and wholesale support structure, access to the GM network of employees, dealers and suppliers, and a wide array of

mortgage products. We welcome Steve Ginder and his very accomplished team."

The acquisition is expected to close in the third quarter.

About GMAC Mortgage
GMAC Mortgage Corporation, headquartered in Horsham, Pa., is among the nation's top ten residential mortgage servicers and originators. The company originates first and second lien residential mortgage loans through a nationwide network of retail offices, direct lending centers, and Internet sites, under the brands gmacmortgage.com, ditech.com and CalDirect. GMAC Mortgage also offers custom mortgage services to GM employees and their family members, retirees and dealers through the GM Family First Program. As of December 2003, GMAC Mortgage originated $112 billion in residential mortgages, representing 773,135 transactions. The company's servicing portfolio of more than $196 billion represents nearly 2 million customers throughout the nation.

Back to Press Releases