The Fay Group is made up of a family of companies that are structured to provide full lifecycle products, services and strategies in the mortgage and real estate sectors. This includes mortgage origination and aggregation, mortgage servicing, insurance, property management, real estate sales, title insurance, and property renovation. This diversified business led by Ed Fay and his team of highly skilled executives includes a number of women leaders, all of which bring diverse perspectives and experiences to their roles.
Originate Report recently sat down with eight executive women from the Fay family of businesses to discuss and reflect on their careers. Here is what they had to say:
Kimberly Hare, President, Fay Servicing
Q: What does your business unit do and what are your day-to-day activities?
Fay Servicing is the original and cornerstone company for Fay. As a mortgage loan servicer, we manage loans and borrowers from origination to ultimate liquidation or sale of the property. Our goal is to build relationships with customers and assist them with their mortgage needs in both good and challenging times. My day consists of overseeing the continuous changes being made by our regulators, the technology changes that improve our ability to service loans, managing the expectations of our clients, and most importantly, improving the services offered to our customers. I also train, lead, and mentor employees at all levels.
Q: Where did you start your career? How did that first opportunity help you get to where you are today?
My career started in the banking industry in the 90s. I had the opportunity to work for a small community bank that allowed me to learn banking regulations, operating rules, customer service, loan origination and servicing across all functions. That knowledge led me to a small subservicing company where I started by overseeing their accounting, investor, and payment functions. When you work for smaller organizations, you are offered the opportunity to experience more than in “big shops” and therefore have more knowledge related to how and why processes occur. This knowledge then translates to the ability to lead, mentor, and change processes to improve production and best serve our customers. Managing the loan growth continuously, improving service levels, and utilizing technology led me to Fay in 2017.
Q: What habits, mindset, or perspective has helped you succeed as a businesswoman?
The most helpful habit I learned long ago was to listen to conversations without controlling them. Along with this practice came the ability to rephrase information in a manner that resolved conflicts or misunderstandings quickly. In our fast-paced and ever-changing environment, keeping everyone on the same page is of the utmost importance.
Q: What activities or resources would you recommend for other women in the industry to invest their time in?
I recommend training across the company that you work within. Ask to job shadow other leaders to understand how your role affects their process. You must know more than just your role. Also, consider working for an organization that is smaller and welcomes the opportunity to include you and your skills in their team(s).
Q: What advice do you have for women entering the space today?
Start small and learn everything. Know who your resources are and where you can interact with others in your same position. Learn best practices and always know there is more to learn no matter how long you have been in this industry.
Jennifer McGuinness, President, Invigorate Finance
Q: What does your business unit do and what are your day-to-day activities?
Invigorate Finance is a closed loan mortgage conduit aggregator. We enter into contractual relationships with lenders to originate loans to our specifications and then buy the loans for sale or securitization. We specialize in Non QM, QM irrelevant (like HELOC), and business purpose loan programs.
As the President of Invigorate, I am the team leader. We work to grow relationships with our current partners and bring on new partners. With an internal credit team, we can offer both delegated and non-delegated options to our lender partners, giving them comfort that we will purchase the loans and that they meet the underwriting guidelines. Full lifecycle operations and credit are under my purview with management of the groups that report to me. This includes sourcing, financing and funding, talent management, program creation, training, and investment strategy.
Q: Where did you start your career? How did that first opportunity help you get to where you are today?
The start of my career in this sector was actually an accident. I was planning to become a lawyer but put myself through school as a mortgage loan underwriter and processor. I ended up going down a legal route where I focused on foreclosures, bankruptcies and other complex real estate and debt related litigation. I was asked to help build and run an acquisitions business that purchased scratch and dent loans and was a special servicer. This experience was the beginning stage of my life of loan knowledge basis and has led to senior and executive level roles with investment banks as well as REIT’s and Hedge funds. I have been lucky to have earned these diversified opportunities. In this sector of the business, most people are in one “silo” for their entire career i.e. credit only, trading only, etc. My background is multi-dimensional, so I look and assess from many different directions.
Q: What habits, mindset, or perspective has helped you succeed as a businesswoman?
I know that I can accomplish my goals and know that without efficient collaboration, it is not possible to have successful outcomes. Leadership should be leading, not dictating. I will never expect my team to work harder than I do and if they believe we can do something better or they believe I am making an incorrect decision, I welcome the discussion and their ideas.
I believe that not being afraid to stand up and say, “I want to own that project or this opportunity,” even in the beginning stages of my career. I may not have known everything to get it done on day 1, but I was confident that I would be able to learn what I needed which set me apart from the crowd.
Q: What activities or resources would you recommend for other women in the industry to invest their time in?
I have spent time mentoring other women who have entered the space and this has been very rewarding for both of us. I have also had excellent mentors and executive coaches who have helped me become who I am today. I am also an avid reader; do not believe a headline, do your own work to determine your views. I would counsel newer people entering the industry to seek mentors to help them learn, such as asking the person that you admire to show you how they became who they are and what they do. You may find that you want to pursue that direction, or you may find that you do not. This will help shape you and what your career should transform into.
Q: What advice do you have for women entering the space today?
My advice to the women in this industry is not to stand on the sideline but be in the game. Learning every aspect of the business can help you understand how other people do their jobs and how all the puzzle pieces fit together.
In addition, do not be afraid to get creative. Look at things differently and try a new approach. Even if something has never been done before, that does not mean it is not a good idea.
Debbie Copeland, Chief Compliance Officer, The Fay Group
Q: What does your department do and what are your day-to-day activities?
Fay’s Compliance department supports Fay and the affiliated businesses such as Mortgage Loan Servicing, Residential and Business Purpose Loan Originations, Correspondent Lending, Title Services, Property Management, and Realty. Our team also includes Quality Control, Issues Management, and Regulatory Change. My typical day entails a breadth of responsibilities across the business teams as necessary to run Compliance, including many conference calls and meetings.
Q: Where did you start your career? How did that first opportunity help you get to where you are today?
I started my career at CitiMortgage, the mortgage lending division of the global financial services giant Citigroup, in St. Louis, Missouri. During my 25+ years of experience, I have had the pleasure of holding roles in almost every department within mortgage servicing and originations. These experiences allowed me to develop a strong understanding of the entire process as well as the applicable laws, rules, and regulations.
Q: What habits, mindset, or perspective has helped you succeed as a businesswoman?
I always look for a new challenge. Rolling up my sleeves and fixing the biggest problem in an organization is very rewarding and self-motivating. It is also what allowed me to gain exposure and opportunities to move to the next challenge and the next opportunity.
Q: What activities or resources would you recommend for other women in the industry to invest their time in?
The Mortgage Bankers Association (MBA) has a variety of learning and designation programs available. If you are interested in Compliance, obtaining their Certified Mortgage Compliance Professional (CMCP) Certification and Designation would be helpful. Networking internally and externally can also be highly effective, as well as LinkedIn.
Q: What advice do you have for women entering the space today?
Do not be afraid to speak up in a meeting, even when you may hold the most “junior” title in the room. It might just be the “aha” moment that saves the day, solves the problem, or moves things forward.
Julie Joseforsky, President, Financial Services, The Fay Group
Q: What do your business units do and what are your day-to-day activities?
I oversee our lending businesses, direct, correspondent, and wholesale, as well as our title insurance company and corporate marketing. I spend half of my time every day helping the businesses achieve their strategic objectives and spend the other half focusing on the day-to-day business. I also mentor employees at my company and help them grow.
Q: Where did you start your career? How did that first opportunity help you get to where you are today?
I started my career at Transamerica Financial Services, a full-service non-prime mortgage lender. I was an Executive Branch Manager, responsible for all facets of lending. That was an invaluable experience early in my career that allowed me to really understand how to run a business on a micro level. As my career has advanced, it has allowed me to do parallel work on a more macro scale.
Q: What habits, mindset, or perspective has helped you succeed as a businesswoman?
Leadership has a servant component. As a leader you are there to enable and serve others, helping them to reach their full growth potential. Then, it is about working through your team members and ensuring that the business objectives are accomplished, rather than the other way around.
One important habit for me is meeting with my direct reports weekly and returning phone calls and emails daily. In my role, I work with the Business Teams to develop a strategic playbook, and we use this to discuss current and future objectives. This is still a people business, so despite all the models, technology, and automation, we never undervalue the critical role of human relationships.
Q: What activities or resources would you recommend for other women in the industry to invest their time in?
Networking and mentoring. I could not have achieved any level of success without the help of others, so I want to give back. Networking is an important aspect of the job, and every interaction is an opportunity to form a relationship. Never stop learning and be willing to invest time and accept that others may know more than you do.
Q: What advice do you have for women entering the space today?
Look for opportunities to start in a smaller organization and roles that allow you to stretch across disciplines to expand your knowledge and skill set. Early in your career, experience is greater than immediate financial gain, and the quality of that experience is important.
Helen Wilson, Chief People Officer, The Fay Group
Q: What does your department do and what are your day-to-day activities?
I lead our people strategy at Fay. We are focused on developing programs that evolve and enhance the employee experience and culture. We focus on the recruitment, onboarding, and management of talent. It is important that our efforts align, support, and reinforce our strategic priorities. Relationships that we foster with our business leaders and the engagement we have with our employees are keys to our success.
Q: Where did you start your career? How did that first opportunity help you get to where you are today?
I started my career in the mortgage industry with a national lender. My interest was in enabling individuals to improve their performance by working more closely with our people and teams. I was hired into accounting and assigned to a special project that allowed me to work closely with the senior leadership team and participate in additional skills-based projects. This introduced me to members of the Learning & Development organization and led to a Training Specialist role, which set the stage for my career path in Human Resources.
Q: What habits, mindset, or perspective has helped you succeed as a businesswoman?
I think resiliency is important. There is a quote from Babe Ruth that I love: “Every strike brings me closer to the next home run.” We all strike out from time to time, but how we manage, grow, and improve from the situation is what is important.
Q: What activities or resources would you recommend for other women in the industry to invest their time in?
Both networking and mentorship have been critical to my career. Having a network is so important, and professional relationships that you can lean on for knowledge, suggestions, referrals, and expertise are essential. My network has also provided me with access to roles that have enabled me to grow my career, as well as connections to the talent and capabilities of others.
Q: What advice do you have for women entering the space today?
Do not be afraid. Share your thoughts, articulate what you need, negotiate on your behalf, and make the decisions that are best for you. Balance what you do for yourself vs. what you do for others.
Shana Felman, Chief Accounting Officer, The Fay Group
Q: What does your department do and what are your day-to-day activities?
I oversee our Accounting shared services. My team works to ensure all aspects of finance and accounting, including treasury, payroll, accounts payable, accounts receivable, investor reporting, and investor accounting function correctly. I am responsible for cash forecasting, month-end close, financial reporting, and analysis. My day-to-day involves being the liaison for an audit or warehouse lender, providing financial reporting and month end financial analysis to other executives or the Board of Directors or working on strategic planning.
Q: Where did you start your career? How did that first opportunity help you get to where you are today?
I started my career in public accounting at FGMK LLC. I intentionally pursued a firm within the Chicago area’s top 15 largest firms instead of the big 4 because I wanted to gain experience and exposure to all aspects of the accounting world. That experience provided me opportunities to have hands on involvement in all areas of accounting. FGMK helped lay a solid foundation for my career. Since then, I have remained within the real estate/financial services industry.
Q: What habits, mindset, or perspective has helped you succeed as a businesswoman?
Leading by example and being a team player. In the accounting world, accuracy, attention to detail, adhering to deadlines, and providing value is key to success. It is important to take pride in your work and appreciate those who do good work around you, with you, and for you.
Q: What activities or resources would you recommend for other women in the industry to invest their time in?
It is important to invest time in networking, such as building relationships for a current need or leaving the door open for a future opportunity. Take the time to build relationships because they may develops into mentorships. Enroll in classes to maintain the latest knowledge on changes in the industry or expertise.
Q: What advice do you have for women entering the space today?
Do not take things personally; feedback helps you grow and learn. Be honest and ask questions. Do not sacrifice your principles or compromise your morals.
Tess Siwa, Head of Operations, Constructive Capital
Q: What does your business unit do and what are your day-to-day activities?
Constructive Capital provides capital for investor financing with many different business products, such as short-term fix & flip, long-term rental loans, and even new construction financing. As Head of Operations, I oversee a significant portion of the business, including the business intake pipeline, escalations, asset/portfolio management, partner reporting, and systems projects. I work actively with my team members across the business to manage this day-to-day.
Q. Where did you start your career? How did that first opportunity help you to get to where you are today?
One of my most valued roles early in my career was when I joined Morgan Stanley in the mid-90s, starting in Sales. Based on early success, I was offered a management opportunity, and our team became the top Sales Team in the Region. I was asked to take on several responsibilities that were new to me. It was a great opportunity to continue building my experience and skill set, with responsibilities to manage process, underwriting, external vendors, title, and even our appraisal division. This experience was formative in that it helped me to learn about the true value of real customer focus, understanding the needs and demands of our customers and learning how to make it work.
Q. What habits, mindset or perspective has helped you succeed as a businesswoman?
Be accepting of new challenges and take them head-on to improve results, but also take them to improve yourself and corresponding skillset. Keep in mind that this is business, it is not personal.
Q. What activities or resources would you recommend for other women in the industry to invest their time in?
If you see something interesting, go for it. Learn, absorb, and embrace new challenges, and take away at least one important aspect from the experience.
Q: What advice do you have for women entering the space today?
Stay focused on the matter at hand, even when it takes effort and arduous work. Always be willing to learn. Look for new opportunities to be empowered/trusted and then prove that you can get it done.
Alisa Neira, Chief of Staff, Financial Services, The Fay Group
Q: What does your department do and what are your day-to-day activities?
I manage two teams, both the PMO and Product Management resources. These teams collectively drive and support the execution of projects and strategic initiatives targeting risk reduction, regulatory compliance adherence, revenue generation, and operational efficiency. My day-to-day consists of partnering with executive leadership in the development and execution of their strategic plans and mentoring Project and Product Managers on how to navigate through project challenges, remove roadblocks, and implement strategic initiatives.
Q: Where did you start your career? How did that first opportunity help you get to where you are today?
My career started in the payoff and cashiering department for a small mortgage company and then led to positions with progressively more responsibility in the loan servicing and originations divisions with larger mortgage companies and banks. Through exposure to different departments and operational processes I developed a passion for project management, process improvement, and collaboration. This led me to seek my PMP certification and go into consulting where I would manage large projects and programs.
Q: What habits, mindset, or perspective has helped you succeed as a businesswoman?
I believe that my willingness to accept challenges, learn new skills, ask for help, and collaborate with peers and mentors has helped me shape my career. Collaboration improves how teams work together, solve problems, and design solutions. Everyone can reach their goals while working in a positive environment.
Q: What activities or resources would you recommend for other women in the industry to invest their time in?
I recommend that women in the project and program management fields join their local PMI chapter and attend the events. Networking presents opportunities to meet people at various levels and introduce you to different fields of business. Join special interest groups on LinkedIn that align with your areas of professional interest and targeted areas for growth.
Q: What advice do you have for women entering the space today?
Be confident, believe in your potential, put in the hard work, step outside of your comfort zone, and accept the most challenging tasks and assignments to grow. Seek advice from those senior to you and find a mentor in your field.
