The Money Source Hires Shayna Arrington as Chief Compliance Officer

Jan 26 2017

Shayna Arrington.jpgThe Money Source is pleased to welcome Shayna Arrington as our new Chief Compliance Officer to lead our regulatory compliance efforts.

Arrington comes to The Money Source with extensive governmental and private sector experience, including positions with the U.S. Department of Housing and Urban Development and the U.S. Department of Justice. Arrington was most recently a compliance attorney with the American Mortgage Law Group in San Francisco.
 
Rick Toma, Chief Operating Officer of The Money Source, praised Arrington’s deep industry knowledge and keen understanding of regulatory compliance.

“We are truly excited to expand our executive team with such incredible depth and breadth,” said Toma. “We are gaining an expert in compliance who has been at the forefront of the evolution of compliance in our industry.”

Arrington will oversee regulatory compliance within our many service lines, including retail lending, correspondent lending, wholesale lending and loan servicing. As we continue to build out industry-leading mortgage and financial technology, Arrington will assure our technology architecture is driving not only a class-leading user experience but also the highest levels of compliance.

Topics: The Money Source Inc., compliance, Chief Compliance Officer, Shayna Arrington

Meet the TMS Team - Oscar Sandoval

Jun 30 2016

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At The Money Source, our Team strives to provide Rock Solid Service every day. The people who make up our team are the key to our success. Meet one of the members who makes up our Records Retention Team - Oscar Sandoval.

Oscar is a Records Retention Specialist and has been a part of the team since October 2015. This is his first job in the mortgage industry. Prior to working at TMS, he worked in technical support for a cable provider and before that he worked in a pet store grooming puppies!

Oscar was born in Los Angeles, CA and currently lives in Brentwood Long Island. He loves to travel to exotic countries, live the culture and eat all the food he can try! An interesting thing about Oscar is that he is a cancer suvivor!

The family-like atmosphere at TMS is his favorite thing about working here. He loves that he and his team are working together toward the same goals and that when they help each other, they are collectively more productive.

More facts about Oscar:

  • Favorite TV Show: How to Get Away with Murder
  • Favorite Food: Sushi
  • Dream of his: He dabbles in acting and he would love to act in a feature length film!

Thanks to Oscar for sharing a little about himself!

Topics: People Matter, Meet the Team, The Money Source, The Money Source Inc., Meet the TMS Team, Melville NY, Oscar Sandoval, Records Retention

Fed Officials Split

Mar 28 2016

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This week's economic data contained few surprises, and the attacks in Brussels had little impact on U.S. financial markets. As a result, mortgage rates ended the week with little change. 

At the Fed meeting on March 16, nine Fed officials voted in favor of holding the federal funds rate steady and just one supported a rate hike. Fed Chair Yellen suggested that the Fed should proceed cautiously in tightening monetary policy to see the effect of overseas weakness on the U.S. economy.  

Since the meeting, however, several Fed officials have supported tighter monetary policy, sending a mixed message to investors. These officials feel that the performance of the U.S. economy may justify a rate hike as soon as the next Fed meeting on April 27. Investors will be closely monitoring comments from other Fed officials to determine how much support there is for these more hawkish views.

The headline numbers for February home sales released this week were mixed. Sales of existing homes fell 7% from January, while sales of newly built homes showed an increase of 2%. The details show that the fall in existing home sales was from an elevated January level, and the rise of new home sales was from an unusually low level in January. 

Both measures have been volatile lately. An average of home sales over a multiple month period provides a clearer picture of the underlying trend, and the three-month average has shown steady improvement over the last few months. 

Looking ahead, mortgage-backed securities (MBS) markets will be closed tomorrow for Good Friday. Next week, the important monthly Employment report will be released on Friday. As usual, this data on the number of jobs, the Unemployment Rate, and wage inflation will be the most highly anticipated economic data of the month. Before that, Pending Home Sales and Core PCE inflation will be released on Monday. The ISM national manufacturing index will come out on Friday.

Topics: Ali Vafai, The Money Source, The Money Source Inc., mortgage news, employment report, Pink Unicorn, employment rate, home sales, monetary policy, mortgage rates

Meet the TMS Team - Javier Suarez

Dec 18 2015

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\Welcome to another edition of Meet the TMS Team! Today you'll meet Javier Suarez, Pre-30 Collector at The Money Source. 

Javier works in our Meriden, CT office and is a brand new member of our team! The best thing about his job is the 360 degree knowledge of the mortgage industry. His dream is to one day be a home owner with everything that he learns through his job. He will be a great, responsible and knowledgeable home owner.

Javier was born and raised in the Bronx and moved to Cincinnati, Ohio in 2011, where he met his wife Nicole. In 2012 they got married and moved to CT. He likes to spend his free time coaching little league football.

More fun facts about Javier:

  • Favorite TV Show: The Black List
  • Favorite Food: Spanish Food
  • Fun Fact: He HATES to fly!

Thanks to Javier for sharing a little about himself!

 

Topics: CT, TMS Servicing, The Money Source, The Money Source Inc., Meriden, Javier Suarez, Pink Unicorn

Meet the TMS Team - Eileen Wanerka

Dec 10 2015

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We are pleased to introduce you to another member of our TMS Team. Today you'll meet Eileen Wanerka, SVP of Operations Technology at The Money Source. 

Eileen works in our Melville, NY office and has been with the team since June 2014. Eileen loves the great team at TMS. She enjoys working with everyone. She loves helping people, troubleshooting, and enhancing the system.

Eileen lives in Patchogue, NY with her sister and niece. They’ve been there for the past two years and are all incredibly close to their immediate and extended families. They go on family vacations every year. Eileen spends her free time traveling, baking, and dabbling in photography.

Fun Facts about Eileen:

  • Favorite Food: Red Noodle from Tiny Thai in Farmingdale
  • Favorite TV Show: There are a lot, but currently it’s Quantico
  • Fun Fact: She’s fire walked!

Thanks to Eileen for sharing a little about herself!

Topics: Meet the Team, NY, The Money Source, Melville, The Money Source Inc., Meet the TMS Team, Correspondent Mortgage, Eileen Wanerka, SVP Operations Technology, Pink Unicorn

Rocky Balboa: The Ultimate Underdog

Dec 08 2015

I wanted to dedicate this month’s blog to one of the great fictional heroes of this century. His name is the Italian Stallion aka Rocky Balboa. Some of you may be laughing as you read this, others of you are more than likely nodding your head in agreement, you know who you are! Over this holiday weekend I had the pleasure of watching the seventh movie in the Rocky franchise called Creed. It is a great movie, pays homage to the city of Philadelphia, which is essentially a character in the movie, and has some classic Rocky moments. All in all, I give it two thumbs up. But I am not writing a movie review of Creed. I wanted to share with all of you a few great things that I think we can all learn from Rocky - and trust me there are a few.

Being a child of the 80’s, I fell in love with the Rocky movies at a very young age. In fact, my brother and I would watch the Rocky I – IV marathon when it was on each and every year. We would end each movie with a faux fight that inevitably turned into a real fight. We were twin brothers who needed to keep one another entertained and this became a tradition for us. I realized that the reason I loved the Rocky movies so much was because I have always had a fond connection with the idea of the underdog. It is this strange connection that had drawn me to Rocky as a character and as I grew up I found this to be a common thread in my life. If there was a sporting match, I wanted the underdog to win. Come from behind victory, I am all in! The idea of the underdog has always resonated with me whether I was a spectator or the actual underdog. I also believe this is what has drawn me and probably many of us to an industry like ours.

Whenever I am asked what theme song best represents me, the answer is always the same, “Easy….Eye of the Tiger.” I don’t say this to be funny, I say it because I mean it. We are in an industry that can be volatile and unforgiving. Whether we are attacked with 10,000 new pages of regulation, incessant audits, knee-jerk movements in pricing, an unexpected and sustained spike in call volume, or something like TRID, our industry can leave us with our head spinning. I have seen some great people come and go from the mortgage business over the years and I am convinced that it attracts a certain type of person, one in my opinion who can relate to this idea of an underdog. I see this right now as we head into the winter months with loan volume down industry wide from TRID, and the effects of winter looming overhead. It is times like these that we can be our best selves. We can step up to the occasion and take advantage of the market that unfolds when others question their resolve. This is probably the underdog speaking in me right now, but I believe in times of volatility come our biggest and best opportunities. But the key to success is to stay the course and to fight the good fight. With that said I will end with the great words of The Italian Stallion:

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Topics: The Money Source, Darius Mirshahzadeh, The Money Source Inc., TRID, mortgage industry, Rocky Balboa

Grow Happiness Like Charlie Munger

Nov 13 2015

As you may have realized by now, I have a penchant for reading commencement speeches. In staying true to this theme in my life, I was recently reading a commencement speech given by Charlie Munger, Warren Buffet’s longtime business partner, to the 1986 graduating class of Harvard University. Charlie was riffing on a previous speech that Johnny Carson had given to a graduating class at Harvard. The gist of Johnny’s speech was that although he may not be able to tell the graduates how to live a happy life, he could give them advice on three things to do if they wanted to live a miserable life. They included the following:

  1. Ingesting chemicals in an effort to alter mood or perception; 
  2. Envy; and
  3. Resentment

Charlie’s speech was his prescription to how to live a miserable life and he added a few interesting anecdotes to what Carson had suggested. In reading through the speech I found myself stuck on one paragraph that I would like to share. Charlie wrote:

“My third prescription for misery is to go down and stay down when you get your first, second, third severe reverse in the  battle of life. Because there is so much adversity out there, even for the lucky and wise, this will guarantee that, in due course, you will be permanently mired in misery. Ignore at all cost the lesson contained in the accurate epitaph written for himself by Epicetus: “Here lies Epicetus, a slave, maimed in body, the ultimate in poverty, and favoured by Gods.”

I have found that in business and in life it is easy to feel great about things when things are going well. We see this when people fall in love and are in the honeymoon stage of their relationship. We see this when people start a new project or new job and are excited at the prospects of the experience. As a society, we glamorize this when we hear about the business that is on top of the world and can do no wrong. Or when a team is the front runner and their “new fans” come out of nowhere. Or when people flock to live in a city or town because of an oil boom or tech bubble. But this is not reality and this inevitably will not lead us to living a life of happiness as these wins will not all last.

At some point we will deal with a loss or a struggle in many aspects of our life. If you have been in the mortgage industry for more than seven years, you did not stay here because you stayed down when the market imploded. You fought like hell to stay in this business and be successful. The Money Source did not magically become one of the largest lenders in the United States overnight without adversity. It happened because Stavros went against the grain in 2007, 2008, 2009, 2010, and 2011. He looked at hundreds of opportunities and tested hundreds of business ideas until a couple stuck (Correspondent lending, starting Endeavor America, bringing servicing in-house, etc.)

If Growing Happiness is the opposite of living a life of misery and if we are to take Charlie Munger’s wise words to heart, then I start to think to myself, “what are the things I can do to continue to living our core purpose when I deal with adversity?” I would be lying if I said I have it figured out. Although I have figured out a couple of things;

  1. I need to work within my strengths to stay engaged, because it is easy to get disengaged when the going gets tough and distractions are everywhere around you.
  2. I need to collaborate with my managers and my team to make sure they are thriving within their strengths, which will help support my ability to work within my strengths, as that is the only way to stay focused and to conquer in the world of business.
  3. I need to be thankful for what I have and not take any experience for granted – good or bad – as there are always lessons to be learned in both.

I am sure I am missing a few more, but I do believe these ideas have served me well when I have dealt with reversals in the battle of life. MY question that I leave all of you with is:

What steps will you take in your life to Grow Happiness when you are dealt with a reversal in your daily battles? Who will you lean on to help you stay within your strengths and remain engaged when you deal with adversity? And lastly but most importantly, what is it that you have to be thankful for?

Click here for Munger's entire speech

Topics: The Money Source, Grow Happiness, Darius Mirshahzadeh, The Money Source Inc., Charlie Munger, Pink Unicorn

Meet the TMS Team - GayLynn Womak

Nov 12 2015

We are pleased to introduce you to another member of our TMS Team! Today you'll meet GayLynn Womak, Escrow Representative at The Money Source.

GayLynn works in our Servicing office in Meriden, CT and has been a member of the Team since August of 2015. Her favorite part about working at The Money Source is the atmosphere. She loves that everyone is genuinely friendly and willing to work together to strive for excellence.

 GayLynn live in CT with her two sons, Khalid and Josiah, who are her everything! She loves to cook and hopes to one day be on the show "Chopped." GayLynn loves to do all things girly: hair, makeup, and nails. 

Other fun facts about GayLynn:

  • Favorite TV Show: Scandal, Power, Empire, Survivor's Remorse, OITNB, and Shameless
  • Favorite Food: Any flavored chicken wing
  • Fun Fact: She's a quarter Chinese - her mom is half African American and half Chinese!

Thanks to GayLynn for sharing a little about herself. 

Topics: CT, Meet the Team, TMS Servicing, The Money Source Inc. Servicing, The Money Source, Grow Happiness, The Money Source Inc., Meriden, Meet the TMS Team, GayLynn Womak, Pink Unicorn

We Honor Those Who Served

Nov 11 2015

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At The Money Source, we believe in providing programs and support for our Veterans and their families.

By offering specific programs with highlights that make it easy for our Veterans to realize their dream of homeownership, we can offer our gratitude for their service.

The VA program at TMS follows AUS findings on all loans down to 550 or higher FICO score. Other highlights of the program include:

  • VA cashout to 100% LTV
  • AUS Refer (Manual UW) on VA loans acceptable
  • Manufactured homes
  • VA IRRRL without appraisal to any LTV with min 620 FICO
  • VA IRRRL with an appraisal min 550 FICO
  • VA IRRRL no FICO allowed

Fill out our "Become a Partner" page on our website to become an approved correspondent and offer this program to your clients!

Topics: Correspondent, VA, NY, The Money Source, Melville, VA Loan, The Money Source Correspondent, Veterans, VA Mortgage, TMS VA, The Money Source Inc., TMS correspondent, Products and Services, Mortgages for Veterans, Pink Unicorn

We Honor Those Who Served

Nov 11 2015

TMS_Veterans.jpg

At The Money Source, we believe in providing programs and support for our Veterans and their families.

By offering specific programs with highlights that make it easy for our Veterans to realize their dream of homeownership, we can offer our gratitude for their service.

The VA program at TMS follows AUS findings on all loans down to 550 or higher FICO score. Other highlights of the program include:

  • VA cashout to 100% LTV
  • AUS Refer (Manual UW) on VA loans acceptable
  • Manufactured homes
  • VA IRRRL without appraisal to any LTV with min 620 FICO
  • VA IRRRL with an appraisal min 550 FICO
  • VA IRRRL no FICO allowed

Fill out our "Become a Partner" page on our website to become an approved correspondent and offer this program to your clients!

Topics: Correspondent, VA, NY, The Money Source, Melville, VA Loan, The Money Source Correspondent, Veterans, VA Mortgage, TMS VA, The Money Source Inc., TMS correspondent, Products and Services, Mortgages for Veterans

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