In Brief: MindBox to Build System for GMAC

GREENBRAE, Calif. — MindBox, the financial services technology company that developed Fannie Mae’s automated underwriting system, is expected to announce this week that it will build an automated underwriting system for GMAC Mortgage Corp.

The system, called EnGenious by GMAC Mortgage, will automate the underwriting, product qualification, and pricing of the company’s products.

GMAC, based in Horsham, Pa., ranked 15th among the top mortgage originators last year, with $17.8 billion of originations, and seventh in servicing, with $173.1 billion, according to National Mortgage News.

Richard Barfus, MindBox’s chief executive and president, said in a prepared statement that the system MindBox is developing will make GMAC’s mortgage operations more efficient and permit it to handle larger and more complex deal structures.

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