GMAC Mortgage Appoints Dave Stadler Senior Vice President

HORSHAM, Pa., Aug. 1 /PRNewswire/ -- GMAC Mortgage today announced that Dave Stadler has joined GMAC Mortgage as senior vice president. In his new position, Mr. Stadler will lead the company's LendScape project -- an effort to implement a common origination platform across all of its lending channels. He will report to Jim Ferriter, executive vice president, retail lending and GM Direct.

Mr. Stadler joins GMAC Mortgage from Chase Home Finance where he held the position of senior vice president, program management. Prior to joining Chase Home Finance, Stadler spent almost 25 years as a consultant to the financial services industry. He spent 20 of those years at Accenture, where he was a partner in the financial services industry practice.

"We are very excited to welcome Dave to the GMAC Mortgage team," said Jim Ferriter, executive vice president, retail lending and GM Direct. "Dave's wealth of experience in conceiving and leading large-scale technology initiatives in the mortgage industry will be an asset to the company as we forge ahead with the LendScape project."

"I am very excited to join the GMAC Mortgage team," said Mr. Stadler. "I am confident that LendScape will be integral to the continued growth of GMAC Mortgage and I am excited to apply my experience in creating and managing business processes and technology to this important project."

Mr. Stadler will be based in the Company's headquarters in Horsham, Pennsylvania.

About GMAC Mortgage GMAC Mortgage Corporation, headquartered in Horsham, Pa., is among the nations' top ten residential mortgage servicers and originators. The company originates first and second lien residential mortgage through a nationwide network of retail offices, direct lending centers, and Internet sites, under the brands, gmacmortgage.com and ditech.com. GMAC Mortgage also offers custom mortgage services to GM employees and their family members, retirees and dealers through the GM Family First program. As of December 2004, GMAC Mortgage originated $89 billion in residential mortgages, representing over 588,000 transactions. The company's servicing portfolio of more than $214 billion represents nearly 2 million customers throughout the nation.

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.