Residential Capital, a wholly owned subsidiary of GMAC Financial Services, hired John Vella as senior vice president and managing director of ResCap's mortgage special operations business.
Vella, who will be based in California, will oversee the enhancement of the special operations business, working closely with Thomas Donatacci, senior managing director of ResCap's fee-based servicing business.
These enhancements include building out ResCap's special operations support team, and making additional investments in the company's industry-leading servicing platform. Vella will report to ResCap COO Tony Renzi. Before ResCap, Vella was president and chief executive officer of EMC Mortgage, a subsidiary of JPMorgan.
ResCap's mortgage special operations business provides subservicing and asset management for high risk loans in the U.S., Canada and the U.K.
In a release today, ResCap said it is strategically expanding this business to align with a growing demand from hedge funds, investment bankers and other institutional investors for mortgage servicing and loss mitigation of their loan portfolios.
The company also noted that it is seeing strong demand by third-parties to leverage the cost and operational efficiencies gained from using subservicers.