Joseph DeStasio is the executive vice president of servicing at The Money Source(TMS), which owns the industry leading subservicing platform, SIME. As EVP of Servicing Financial Operations, DeStasio is responsible for investor reporting & accounting, payment services as well as servicing financial management and planning. DeStasio is a seasoned mortgage executive with significant expertise in loan servicing operations.
[Expert commentary] The servicing industry has historically been about call centers and collections. Companies staff up or staff down depending on the market condition and overlook the most important factor in all of the changes — the people.
He wears t-shirts to his televised interviews; not very CEO. He played sports at a high level, but rarely brings it up and when he does he talks about it as a mere chapter in his life. Honestly, who plays a Super Bowl and doesn’t describe it as the defining moment in their personal journey? Casey Crawford, that’s who. His family is a big part of his life of course, but he talks about his even larger family — his coworkers — in terms that are just as glowing.
One of the things that has bedeviled mortgage financing post-crisis has been the absence of the private label mortgage backed securities market. During the peak years, private label MBS issuance topped $1 trillion. In 2017, only $70 billion of private label RMBS were issued, although that is a big increase from 2016.
Digital technology has disrupted businesses and industries from publishing to public transportation, so can the mortgage industry be far behind? Actually, anyone who’s applied for a mortgage recently will have recognized that things are already changing fast.