GMAC to hire 1,000 as refinancings, loans pick up
General Motors’ finance unit says that its mortgage division is hiring 1,000 new workers to handle refinancing and jumbo loans, according to Reuters.
GMAC LLC said after receiving a $6 billion federal emergency loan in December and becoming a bank holding company, deposits and low mortgage rates have benefited the firm.
GMAC said its Residential Capital LLC subsidiary is making more jumbo loans, which are usually amounts above $417,000, although customers are starting off by placing at least 20 percent down payments.
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