John V. Britti has been appointed interim CEO at mortgage servicer Ocwen, effective July 1.
Britti currently serves as executive vice president and chief investment officer. He will continue in these roles during his tenure as interim CEO, Ocwen says in a release.
As previously announced, Ronald Faris, the company’s current president and CEO, will be retiring effective June 30.
Taking over as president and CEO will be Glen Messina, who comes to Ocwen as a result of its pending acquisition of PHH Corp., which is expected to close by July 1.
Britti will serve as interim CEO until Messina takes the helm, which will happen when the PHH deal closes.
Ocwen recently announced the resignation of Executive Vice President and Chief Financial Officer (CFO) Michael Bourque, who has accepted a position with another financial services company.
And on Monday the mortgage servicer announced that, as part of its ongoing efforts to reduce costs, it had opted to not renew its contract with Fitch Ratings Inc. (Fitch) for various corporate ratings.
Ocwen’s U.S. Residential Mortgage Primary Servicer and other servicer ratings, however, are not impacted by this action, as they are governed by separate agreements.
