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Tom Donatacci was named executive vice president of business development for The Money Source, a technology-based mortgage subservicer.
“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, founder and chairman of TMS.
“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.”
Donatacci joins TMS from Impac Mortgage Holdings Inc. where he served as the chief of staff. Prior to that, he held senior positions in business development, MSR trading and mortgage banking mergers and acquisitions at Selene Finance, LP, Clayton Holdings, GMAC Rescap, Lehman Brothers and PaineWebber.