Positioning for Profitability

Focusing on its ongoing transformation to a stronger and efficient company post its acquisition of PHH, Ocwen announced two senior leadership appointments on Monday to drive the change.

Timothy J. Yanoti joined Ocwen as EVP and Chief Growth Officer. The newly-created role highlights Ocwen’s commitment to growth and actions to further strengthen the company. Yanoti will lead Ocwen’s lending business and operations, including forward and reverse mortgage lending, MSR purchases and servicing business development efforts.

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

Ocwen also appointed Albert J. Celini, as SVP, Chief Risk and Compliance Officer of Ocwen post the company’s acquisition of PHH. Celini was previously Chief Risk and Compliance Officer of PHH Corporation.

“Our efforts to pursue growth in a responsible, disciplined manner are aligned with our focus on continuing to develop and maintain strong risk and compliance capabilities,” Messina said.

Commenting on Celini’s addition to the team, Messina said, “Al has extensive management experience in the risk and compliance areas within the mortgage banking and banking industries. 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.”

Yanoti most recently served as Co-Chairman and President of American Financial
Resources, a residential mortgage origination company. Previously, he was SVP, Head of Securitization for Fannie Mae. He also served as the Managing Director, Head of Mortgage Banking of Knight Capital Group, a financial services firm, and Senior Managing Director, Head of Capital Markets of National City Corporation. During his career, Yanoti has also held several leadership roles at General Electric Company, including Head of Global Securitization of GE Capital and Head of Capital and Secondary Markets of GE Mortgage.

Celini was most recently Chief Risk and Compliance Officer of PHH Corporation. Prior to PHH,
he was a Risk Management Consultant with Newbold Advisors LLC, a professional services firm, and Common Securitizations LLC, a joint venture between Fannie Mae and Freddie Mac. Celini previously served as EVP and Chief Risk Officer of Sun National Bank. He also served as VP, Single Family Regulatory Affairs and Strategy at Freddie Mac, and spent nearly a decade at Ally Bank serving as its founding CFO, Chief Risk Officer and Director of Lending Development. Before joining Ally Bank, he spent 12 years at Citigroup as a Financial Controller.

Both Yanoti and Celini will report to Glen A. Messina, President and CEO of Ocwen.