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First Republic snaps up GMAC refugees

November 26, 2008
Fourteen former employees of GMAC Mortgage Corp. have found jobs at First Republic Mortgage Corp., a mortgage banker headquartered on the northeast side near Fort Benjamin Harrison.

The GMAC workers migrated to First Republic Mortgage after the mortgage arm of General Motors Corp. closed down in September. The additions bring total employment to 53.

As a result, First Republic also has added offices in Kokomo, Marion and Columbus in addition to its existing offices in Indianapolis and Fort Wayne. First Republic also opened an office in Avon several days ago.

First Republic Sales Manager Bob Waddey said First Republic founders David Richey and Mike Osterling survived the subprime mortgage meltdown of the past year by keeping a lid on costs.

That positions First Republic to absorb more business when the housing industry begins to recover,ideally this spring, Waddey said.

"We think when this busts loose, we're going to do very well," he said. "There is less pie to eat. But there are a heck of a lot less originators."

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