David M. Applegate, who led both GMAC Mortgage and GMAC Bank during a 17-year career at General Motors Acceptance Corporation, has been named president and chief executive officer of Coppell, Texas-based American Home Mortgage Servicing Inc. (AHMSI). Applegate succeeds the retiring David M. Friedman. Applegate brings more than 20 years of mortgage banking and bank industry experience to his new post at AHMSI, as well as a track record of building customer-focused cultures that have generated significant improvements in return on capital.
"Dave's depth and breadth of experience in the mortgage and banking industries and his commitment to customers are major assets that will further strengthen the management team after a period of strong growth in AHMSI's business," said Wilbur L. Ross Jr., chief executive officer and chairman, WL Ross & Company LLC, which acquired AHMSI in 2008.
Prior to joining AHMSI, Applegate held numerous executive positions including president of GMAC Mortgage and chairman of GMAC Bank from 2000-2007. At GMAC Mortgage, Applegate assembled a strong executive team that transformed the company into an industry leader. GMAC Mortgage's origination market share tripled under Applegate's leadership with loan production peaking at over $100 billion annually. Meanwhile, the size of GMAC's servicing portfolio nearly doubled to $300 billion.
Applegate also served as president of mortgage insurer Radian Guaranty Inc., and, most recently, has managed a consulting practice with major financial services clients.
"These are challenging times for the housing industry," said Applegate, "but I believe the talented people at AHMSI are uniquely positioned to make a difference in helping families preserve the dream of home ownership. I look forward to caring for our customers, providing innovating solutions to our investors, and diversifying and continuing to grow our business."
Friedman, who managed AHMSI since its creation in April 2008, will remain as an advisor to the company through the end of 2010.
"I want to thank David for his dedication in laying a strong foundation at AHMSI, and to wish him and his family the best in the next chapter of their lives," said Ross.
For more information, visit www.ahmsi3.com.