Cost-cutting PHH shifts exec to SVP of risk and compliance

PHH Corp. has announced a new management change.

The move of Albert Celini from chief risk and compliance officer to senior vice president of risk and compliance is part of a cost-cutting plan announced in March.

Celini will succeed Leith Kaplan beginning Jan. 1 at the Mount Laurel-based company that focuses on mortgage subservicing and portfolio retention services.

“As we execute against our key priorities and transition our business, we remain focused on compliance and enterprise risk management as fundamental components of our business strategy,” said CEO and President Robert B. Crowl. “Al’s proven track record and extensive experience in this field, combined with his background working in the mortgage and financial industries, make him a strong fit for the role and PHH. We are pleased to have him on board and look forward to his leadership and insight as part of our management team.”

Before becoming chief risk and compliance officer in 2014, Kaplan “was critical in our ability to navigate an evolving and complex regulatory climate through the development and implementation of a robust risk and compliance structure built to safety and soundness standards, as well as enhancing a number of our core internal processes. In addition, he and his team have been instrumental in building a strong culture in which all employees understand the importance of managing risk and always operating in a compliant and responsible manner.” Crowl said. “I would like to thank Lee for his significant contributions to PHH for the past 12 years and wish him all the best in the future.”

Celini most recently was a risk management consultant with Newbold Advisors LLC, a professional services firm, and Common Securitizations LLC, a joint venture between Fannie Mae and Freddie Mac, helping organizations implement comprehensive risk, compliance and regulatory solutions.

He previously served as executive vice president and chief risk officer of Sun National Bank, where he was responsible for the development, execution and oversight of the bank’s enterprise risk management framework.