Ocwen CFO to Resign by End of June

The chief financial officer of Ocwen Financial Corporation (NYSE: OCN) will resign before the end of June, the company announced on Tuesday.

Michael Bourque, who has served as the West Palm Beach, Fla.-based lender and servicer’s CFO since June 2014, will leave to accept a position at another financial services company, according to a statement from Ocwen. 

“We would like to thank Michael for his financial leadership and his many contributions over the last four years,” president and CEO Ron Faris said in the statement. “While at Ocwen, Michael has focused his efforts on ensuring the company is in solid financial standing and is well positioned for future success. We respect Michael’s personal decision, and we wish him the best in his new position.”

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Ocwen, the parent company of reverse mortgage lender Liberty Home Equity Solutions, explicitly stated that Bourque’s departure was not associated with “any disagreement with Ocwen relating to the company’s operations, policies, or practices.”

The soon-to-be former CFO will stay on with the company through June 22. In the meantime, the company is evaluating both internal and external replacement candidates.

Bourque will receive a separation and release payment of $125,000, the company reported, along with an additional $50,000 related to his relocation from the U.S. Virgin Islands.

Bourque’s departure comes after Faris announced his retirement last month, with a planned exit date at the end of June. He will be replaced by Glen Messina, former president and CEO of PHH Corp. (NYSE: PHH) — which Ocwen is currently in the process of acquiring for $360 million in cash.

After a 2017 that saw repeated regulatory turmoil, Ocwen has experienced sunnier returns in 2016: Liberty posted a record quarter with $9.8 million in pre-tax profit during the first quarter of the year. Despite publicly floating the potential sale of the Liberty division last October, Ocwen has since reclassified Home Equity Conversion Mortgages as part of its “core” go-forward business, along with servicing and subservicing.

Written by Alex Spanko

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