GMAC Mortgage Group Inc. announced plans Friday to charter a federal savings bank.
In a filing at the Office of Thrift Supervision, the General Motors Acceptance Corp. subsidiary said it plans to use the thrift to expand its lending and broaden its product line.
GMAC Mortgage originates loans nationwide from more than 238 retail offices. One of the nation's leading mortgage bankers, it services first and second mortgages for more than 1.1 million customers. At midyear GMAC's managed assets were roughly $124 billion. The unit joined 23 other nonbanks seeking to start a thrift.
The OTS has received 11 such applications since 1997, when Congress started debating plans to abolish the federal thrift charter.