GMAC Mortgage Announces Alliance With APCI Federal Credit Union
FOR RELEASE: September 6, 2001GMAC Mortgage Announces Alliance With APCI Federal Credit Union
HORSHAM, PA - GMAC Mortgage Corporation and APCI Federal Credit Union, Lehigh Valley, PA, announced an agreement to offer residential first mortgage products and services to APCI members and their families. Under the terms of the agreement, APCI will originate residential mortgages for members using GMAC Mortgage's extensive product line.
"We are excited to be working with APCI Federal Credit Union to provide this valuable home financing service to their membership," said Sam Levine, SVP of GMAC Mortgage. "APCI was searching for a mortgage provider with national strength combined with a local presence, and GMAC Mortgage fits those requirements."
APCI will originate first mortgage loans for members and submit completed applications to GMAC Mortgage locally for loan processing and funding. APCI will have access to GMAC Mortgage's entire menu of first mortgage products to offer to members. Local GMAC Mortgage representatives will also be available to answer any mortgage questions from APCI and its members.
In addition to offering its full product line to APCI members, GMAC Mortgage has also agreed to not sell other products to APCI members. And, GMAC Mortgage will not sell members' loans to any other mortgage company for the life of the mortgage.
"As a credit union, offering mortgages is one of the most important services that we can provide our members, stated Donald Catona," CEO of APCI. "We chose GMAC Mortgage because we could work with their local branch offices. Having a mortgage partner in the same community as the credit union was a big part of our decision to choose GMAC Mortgage."
GMAC Mortgage is a subsidiary of GMAC Financial Services, the financing arm of General Motors . GMAC Mortgage originates and services residential mortgage loans for consumers nationwide. GMAC Mortgage currently has over 2 million customers in its mortgage portfolio.
APCI Federal Credit Union serves the financial needs of Air Products and Chemicals, Inc. employees and their families. APCI currently has over 15,000 active members and $190 million in assets. Air Products and Chemicals, Inc. is the world's only combined gases and chemicals company. Founded more than 60 years ago and headquartered in eastern Pennsylvania's Lehigh Valley, the company has annual revenues of $5.5 billion and operations in 30 countries.
GMAC Mortgage Corporation is a wholly owned affiliate of General Motors Acceptance Corporation (GMAC), a division of General Motors Corporation (GM).