GMAC Mortgage Group, Bloomington, Minn., has completed the purchase of $2.7 billion of mortgage servicing rights from ITT Residential Capital Corp.

GMAC is currently transferring the servicing to its servicing site at Waterloo, Iowa, according to a GMAC Mortgage spokesman. The sale was agreed upon in June.

This brings GMAC's residential servicing portfolio to $40.2 billion.

The deal was part of a broader sale of assets from ITT Financial Corp.

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