GMAC Financial Services said first quarter residential loan production rose 61% to $13.2 billion on a sequential basis at its mortgage units but declined 29% compared to the same period last year.

Meanwhile, 20.79% of its servicing portfolio ($359 billion in receivables) was in some stage of delinquency at the end of March. A year ago it serviced $416 billion in mortgages, 11.73% of which were late. GMAC's home finance division — which includes Residential Capital Corp. (ResCap) — lost $125 million in the first quarter, a significant improvement over the same period a year earlier when it dropped $859 million.

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