MINNEAPOLIS, Dec. 18 /PRNewswire/ -- Residential Funding Corporation
(GMAC-RFC) today announced the appointment of Michael J. Kozlak as president
of the company's largest business, GMAC-RFC Residential Capital Group,
effective immediately.
(PHOTO: http://www.newscom.com/cgi-bin/prnh/20000324/MNF002
http://www.newscom.com/cgi-bin/prnh/20001218/MNM025 )
"Mike is a seasoned expert in the U.S. mortgage industry and also has a
deep understanding of this company," said Bruce Paradis, president and CEO of
GMAC-RFC. "He's passionate about delivering value to homeowners and is
committed to developing innovative solutions to meet their needs and those of
our business partners."
As president of the Residential Capital Group, Kozlak will oversee the
company's residential mortgage banking activities in the U.S. He also serves
on the executive board and the e-commerce board, two groups responsible for
determining the company's strategic direction.
The Residential Capital Group provides lenders mortgage products,
technology solutions and financing alternatives through GMAC-Residential
Funding. It serves mortgage and asset-backed securities (MBS and ABS) and
whole loan investor partners through risk management, securitization, and
securities and loan administration activities of GMAC-RFC, the No. 1
non-agency issuer of MBS and ABS. It provides a full spectrum of mortgage
broker and loan origination services, as well as primary and special loan
servicing administration, through Homecomings Financial(SM). It also provides
debt consolidation solutions directly to homeowners through Residential Money
Centers.
"As president, I am focusing on the development of new partnerships,
technology and capabilities that will create increased value for homeowners
and our partners," Kozlak said. "Within the Residential Capital Group of
GMAC-RFC, our first job is to work with our lender partners to increase
efficiencies in the mortgage industry, bringing improved cost, speed,
consistency and predictability to homeowners. As we fulfill that promise, we
will look for new ways to enhance the homeownership experience and to continue
to enhance homeowner value."
Kozlak joined GMAC-RFC in 1998. Previously, he owned and operated a
consulting firm specializing in the deployment of mortgage-related
technologies. Prior to being a consultant, Kozlak was executive vice president
of PNC Mortgage Corp., president and chief executive officer of FBS Mortgage,
and president of First Financial Capital Management Corp.
GMAC-RFC, a wholly owned subsidiary of General Motors Acceptance
Corporation, is America's largest non-agency issuer of mortgage-backed
securities and a leading residential warehouse lender. The company leverages
its strengths in securitization, lending and investment to offer a broad
portfolio of innovative capital solutions. The company is headquartered in
Minneapolis and operates in the United States, Europe and Latin America.
SOURCE GMAC-RFC
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Related links:
http://www.gmacrfc.com
Photo Notes:
NewsCom:
http://www.newscom.com/cgi-bin/prnh/20000324/MNF002 NewsCom:
http://www.newscom.com/cgi-bin/prnh/20001218/MNM025
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, 888-776-6555 or 201-369-3467
Company News On-Call:
http://www.prnewswire.com/comp/138832.html or fax,
800-758-5804, ext. 138832
CONTACT:
Jodi Ehlers Swanson of GMAC-RFC,
952-832-7343, jodi.ehlers@gmacrfc.com , or Randy Sands of
Shandwick International, 952-346-6191, rsands@shandwick.com , for
GMAC-RFC
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