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American Home Replaces CEO

Former GMAC executive named president, CEO

Nov. 17, 2010

By staff

The president and chief executive officer has been replaced at American Home Mortgage Servicing Inc. The new leader was a senior executive at GMAC Mortgage.

David M. Friedman has retired as president and CEO of the Coppell, Texas-based mortgage servicer, an announcement Tuesday said. He will stay on as an advisor through the end of the year.

Friedman has managed American Home since it was created in April 2008 from the remains of Melville, N.Y.-based American Home Mortgage, which failed in 2007. In 2008, the company acquired Option One Mortgage Corp.'s servicing business.

Taking the reins from Friedman was David M. Applegate.

The new president and CEO spent 17 years at General Motors Acceptance Corp., including president of GMAC Mortgage and chairman of GMAC Bank.

"GMAC Mortgage's origination market share tripled under Applegate's leadership with loan production peaking at over $100 billion annually," the news release said. "Meanwhile, the size of GMAC's servicing portfolio nearly doubled to $300 billion."

Applegate's more than two decades' mortgage banking experience also includes a job as president of Radian Guaranty Inc.

American Home reports a mortgage servicing portfolio of 430,000 loans for $83 billion.

Headcount at the company reportedly exceeds 3,000.

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