Walter Investment Management (WAC) Appoints Several New Executives

October 18, 2016 6:14 AM EDT

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Walter Investment Management Corp. (NYSE: WAC) announced the hiring of Alfred W. Young, Jr. as Chief Risk and Compliance Officer, Elizabeth F. Monahan as Chief Human Resources Officer and Timothy J. Cranny as Ditech Financial LLC's Senior Vice President of Performing Loan Servicing. Mr. Young and Mr. Cranny are expected to join the Company October 24, 2016 and Ms. Monahan is expected to join November 1, 2016. They will each report to Walter's Chief Executive Officer and President, Anthony N. Renzi.

"I am delighted to welcome Fred, Liz and Tim to the Walter team," said Mr. Renzi. "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. Fred and Liz will be based in Fort Washington, Pennsylvania and Tim will be based in Rapid City, South Dakota."

Mr. Young joins Walter with a deep background in risk governance and federal regulatory experience, and particularly experience in credit risk management, portfolio management, loan servicing, portfolio and bank acquisitions, modeling and analytics. Mr. Young most recently served as Director of Risk Analytics with the Office of the Comptroller of the Currency's Supervision Risk Management division. Prior thereto, he held leadership positions in the OCC's Large Bank Supervision unit, during which time the OCC served as the prudential regulator over some of the country's largest consumer and mortgage banks. In addition to his eight years of regulatory experience, from 1993 to 2008, Mr. Young held various compliance- and risk-related roles at midsize and large national banks, including Star Bank, Provident Bank, Fifth Third Bank, Commerce Bank and Toronto Dominion. Mr. Young holds a Master of Business Administration from the University of Cincinnati and a Bachelor of Science in Business Administration from Fitchburg State University.

Ms. Monahan joins Walter with significant success championing and implementing change, providing strategic direction and motivating employees at all levels within an organization. She has a proven track record of creating high performance cultures that attract, develop and retain talent. Over her more than 27-year career, Ms. Monahan has led the Human Resources functions for diverse businesses, complex global organizations, and start-up companies including Quintiq, Homeward Residential, De Lage Landen and most recently, Assero Services. She began her career in GMAC's Residential Finance Group, where she advanced to become the organization's senior human resources executive. During her time at GMAC Residential Finance Group, Ms. Monahan served as the senior human resources leader on acquisition teams for a number of acquisitions, including that of Ms. Monahan holds a Masters of Counseling Psychology from Rider University and a Bachelor of Science from Penn State University.

Mr. Cranny joins Walter with over 25 years of experience in all aspects of financial services operations, including serving as a Managing Director at CitiMortgage where he was responsible for Performing Loan Servicing, including all performing loan customer contact centers, loan administration, investor reporting, cashiering operations, escrow administration, special loan servicing, MERs and custodial operations. Most recently, Mr. 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. Mr. Cranny's significant experience in customer contact center and operations management across mortgage, credit cards and consumer finance led to senior leadership roles at some of the country's foremost financial institutions including Citigroup and Wells Fargo. Mr. Cranny holds a Bachelor in Finance Degree from Arizona State University.

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