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Corporate Overview

Fay Servicing, LLC (“Fay Servicing” or “FAY”) is a mortgage servicing firm that specializes in managing distressed and at-risk residential whole loans. FAY differentiates itself by leveraging its unique talent, model, and process to build uncommonly strong relationships with borrowers. Combining this relationship-based servicing strategy with FAY’s philosophy of directly aligning its interests with those of its clients has created a servicing platform focused on maximizing loan value.

Background & Brief Corporate History

  • Fay Servicing was incorporated in early 2008 and is headquartered in Chicago, IL with additional offices in Oakbrook Terrace, IL and Dallas, TX
  • Diverse client base comprised of institutional investors and banking institutions (including a top 5 U.S. bank as measured by total assets)
  • Licensed in all 50 states, D.C., Puerto Rico, and the U.S. Virgin Islands; HAMP servicer and FHA servicer since 2010
  • Fitch Residential Subprime and Special Servicer Rating: RPS3 and RSS3, resp. (proficient in overall servicing ability); Outlook Stable
  • S&P Residential Mortgage Subprime and Special Servicer Rating: AVERAGE with a Stable Outlook
  • DBRS Operational Assessment Result: Approved for RMBS servicing with no backup required
  • Technology: MSP (Mortgage Servicing Platform) from LPS (ticker: LPS) and client portal from Meridian Asset Services
  • Winner of “Illinois Workplace Achiever” designation awarded by Chicago Tribune based on employee survey which ranks FAY among the top 126 places to work in Illinois
Key Differentiators of FAY’s Relationship-Based Servicing Approach

Our Process
  • Complete borrower budget analysis to establish relationship and trust
  • Customize optimal plan and manage borrower through
Our Model “True SPOC”
  • Incentive-driven comp
  • Increased accountability
  • Simplified borrower engagement process
Our Talent
  • Combining deep origination intelligence and sales skills
  • Average 11 years of mortgage experience
Feedback from Phoenix Collateral Advisors upon completion of 2012 O.C.C. Consent Order Audit

“In the opinion of PCA (Phoenix Collateral Advisors), the Fay SPOC model is the closest thing that exists in the industry to meet the Single Point of Contact requirements established in the O.C.C./O.T.S. Consent Orders and the State (Attorney General) Settlement. Further, PCA believes that the Fay model is relatively unique in the servicing industry and one that other Servicers are struggling to emulate generally due to the size of their delinquent portfolios and an ingrained model that relies on specialized division of labor (i.e. customer service, collections, loss mit. etc.).”

Relationship-Based Servicing Drives Superior Results on both NPLs and “At-Risk” Performing Loans

Fay Servicing’s model has resulted in industry-leading performance results. The combination of FAY’s ability to effectively connect with borrowers, establish trust and repair credit as it designs and executes optimal resolutions plans has directly led to higher-yielding loans, lower re-default rates, and fewer foreclosures.

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