GMAC Residential Funding of Canada Ltd., a unit of GMAC LLC's Residential Capital LLC, said Tuesday that it had agreed to buy ResMor Trust Co., a wholesale lender in Calgary, Alberta.
The deal is subject to Canadian regulatory approval and expected to close late in the third quarter. GMAC did not say how much it would pay.
ResMor originates loans through brokers and sells deposit products across Canada. It has a $4 billion servicing portfolio.
"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," Barry Dunleavy, the senior managing director of the Americas for ResCap's international business group, said in a press release.
In addition, he said, the deal fits GMAC Residential Funding of Canada's plan to develop a servicing platform.
GMAC Residential Funding of Canada and ResMor would operate separately.
ResMor Trust's president and chief executive, James Clayton, and chief financial officer, Gerry Wagner, are to remain with it.
