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Article: Merrill Lynch Mortgage Corp. signs agreement with General Motors Acceptance Corp. for GMAC to sub-service the $1 billion in mortgages it originates annually.
- Article from:
- PR Newswire
- Article date:
- August 20, 1986
CopyrightCOPYRIGHT 1986 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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STAMFORD, Conn., Aug. 20 /PRNewswire/ -- Merrill Lynch Mortgage Corp. (MLMC), a subsidiary of Merrill Lynch Realty Inc., announced today that it has signed an agreement with General Motors Acceptance Corp. (GMAC) for GMAC to sub-service the $1 billion in mortgages it originates annually.
David H. Komansky, president of the realty arm of Merrill Lynch & Co. Inc., said that agreement will allow Merrill Lynch Mortgage to significantly increase its annual mortgage originations during a period of great demand. He added that today's announcement means, "MLMC will not need to invest heavily in additional servicing capabilities to handle present growth, and can ...