By making nimble, yet measured, moves by anticipating the needs of today’s borrowers, industry partners, and clients, Chairman of the Board Stavros Papastavrou has positioned The Money Source to be a pioneer in the fintech space and has led the company to a spot as a Top 25 lender.
Papastavrou emigrated to the U.S. from Cyprus and began a career in construction. In 1997, he founded The Money Source as a single mortgage broker in New York. Now, the company is one of the fastest growing, privately-owned lender servicers licensed nationwide.
In the last year, The Money Source has become a Top 15 correspondent investor, a Tier 1 GNMA-approved subservicer, a licensed servicer for all 50 states and brought loan servicing in-house.
Under Papastavrou’s leadership, the company took a leap and launched a web-based loan servicing platform, SIME, “Servicing Intelligence Made Easy,” which provides real-time reporting and transparency. SIME recognizes that the servicing portfolio —including its borrowers—is a company’s most valuable asset that should be nurtured in real time.
Papastavrou proudly displays his favorite quote behind his desk: “No Excuses.” To him, “No Excuses” is a call to action and reflects a corporate culture that celebrates openness, solutions, results and accountability. From his roots in building and construction, Papastavrou is hands-on and holds himself to the same expectations that he holds his dedicated team of 600 employees.
What has been your secret to success?
“To maintain discipline and an unwavering focus on long-term goals! This industry is highly susceptible to change, and it’s all too easy to fall into the trap where we continually react. My focus on long-term goals guides my day-to-day decision making.”