WATERLOO - GMAC Mortgage announced today it has discontinued loan processing and closing operations within its Waterloo facility, displacing 24 employees out of a total local work force of more than 800.

The last day for the 24 affected employees was Thursday, said Stephen Dupont, a GMAC Mortgage spokesman in Minneapolis.

"These functions will be absored into our Troy, Mich. facility," Dupont said.

"This decision does not reflect the performance of the emplyees affected by this change, and it does not impact our primary mortgage servicing operations at our Waterloo facility," company officials said in the press release.

Affected employees will be offered a severance package, "as well as details about other employment opportunities that may be available within our company," the GMAC Mortgage release said. "Associates will have the opportunity to apply for any new positions within our Waterloo servicing center or in other parts of the GMAC Mortgage organization."

"If they applied for, and obtained another job with our Waterloo facility, their service would be adjusted for the time that they have already been with us and their time away," Dupont said. "If one of these former employees did want to move to Troy, I'm sure the general manager of that facility would consider the employee for an available position, however, we're not planning to offer relocation at this time."

GMAC Mortgage, successor locally to Banco Mortgage and Norwest Mortgage, has operated a mortgage servicing center in Waterloo since 1985. Total employment has ranged between 700 and 1,000.

Contact Pat Kinney at (319) 291-1484 or Pat.Kinney@wcfcourier.com