Ex-OCC chief Otting to join board of software company
WASHINGTON — Joseph Otting has landed a new post in the private sector less than two weeks after stepping down as head of the Office of the Comptroller of the Currency.
Otting will join the board of directors of Black Knight Inc., a software provider for mortgage and real estate companies. “His extensive experience in both the financial services and government sectors will prove invaluable to Black Knight,” Billy Foley, the chairman of Black Knight’s board, said in a press release.
The announcement comes as the mortgage industry continues to experience strain from the coronavirus pandemic, though the crisis may be waning. As of June 2, Black Knight estimated a total of 4.7 million mortages were in forbearance as a result of the pandemic, or a principal balance of about $1.04 trillion.
Otting resigned just halfway into his five-year term as head of the Office of the Comptroller late last month shortly after finalizing controversial reforms to the Community Reinvestment Act. He left the agency on May 29.
"I have the greatest respect for Black Knight and the company’s CEO, Anthony Jabbour, whom I have known for more than a decade," Otting said in the press release. "I look forward to serving on the Board of Directors of such a forward-thinking organization.”