Anacomp Signs Digital Document-Management Services Agreement With GMAC Mortgage Corporation
Leading Mortgage Company Chooses Anacomp's CD Document Services
For Delivery and Storage Of Critical Documents
SAN DIEGO, July 28 /PRNewswire/ -- Anacomp(R), Inc. (Nasdaq: ANCO), a world leader in digital document-management services, today announced that it has signed an outsource services agreement with GMAC(R) Mortgage Corporation to provide CD document services for the distribution, storage, and retrieval of mortgage documents and reports.
Based in Horsham, PA, GMAC Mortgage Corporation is a subsidiary of General Motors Acceptance Corporation, one of the largest financial services companies in the world. GMAC Mortgage is among the top mortgage companies in the United States and has 1.6 million customers and GMAC Mortgage Corporation originated more than $14.5 billion in residential mortgages in 1998.
Under the three-year agreement, Anacomp will convert GMAC Mortgage's statements and documents to CD media and index the information contained in these documents for fast retrieval. Anacomp will transform in excess of one million documents a month to CD media, providing a cost-effective solution that delivers ease of use and rapid access for the more than 5,000 GMAC Mortgage employees located in hundreds of offices across the country.
In addition to indexing and storing GMAC Mortgage's standard mortgage documents on CD, Anacomp's CD document services will convert and store documents acquired as part of loan portfolios GMAC Mortgage purchases from other lenders. Anacomp will initially convert an additional 20 million documents to CD for longer-term storage and retrieval and expects to continue with these large, one-time conversions as GMAC continues to build its business through acquisition.
"Entering into this agreement brings us closer to accomplishing our document imaging goals, leaves us in a position to select appropriate media for the application, and allows us to work within our set budget," says Rachelle Fratzke, manager of Document Management for GMAC Mortgage.
"For GMAC Mortgage, the migration to CD was a key step in the company's total document-management approach," said Donald W. Thurman, executive vice president of Anacomp. "By outsourcing to Anacomp, GMAC Mortgage gets the speed and convenience of CD technology with virtually no capital investment. And with the improved accessibility and the ability to forward documents directly from the desktop, they experience enhanced customer service and increased productivity. Having been integrated into GMAC Mortgage's operations, Anacomp's CD document services have become an affordable tool for adding value to their business and to their customers."
GMAC Mortgage is a wholly owned subsidiary of General Motors Acceptance Corporation. They are one of the nation's leading mortgage bankers, servicing first and second mortgage loans for more than 1.6 million customers and originating loans from a nationwide retail branch network of more than 260 offices. At year-end 1998, GMAC managed assets exceeded $131.5 billion. GMAC and its affiliate companies and subsidiaries have almost 700 offices worldwide and operations in 34 countries. More information on GMAC Mortgage is available at gmacmortgage.com. |
