American Home Mortgage Servicing (AHMS) late Tuesday announced that it had hired GMAC Mortgage veteran David Applegate as its new president and CEO.

The privately held Texas-based servicer ranks 14th among all servicers, according to figures compiled by National Mortgage News and the Quarterly Data Report.

At the end of September, AHMS serviced $82.7 billion in home mortgages, 29% of which are delinquent.

The company is owned by WL Ross & Co., and was built from the scraps of two nonprime servicing shops, Option One Mortgage Corp., and American Home Mortgage of Melville, N.Y.

Applegate worked 17 years at both GMAC Mortgage and GMAC Bank. He officially took over at AHMS on Tuesday.

"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., CEO and chairman of WL Ross.

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