GMAC Financial Services is Purchasing ResMor Trust

Earlier this month GMAC had looked as though they were preparing to move out of the Mortgage business all together. In the U.S GMAC LLC lost $1.91 billion in their third quarter from their Mortgage owned company, ResCap. In Canada, they recently put feelers out to sell off their mortgage brokerage arm, Mortgage Intelligence.

However, yesterday they announced they would enter into an agreement to purchase ResMor Trust Company from GMAC Residential Funding of Canada Limited, an indirect wholly owned subsidiary of Residential Capital, LLC.  

ResMor Trust Company (www.resmor.com) is a federally regulated trust company operating across Canada focused on residential mortgage lending, mortgage servicing and deposit products. It currently has more than $5 billion of mortgages under administration representing over 31,000 homeowners. ResMor originates all of its products through the brokerage community. ResMor is a member institution of Canada Deposit Insurance Corporation (CDIC).