DS News

43 » VISIT US ONLINE @ DSNEWS.COM Achievement Award means the world to me. I've been in this industry for a very long time, and over the years, I've received a number of accolades for specific achievements and individual milestones. As a young man entering this industry, I had a more myopic, narrow focus, looking at individual achievements as the principal ends worth pursuing. But over the years, I'd like to think I grew in both experience and wisdom, thanks in large part to many of the individuals that attend this conference year in and year out. As my career progressed, I spent more and more time immersed in the business, spending nearly a third of my career away from home. In some ways, as I became a more integral part of this industry, this industry became a more integral part of me. So, by the time I approached the "back nine" of my career, my overarching goal was to make a lasting, positive impact on the industry, to leave it at least a little better for having been a part of it. is award provides a deep sense of accomplishment on that front, and I couldn't be more grateful. When I look at the list of past honorees, I see a pantheon of industry stalwarts, innovators, and leaders, all of whom have played pivotal roles in its evolution. I am profoundly humbled to join their ranks. What is your opinion on the current state of the mortgage industry? With regard to mortgage servicing, I believe we are finally turning a corner in adapting to the tidal wave of changes that have flooded the industry over the last several years. ere is no question the emphasis on compliance has produced tangible benefits for our industry. But that emphasis has also entailed significant costs, costs that we strive to offset by reducing operating expenses. We do so by reducing re- work, lowering operating risk, and promoting higher customer satisfaction, which hopefully translates to higher retention rates. On the production side, we are still working through the painstaking process of integrating Trid into our existing processes. What do you see as the biggest challenge facing the industry today? On both the state and federal level, the changes promulgated by legislators and industry regulators aren't adequately assessing the gravity of the impact those changes will have on servicers. us, operating risks continue to expand, due to the exactingly prescriptive or proscriptive nature of new laws and regulations. Furthermore, no one is considering or concerned with the economic impact they're generating on mortgage lending and servicing. For the last few years, we've been operating in an environment where safety and soundness isn't judged by your P&L statement, but instead by whether you've strictly complied with the litany of new demands placed at the doorstep of the industry. At some point, the pendulum has to swing back and provide a more balanced approach. As you look back on your career what are you most proud of having accomplished? At one point in my career, I thought I'd never leave Lomas. But I look back now and consider myself immensely fortunate to have had the opportunity to work with nine different companies—seven of which are no longer in existence thanks to six acquisitions and one bankruptcy. Being a part of each company gave me a unique vantage point, a new lens to look through to see how this business works. Having that rich and diverse experience helped me immeasurably in addressing the three (3) cornerstones of management: (1) People - e key question is simple: "Have I had a positive impact on the development of people?" I look at the successes of many of those I've worked with as indicia of my own success in fostering their progress. I've always strived to make formal training a chief priority in the companies I've worked with. (2) Process - Helping to pioneer the use of outsourcing in the industry and working with National Australia Bank for two years in a major transformation project are two key accomplishments that stand out in my mind. (3) Technology - Being one of the first to introduce true work flow and rules to mortgage servicing in the late nineties and seeing it still actively deployed by a national bank stands out as a key accomplishment. Of these three, the people stand out as the most decisive element when it comes to management success or failure. One can only hope to be remembered as an effective leader and manager that, during both good and bad times, inspired his or her coworkers to pursue their personal and professional goals. ere can be no greater legacy than that. Do you have any mentors in the industry? ere are a great many individuals that have mentored me or otherwise helped me "steer the ship" over the years. But the first few that come to mind are my first boss, Jim W Pickup at United Mortgagee, Walter C. Klein from my Lomas days, Tony Meola during my Washington Mutual tenure and most recently, John Vella throughout my Bear Stearns/EMC days. All of these managers brought a unique management style rooted in great communication, along with a vast understanding of our industry. And while all of the above individuals have left an indelible impact on my life and career, I owe a special debt of gratitude to the late Walter C Klein or, as I affectionately came to know him, "Terry." Terry was both a teacher and a role model, that rare breed of individual that actually lived the principles he espoused on a daily basis. ey say that "management is doing things right, while leadership is doing the right things." Above all, Terry was a tremendous leader. He possessed great moral character and a primary, unwavering focus on what we were seeking to accomplish as an organization. Once he had a well-defined vision of where we wanted to go, he effectively managed his team's talents to get us there. He taught me that no management success can compensate for a failure in leadership, and under his watch, I became a better leader, a better manager, and a more effective individual.

• Cover