PHH will soon have a new senior vice president of servicing, as the company announced Tuesday that Marty Foster plans to retire after spending 20 years with the company.

Replacing Foster as senior vice president of servicing will be Stephen Staid, who joins PHH from SEMS, where he served as president and advised financial services companies on various matters related to mortgage origination and servicing.

Staid brings 25 years of experience to PHH. Prior to working at SEMS, Staid served as senior vice president and loan servicing and support operations business executive at Bank of America from 2012 to 2015.

In this role, he was responsible for the company’s non-default related mortgage practices and a portfolio of over 5 million loans.

Earlier in his career, Staid was executive vice president at Nationstar Mortgage; CEO of Saxon Mortgage Services; managing director, servicing – Europe at Lehman Brothers; and senior vice president, default administration at Litton Loan Servicing.

Staid will report PHH’s president and CEO, Glen Messina.

“As we stated during our fourth quarter earnings call, we intend to transition to a capital-light business model comprised of subservicing and portfolio retention services,” Messina said. “We are delighted that Steve has agreed to join PHH. With Steve’s depth and breadth of servicing experience, along with his proven track record across a range of organizations, he will play a critical role in this transition and in our efforts to grow our subservicing portfolio.”

Messina also spoke highly of Foster, who is expected to remain with PHH until the second quarter of 2017 to assist with the transition.

“For two decades Marty has provided invaluable leadership for PHH and our servicing organization,” Messina said. “His consistent focus on customer service, process improvement and employee engagement has helped build the foundation for our future. I would like to thank Marty for his significant contributions to PHH and wish him all the best in his retirement.”