Firms Sign Loan Pact
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Merrill Lynch Mortgage Corp., a subsidiary of Merrill Lynch Realty Inc., has signed an agreement with General Motors Acceptance Corp. for GMAC to service the $1 billion in mortgages Merrill Lynch Mortgage originates every year.
GMAC, the financial services subsidiary of General Motors Corp., is the nation’s largest mortgage servicing firm, with a portfolio of $22.5 billion.
The agreement will allow Merrill Lynch Mortgage to “significantly increase its annual mortgage originations during a period of great demand,” according to David H. Komansky, president of the Stamford, Conn.-based firm.
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