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GMAC Buys ResMor

GMAC Residential Funding of Canada has acquired ResMor Trust Company, a Canadian residential lender that markets exclusively through mortgage brokers.

ResMor presently serves 24,000 borrowers, totaling roughly $4 billion in mortgages.

The deal is subject to regulatory approval and expected to close around September.

A GMAC spokesman said, “The acquisition provides us with the opportunity to grow and diversify our Canadian business operations by expanding our footprint in the Canadian real estate finance market, and providing our investor clients with access to a broader array of mortgage-backed securities.”

The two companies are expected to operate separately and ResMor’s key management will stay on after the merger.