The Money Source Inc (TMS), a New York-based fintech and mortgage company, has hired Tom Donatacci as its new EVP of Business Development. As EVP, Donatacci will utilize his 35 years of experience in the mortgage industry to help further TMS’s expansion into the subservicing market.
"Our top priority is to continue to build on the growth of our subservicing business leveraging technology that raises the bar in the industry for transparency and servicer accountability and to deliver exceptional performance for our clients,” said Stavros Papastavrou, the founder and Chairman of TMS. “As a recognized and trusted leader in the mortgage finance industry with an extensive track record for achieving growth in mortgage servicing and related businesses, Tom will play an important role in helping us achieve our goals, not just in growth but maintaining the highest levels of client satisfaction."
Donatacci comes to TMS from Impac Mortgage Holdings Inc. where he was the Chief of Staff for four years. He has also worked at Selene Finance LP, Clayton Holdings, GMAC Rescap, Lehman Brothers and PaineWebber.
"TMS is a core values driven organization, first and foremost,” said TMS President Ali Vafai. “So, it was important that when we bring someone aboard that they align with those values. From the moment we started to engage with Tom, it was apparent that he would be a perfect fit for TMS and its culture. That is a necessity for us. But along being a great fit with our culture and core values, Tom's extensive experience and skillset, will help further accelerate our rapid growth in subservicing over the past four years while allowing us to strengthen our partnerships with our existing clients and continue to deliver rock solid servicer for our customers."
"The challenges facing servicers has never been greater as the velocity of the business has accelerated due to record origination and refinance activity as well an ongoing wave of regulatory mandates," said Donatacci. "The market needs higher quality servicing options that not only provide quality servicing on performing loans at reasonable economics, but that can also deliver strong performance on delinquent loans while maintaining high customer satisfaction levels. It is an expectation every MSR owner should be entitled to and deserves. I joined TMS because their servicing performance is extraordinary. Their clients are able to observe the servicing of their loans in real time as our team members service them with no filter or delay and their unique culture fosters a sense of teamwork with borrowers that drive customer satisfaction levels not seen in the mortgage industry historically. I am looking forward to raising the bar in the industry and to be working with Stavros and his team."