The chairman of Source One Mortgage Services Corp., Robert W. Richards, announced Wednesday he was retiring early.
Replacing him will be Terry L. Baxter, president of Fund American Enterprises Holdings, the lender's parent company. The move means Mr. Baxter will take over operating responsibilities for Source One, one of Fund American's principal assets. The unit, the nation's 20th-largest servicer and No. 35 among originators, has had earnings problems in recent years.