Ocwen Adds to Leadership, New Role Oversees Reverse Mortgage Lending

Ocwen Financial Corporation (NYSE: OCN) announced today the appointment of two additional members to its senior leadership team, with one of them overseeing the company’s forward and reverse mortgage lending activity.

Timothy J. Yanoti, formerly the president and co-chairman of residential mortgage originations firm American Financial Resources, joins Ocwen as Executive Vice President and Chief Growth Officer. The Chief Growth Officer role is newly-created, and will give Mr. Yanoti leadership over lending business and operations, which includes both forward and reverse mortgage lending.

He will also oversee mortgage servicing rights (MSR) purchases and will service business development efforts.

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“Tim brings tremendous knowledge and experience across the mortgage industry with a proven track record of growth to Ocwen,” said Ocwen President and CEO Glen A. Messina in an accompanying press release. “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.”

When RMD asked Ocwen what implications the appointment of Yanoti will have over Liberty Home Equity Solutions president Michael Kent, a spokesperson said that Mr. Kent remains in his role and will now report to Mr. Yanoti.

Yanoti’s appointment is joined by the addition of Albert J. Celini as Ocwen’s new Chief Risk and Compliance Officer. He joined Ocwen as a part of the company’s acquisition of PHH in October, and will maintain his title from that company in Ocwen’s ongoing operations.

Written by Chris Clow