GMAC Mortgage Signs Two New Subservicing Clients

HORSHAM, Pa.--March 3, 2004--GMAC Mortgage announced today that it has signed two new servicing clients in its fast-growing subservicing business line. GMAC Mortgage will provide subservicing to Redwood Trust and MortgageIT.

"GMAC Mortgage is delighted to welcome these new clients," said Tony Renzi, Executive Vice President and head of National Loan Administration. "Each of the arrangements with our newest clients is unique, which underscores one of our major strengths as a premier subservicer. Not only do we offer services for a variety of mortgage loan products and asset classes, we also can customize our servicing options to meet a client's specific business objectives."

Redwood Trust, a Mill Valley, CA-based REIT that participates mainly in high-quality jumbo single-family residential and commercial mortgage loans and mortgage-backed securities, has selected GMAC Mortgage to provide servicing for its jumbo ARMs.

GMAC Mortgage will service the new sub-prime offering by MortgageIT, Inc. Headquartered in New York City, MortgageIT is one of the nation's largest privately held mortgage bankers with origination volumes of $12 billion.

About GMAC Mortgage

GMAC Mortgage Corporation, headquartered in Horsham, Pa., is among the nations's top ten residential mortgage servicers and originators. The company originates first and second lien residential mortgage loans through a nationwide network of retail offices, direct lending centers, and Internet sites, under the brands, gmacmortgage.com and ditech.com. GMAC Mortgage also offers custom mortgage services to GM employees and their family members, retirees and dealers through the GM Family First program. As of December 2003, GMAC Mortgage originated $112 billion in residential mortgages, representing 773,135 transactions. The company's servicing portfolio of more than $196 billion represents nearly 2 million customers throughout the nation.