Ocwen Financial Services (OCN) has named Michael Bourque as the company’s new chief financial officer and executive vice president, according to a SEC filing from the company.
Bourque, 36, is set to take over for John Britti, who was the company’s previous executive vice president and CFO. During the company’s first-quarter earnings conference call on May 1, the company announced that Britti had been promoted to chief investment officer.
The company posted a net income of $75.8 million, or $0.54 per share, in the first quarter. Notable in the Ocwen earnings report, there was a $5.1 million loss on the $7.6 billion portion of the mortgage servicing rights portfolio marked at fair value as compared to a fourth quarter 2013 gain of $19.1 million. There was also an MSR impairment reversal of $2.4 million for the fourth quarter. Combined, these changes produced a $26.6 million change quarter-over-quarter.
Ocwen has recently come under scrutiny from the New York Department of Financial Services because of a proposed $2.7 billion MSR deal between Ocwen and Wells Fargo (WFC).
“Until we resolve – this relates to Ocwen – until we resolve New York State we’re not acquiring any new (MSR) portfolios at all. As a matter of fact the entire market – nothing is being put out for bid right now,” William Erbey, Ocwen’s executive chairman said in April. “The whole market has stopped until that gets resolved.”
Given those conditions, the company now hands its financial reins to Bourque, a 15-year employee at General Electric.
According to Ocwen’s SEC filing, Bourque's work at GE was in various financial leadership positions, in both the company’s industrial business segment and with GE Capital.
In his most recent role at GE, from 2013 to April 2014, Bourque served as CFO for GE Distributed Power, a business within GE Power & Water.