GMAC mortgage?

[Anne34]

We had multiple problems with GMAC when they bought out our mortgage. The latest was this past December. I paid my January payment (with payment slip) and it got there Dec. 29th. The person who entered it, put it in as another payment in December (like I made 2 payments). So when I sent the February payment at the end of Jan - they added it as my missing January payment and charged us late fees, etc.....I noticed this and called. You get a call center in India --- they could see the problem and said it would take a few days to fix. Next month -- same thing -- they applied my next payment to Feb and added additional late fess & service fees. Again I called. Again, the agent could see the problem and would have it fixed in the next couple days. Needless to say, this did not get fixed until almost May when we went to the President of the small bank that initially set up or mortgage (before it got bought out) and he called someone he knew higher up at GMAC (part of Chase) and they called someone and so on......finally got it straightened out, but I was NOT happy with the service & the fact that everyone could see the problem, but NO ONE could fix it!!

 

[BellePrincessBelle]

Our problem was lack of communication regarding the sale of our mortgage. They are obligated to inform you with in so many days & they did not. We found out when we got a payment slip from the new company & made a bunch of phone calls.

 

[AnjieNet]

We had a GMAC 30 year loan for quite a few years with no problem. Citi eventually bought the loan. No problem with the switch. Only thing different was who we made the check out to. Also had 2 GMAC vehicle loans. Paid off over the years with no problems either.

 

[DawnM]

So, does GMAC typically sell their loans?

Dawn

 

[AnjieNet]

So, does GMAC typically sell their loans?

Dawn

Many of the loan companies sell them within 30 days of your closing actually, from what I've read and experienced. GMAC actually bought our loan from someone else. Held it for about 8 years then it sold to Citi. Our loan previously, we closed with Bank of America but never even wrote a check out to them but to Ameri-something.

 

[DawnM]

I do know that banks sell. Our last one sold pretty quickly, but since GMAC is a larger bank I was hoping it wouldn't sell really quickly.

Dawn

Many of the loan companies sell them within 30 days of your closing actually, from what I've read and experienced. GMAC actually bought our loan from someone else. Held it for about 8 years then it sold to Citi. Our loan previously, we closed with Bank of America but never even wrote a check out to them but to Ameri-something.

 

[BellePrincessBelle]

So, does GMAC typically sell their loans?

Dawn

They held ours for 3 years. It wasn't a money maker for them so they sold it. My interest rate was too low.

 

[DawnM]

Ah, well, ours will probably be much the same then. Our interest rate will be 3.37%.

Dawn

They held ours for 3 years. It wasn't a money maker for them so they sold it. My interest rate was too low.

 

[punkin]

They held ours for 3 years. It wasn't a money maker for them so they sold it. My interest rate was too low.

This doesn't make sense. As far as I know, most mortgages (including GMAC) are sold almost immediately to be made into bonds. The originator very rarely keeps the mortgage itself. Now the people you interact with are actually the owners of the "servicing rights" of the mortgage, which may or may not get sold off. Since payment of servicing fees is independent of the underlying mortgage rate (which mostly goes to the owners of the bond backed by your mortgage and many others) selling low-interest loans simply because they are low-interest makes no sense.

GMAC is a loan originator and servicer. They may or may not keep the servicing rights to the loans they originate. There may have been other business reasons to sell off your loan's "servicing" but I doubt the low interest rate had much to do with it.

 

[BellePrincessBelle]

This doesn't make sense. As far as I know, most mortgages (including GMAC) are sold almost immediately to be made into bonds. The originator very rarely keeps the mortgage itself. Now the people you interact with are actually the owners of the "servicing rights" of the mortgage, which may or may not get sold off. Since payment of servicing fees is independent of the underlying mortgage rate (which mostly goes to the owners of the bond backed by your mortgage and many others) selling low-interest loans simply because they are low-interest makes no sense.

GMAC is a loan originator and servicer. They may or may not keep the servicing rights to the loans they originate. There may have been other business reasons to sell off your loan's "servicing" but I doubt the low interest rate had much to do with it.

Sorry but that is an exact quote from GMAC customer service.

 

[punkin]

Sorry but that is an exact quote from GMAC customer service.

OK. I believe you. It just makes no sense to me. That's all.

 

[marie1203]

I know I am a little late but for what is worth we had them for 2 years now and had no problems. I called every year to make sure they paid the taxes and I always had an answer right a way with date that they made the payment.

 

[OrangeCountyCommuter]

This doesn't make sense. As far as I know, most mortgages (including GMAC) are sold almost immediately to be made into bonds. The originator very rarely keeps the mortgage itself. Now the people you interact with are actually the owners of the "servicing rights" of the mortgage, which may or may not get sold off. Since payment of servicing fees is independent of the underlying mortgage rate (which mostly goes to the owners of the bond backed by your mortgage and many others) selling low-interest loans simply because they are low-interest makes no sense.

GMAC is a loan originator and servicer. They may or may not keep the servicing rights to the loans they originate. There may have been other business reasons to sell off your loan's "servicing" but I doubt the low interest rate had much to do with it.

GMAC purchased my loan from the "broker" right after I made the loan from a "relocation" company. They have serviced it for 7 years. No issues.

 

[DawnM]

Thank you.

We close on Friday.

Dawn

 

[axfather]

easy to deal with. good web support and docs.

 

[Disney845]

I know you already made your decision, but I just wanted to chime in to say that GMAC bought our mortgage almost immediately after we closed with someone else (can't even remember who now). We have had them for 5+ years now (that was a refi of our original mortgage) and never had any major problems.

I did want to warn you to be on top of any automatic payments taken from your escrow account however. We have both our home owners insurance, and our local prop taxes paid yearly out of our escrow account. They have messed this up a few times (we get letters in the mail saying we haven't paid, etc, when the mortgage company was supposed to have already taken care of it). It was nothing that wasn't easily sorted out, but as it has happened more than once, I try to pay close attention now. So I just wanted to let you know to make sure to keep an eye on that.

 

[DawnM]

Thanks. I will definitely keep an eye on my escrow account.

We closed today. The attorney came to our house! That was a new one.

Payments are going down quite a bit.

But we will also save over 10K in interest, which is great. That is with paying just the amount due each month. If we pay our regular payments, we will save over 20K and have the house paid off in 12 years.

Dawn