GMAC Mortgage Corporation Names Michael Squillante Vice President of Customer Operations and Frank Madden as Director of Quality Assurance

Business Wire, Oct 9, 2003

Business Editors

HORSHAM, Pa.--(BUSINESS WIRE)--Oct. 9, 2003

GMAC Mortgage Corporation has named Michael Squillante Vice President of Customer Operations and Frank Madden as Director of Quality Assurance. Both appointments occurred in the company's fast-growing servicing operation, known as National Loan Administration.

In his new position, Squillante assumes responsibility of the loan integration and escrow functions for GMAC Mortgage's servicing division. Madden will provide Quality Assurance oversight to the Managing Risk Division. Both men will be based at GMAC Mortgage's headquarters in Horsham, Pa.

"As demand for GMAC Mortgage's servicing continues to grow, we seek to maintain excellence in all of our operations," said Tony Renzi, Executive Vice President and head of National Loan Administration. "Mike Squillante and Frank Madden are stepping into critical roles at GMAC Mortgage and will make strong contributions to our future growth.

"Mike's experience in all aspects of customer operations, including the management of key partners, will be invaluable as GMAC continues to build its world-class servicing infrastructure aimed at servicing our own originated assets as well as our third-party sub-servicing clients," said Renzi. "Frank's appointment reflects the rapid growth our special servicing unit has enjoyed. He will help ensure that our growth in this sector is controlled and will minimize the operation risk to our Special Servicing and Default operations."

Squillante brings more than 25 years of financial services experience to his new position. Most recently, he was a Vice President at ING Direct, where he oversaw the start-up of ING's retail mortgage business. He has also held vice presidential positions at Provident Mutual Insurance, Advanta Corporation, and Chase Manhattan.

Madden brings more than 25 years of financial services experience to his new position. Most recently, he was Senior Vice President of Loan Administration at Cenlar. He also served as Senior Vice President of Servicing at CoreStates Mortgage. This is a GMAC homecoming for Madden, who earlier in his career held the positions of Vice President of Internal Audit, Senior Vice President of National Underwriting, and Senior Vice President of Servicing at the company.

About GMAC Mortgage

GMAC Mortgage Corporation, headquartered in Horsham, Pa., is among the nation's top ten residential mortgage servicers and originators. The company originates first- and second-lien residential mortgage loans through a nationwide network of retail offices, direct lending centers, correspondents 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 2002, GMAC Mortgage originated $70 billion in residential mortgages, representing 553,994 transactions. The company's servicing portfolio of more than $198 billion represents 2 million customers throughout the nation.