TMS is a different kind of company that does business in a different kind of way. Founded in 1997, with a mission to Grow Happiness, TMS is a fast growing fintech company that provides products, technology, and a unique customer experience to borrowers, clients and team members in their pursuit of happiness. TMS is a national lender and servicer licensed or exempt from licensing in all 50 states and the District of Columbia. For more information, please visit TheMoneySource.com.
Go on. Call your subservicer. Are they answering in 60 seconds or less? Or, did they leave you on hold for 10, 20, or even 45 minutes? If your wait time felt like forever, guess what? That’s the exact same type of infuriating situation that you’re putting your customers through.
If you ask what matters most when selling loans off, the knee jerk answer is “best price.” Sure, sharpen the pencil, squeeze an extra 2 bps, and look like a hero because you opened up your warehouse lines. Here’s the bad news: That’s old school and affects the long-term growth of your company.
Unfortunately, natural disasters and hurricanes will happen. It’s on you to make sure borrowers are in the best hands possible when it happens. To test the strength of your subservicer, go through this check list to see how well they’d be prepared for a future crisis.
According to research TMS conducted, two thirds of lenders reported working with their subservicer feels like pulling teeth when they request portfolio reports, 87% equated handing their portfolio to a subservicer to handing their firstborn over to a pack of wolves. 100% reported need for improvement in subservicing.
The first thing you notice about New American Funding's Rick and Patty Arvielo is how much they like each other. That might seem like a foregone conclusion when you meet a married couple, but when that couple also runs an incredibly successful business together, I imagine it could get complicated. Read on to find out more about how this successful couple manages their life, and business, together.
For the first time since 1981, our industry is experiencing a rising interest rate environment. Some people may assume that the current market shift means their business will take a downward turn from which they will never recover. I don’t buy it. The way I see it, challenging times force us to refine our processes and practices.