Ocwen Financial has named Timothy Yanoti executive vice president and chief growth officer and Al Celini senior vice president, chief risk and compliance officer.
The company said the additions to its leadership team are part of its effort transform into a stronger, more efficient company and to usher in “a return to growth and profitability.”
The mortgage giant posted a $41 million loss in the third quarter, with a total net loss of $68.3 million for the year.
To help turn things around, Ocwen has appointed its first-ever chief growth officer, bringing in Yanoti from American Financial Resources, where he served as co-chairman and president. Previously, Yanoti was senior vice president, head of securitization for Fannie Mae.
In his new role, Yanoti will be responsible for leading Ocwen’s lending business and operations, including forward and reverse mortgage lending, mortgage servicing rights purchases and servicing business development efforts.
“Tim brings tremendous knowledge and experience across the mortgage industry with a proven track record of growth to Ocwen,” said President and CEO Glen Messina. “He has significant experience in residential originations, operations and capital markets, and will play a critical role in developing and executing a successful growth strategy to access a range of market opportunities.”
Al Celini worked previously as chief risk and compliance officer of PHH Corporation, joining Ocwen when it finalized its acquisition of PHH in October.
“Al has extensive management experience in the risk and compliance areas within the mortgage banking and banking industries,” Messina said. “I am confident that his strength as a risk practitioner combined with his deep understanding of mortgage business operations will be extremely valuable to Ocwen and our transformation plans.”
