Stephen remains as Executive Chairman of, and fully accountable for, the UK operation.
"It is a measure of how far the UK business has come that it should now be directly represented on our worldwide Executive Board," said Stephen Knight. "Our commitment to continue growing our international operations is as strong as ever and we continue to look for further market share through innovation and acquisition. Technology will be vital in helping us to deliver the costs and efficiencies needed in tomorrow's market and to further build on our successes. As a company we are taking giant leaps forward but the regulators will need to take action to help the industry as a whole to progress," continued Mr Knight.
GMAC-RFC, which is one of the world's largest mortgage lenders, launched into the UK in 1998 and Stephen Knight became Chairman in the spring of 2000. Since that time, measured by gross advances, GMAC-RFC has grown by approximately 1300% whereas the market itself has grown by approximately 130%. GMAC-RFC is currently ranked as the UK's 13th largest lender measured by gross advances, and the number one non conforming lender.
