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More changes at Walter Investment: Company adds new chief compliance officer, other execs

Part of effort to make company "leaner and more effective"

Late last week, Walter Investment Management Corp. announced that David Schneider, who served as executive vice president and chief operating officer of Walter Investment and as president of Ditech Financial, abruptly left the company amid an effort to make the company “leaner and more effective.”

The company also said that Schneider’s departure was part of the company’s plan to “realign the company’s management structure” and “flatten the organization.”

Just a few days later, the company provided a look at how its realignment will take shape when it announced Monday evening that it is hiring three new executives, all of whom will report directly to Walter Investment’s CEO, Anthony Renzi.

When Walter Investment announced Schneider’s departure, it said that “leaders of certain key operating units” will be reporting directly to Renzi, and that’s apparently exactly what’s happening here.

Joining Walter Investment as the company’s new chief risk and compliance officer is Alfred Young, who most recently served as director of risk analytics with the Office of the Comptroller of the Currency's Supervision Risk Management division.

Young joined the OCC in 2008. Prior to serving as director of risk analytics, Young also held leadership positions in the OCC's Large Bank Supervision unit.

Earlier in his career, Young held compliance and risk-related positions at several banks, including Star Bank, Provident Bank, Fifth Third Bank, Commerce Bank and Toronto Dominion.

Also joining Walter Investment is Elizabeth Monahan, who will serve as as chief human resources officer.

Monahan brings 27 years of experience to Walter Investment. Earlier in her career, Monahan led human resources functions for Quintiq, Homeward Residential, De Lage Landen and most recently, Assero Services

Monahan began her career in GMAC's Residential Finance Group, where she eventually served as the organization's senior human resources executive.

And finally, Timothy Cranny will serve as Ditech Financial’s senior vice president of performing loan servicing.

Cranny joins Walter with more than 25 years of experience in all aspects of financial services operations, including serving as a managing director at CitiMortgage.

In this role, Cranny was responsible for performing loan servicing, including all performing loan customer contact centers, loan administration, investor reporting, cashiering operations, escrow administration, special loan servicing, and custodial operations. 

Most recently, Cranny served as managing director for Citigroup's branded cards business, where he was responsible for customer contact operations and domestic and partner management programs.

According to Walter Investment, Young and Cranny are expected to join the company on October 24, while Monahan is expected to join on November 1.

“I am delighted to welcome Fred, Liz and Tim to the Walter team,” Renzi said. “They each bring proven leadership and seasoned experience across a variety of key disciplines that are essential to our success. Together with their Walter colleagues, they will serve to form a high performance team focused on continuous improvement and results.”

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