SAN ANTONIO - Frost National Bank, a subsidiary of Cullen/Frost Bankers Inc., will co-brand mortgage loans with GMAC Mortgage, a Horsham, Pa.-based subsidiary of General Motors Acceptance Corp., Detroit.
GMAC will originate the loans for Frost Bank customers in all of Frost's Texas markets. Frost said its customers can soon apply for mortgages online through a co-branded Web site run by GMAC and accessible through Frost's Web site.
The two companies have signed a letter of intent for GMAC to service any new loans originated under the arrangement and to buy the servicing rights to Frost's current portfolio.
