by Ruth Lee, CMB
In my ongoing series on exceptional leadership, I’m thrilled to share the story of Paul Thomas, an executive whose influence ripples through the financial services sector. I’ve had the privilege of observing Paul’s transformative approach to leadership—a fusion of financial expertise, strategic foresight, and human-centered management. What stands out about Paul isn’t just his mastery of capital markets or risk management; it’s his ability to see the big picture, anticipate seismic shifts, and guide organizations through both stability and upheaval. His reputation is well-earned: Paul is a leader who doesn’t just keep pace with the industry; he stays several steps ahead.
Leadership Sharpened by Crises and Innovations
In financial services, you can’t afford to wait for the perfect moment—you have to make decisions when the stakes are high, the clock is ticking, and the data only tells part of the story. Paul knows this all too well. His career has been a series of defining moments where his ability to navigate complex liquidity issues, risk exposures, and shifting asset values has separated him from the pack. Leadership, for Paul, isn’t about being reactive—it’s about staying ahead, reading the market's pulse, and taking calculated risks when others hesitate.
The Moment That Shaped His Leadership
Like all great leaders, Paul didn’t start out fully formed. Early in his career, a colleague made an offhand remark that stopped him in his tracks: “You know, you don’t have to micro-manage us.” For Paul, this was a lightbulb moment. He realized that leadership isn’t about control—it’s about empowerment. This became a cornerstone of his philosophy: build strong teams, give them the tools they need, and then—importantly—get out of the way and let them succeed. It’s an approach that has served him well, earning him not just respect but loyalty and high performance from those who work under his guidance.
Facing the Financial Storm: Crisis Leadership at Its Finest
We all know that the financial crisis of 2007 was a defining moment for the industry, but for Paul, it was a personal crucible. The moment stands out: Paul, attending an offsite meeting, gets a call from his trading desk. There are no bids on any of their non-agency mortgage pools. The entire market was on the brink of collapse. Without missing a beat, Paul knew what had to be done. He immediately advised his CEO to shut down non-agency products. This wasn’t just a quick decision—it was a crucial one, made with full clarity about the risks involved. His takeaway? Transparency and communication aren’t just buzzwords—they’re the lifelines that keep an organization together when the waters are churning.
Finding His Stride at SunTrust: The Art of Trust and Performance
Paul’s journey with SunTrust was where his leadership really came into full bloom. He wasn’t brought in to babysit the status quo; senior management saw something in him—a leader who could not only navigate but transform. Originally in a finance role, Paul was tapped to head Capital Markets. The financial crisis battered the mortgage division, and Paul had to quickly build trust with every level of the organization, from frontline staff to C-suite executives. Through open communication and a relentless focus on performance, Paul didn’t just turn the ship around—he helped sail it into calmer, more profitable waters. His leadership philosophy? Empower your people, set the course, and then let them steer.
Innovation as a Leadership Imperative
For Paul, innovation isn’t a buzzword—it’s a mandate. He doesn’t just demand execution from his teams; he invites them to the strategy table, challenging them to find new, better ways to solve old problems. Paul understands that the status quo is a slow death in a rapidly evolving industry like financial services. So, he empowers his teams to lead the charge in innovation, always with one eye on operational excellence and the other on the future.
Harnessing Fintech to Transform the Mortgage Industry
Paul’s enthusiasm for fintech and emerging technologies is more than talk—it’s his blueprint for the future. While the mortgage industry has made great strides in borrower underwriting, Paul sees a wealth of untapped potential in the backend: funding, closing, and secondary markets—these areas where Paul believes fintech can revolutionize how we do business. His vision? To apply technology to improve liquidity and efficiency, particularly as traditional players like the Fed and GSEs pull back as buyers. By leveraging fintech, Paul sees an opportunity to reduce borrowing costs for homeowners while making the entire system more efficient.
A Leader With a Bird’s-Eye View of the Mortgage Ecosystem
What sets Paul apart from other financial executives is the sheer breadth of his experience. He’s not a one-trick pony focused solely on capital markets or servicing. Paul’s career has spanned the entire mortgage ecosystem, from origination to securitization. He has led financial forecasting, built risk governance frameworks, and streamlined operations to enhance loan quality—all while working closely with sales and fulfillment teams. He’s done it at big bank-owned mortgage companies, smaller independents, and even GSEs, giving him a panoramic view of the industry that few others can match. This unique combination of experiences allows Paul to see the big picture and ensure every part of the machine runs smoothly, efficiently, and profitably.
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