Former GMAC Mortgage President and GMAC Bank Chairman David M. Applegate has been named president and CEO of Coppell, Texas-based American Home Mortgage Servicing Inc. (AHMSI). He succeeds David M. Friedman, who is retiring.
Applegate headed GMAC Mortgage and GMAC Bank from 2000 to 2007. 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.
Friedman, who managed AHMSI since its creation in April 2008, will remain as an adviser to the company through the end of the year.