GMAC Hires Chase, PHH Officials

In an effort to bolster its residential lending business, GMAC Mortgage, Horsham, Pa., has hired two executives away form Chase Home Finance, Edison, N.J., and another from PHH Mortgage, Mt. Laurel, N.J., industry sources have told MortgageWire.Joining GMAC from Chase is Jim Ferriter, who will serve as executive vice president of retail lending, and Dave Stadler, senior vice president in charge of GMAC's "Lendscape" project, which entails installing a common origination platform throughout the company. GMAC also hired Bob Groody as its EVP and chief financial officer. Mr. Groody left PHH to join GMAC, the nation's seventh-largest lender. Mr. Groody is a replacement for the company's departing CFO, but the other two hires are serving in newly created positions. (See the Aug. 1 issue of National Mortgage News for the full details.)