Frequently Asked Questions
Fay Servicing did not buy your loan but the servicing was transferred to us. Your prior servicer should have notified you in writing. Fay Servicing also sends out written welcome packages, please contact us if you did not receive one.
Monday - Thursday: 8:00 a.m. - 9:00 p.m.
Friday: 8:30 a.m. - 5:00 p.m.
Saturday: 10:00 a.m. - 4:00 p.m.
Operating hours are Central Time.
Pay by Phone: Contact your Account Manager at 1-800-495-7166 to pay your mortgage immediately over the phone. There is no fee for this service.
Pay by Mail: Complete and detach the payment coupon at the bottom of your monthly statement and mail your payment using the pre-addressed envelope. Don’t forget to write your loan number in the memo section of your check. If you have misplaced or did not receive your statement, please refer to the Contact Us page or call your Account Manager to obtain the correct mailing address for your payment.
Pay with Automatic Monthly Payments: ACH is a convenient, economical and efficient way for you to make your monthly mortgage payment. No checks, no stamps, no worry. Using this method, your payments are automatically deducted every month on the date that you choose. Contact your Account Manager for details.
Yes, you have the option to make extra principal payments. Please be sure to clearly detail the amount of the extra principal payment on your payment coupon. Your loan must be current with no outstanding fees before an extra principal payment will be applied. The benefit of making extra principal payments is that your account will mature sooner resulting in less interest being paid over the life of the loan.
Contact your Account Manager at 1-800-495-7166.
An escrow account (also known as an impound account) is an account established for the payment of property taxes and insurance premiums for the mortgaged property. Funds are deposited to the escrow account from monthly payment amounts made in addition to the principal and interest amounts due. Note that payment of supplemental tax bills may not be made from your escrow account. Please pay any supplemental tax bills directly to the taxing authority.
Call us at 1-800-495-7166 and ask to speak with your Account Manager who can walk you through the process of setting up an escrow account.
Mortgage Servicing Fee Schedule
Please note that the fees listed below only apply if the mortgage loan is serviced by Fay Servicing, LLC and not necessarily and other type of account. These fees are subject to change.
|Fee Type||Fee Description||Fee Amount|
|Late Change Fee (%)||A fee assessed for a payment received after the due date and applicable grace period expiration||0.00% - 15.00%; Amount assessed in accordance with mortgage loan documents and applicable state law|
|NSF or Returned Check Fee||A fee assessed when a payment is rejected or returned due to insufficient funds in the originating bank account||$0.00 - $50.00; As allowed by applicable state law|
|Property Inspection Fee||A fee charged when Fay Servicing is required to determine the condition of the mortgaged property||$12.50 - $500.00; Varies by actual fees & costs|
|Property Preservation Fees & Costs||A fee charged in relation to preservation, restoration and protection of the mortgaged property||$1.00 - $2,500.00; Varies by actual cost incurred|
|Bankruptcy Fees & Costs||A fee charged as a result of filing bankruptcy proceedings||$50.00 - $1,150.00; Actual fees & costs as allowed by applicable state law or court of jurisdiction|
|Bankruptcy Attorney Fees||A fee charged to compensate an bankruptcy attorney for services rendered||$50.00 - $1,150.00; Actual fees as allowed by applicable state law or court of jurisdiction|
|Foreclosure Attorney Fees||A fee charged to compensate a foreclosure attorney for services rendered||$800.00 - $1,500.00; Actual fees & costs as allowed by applicable state law or court of jurisdiction|
|Foreclosure Fees & Costs||A fee charged as a result of filing foreclosure proceedings||$550.00 - $1,300.00; Actual fees & costs as allowed by applicable state law or court of jurisdiction|
|Litigation Fees & Costs||A fee charged as a result of litigating a claim against a borrower||$215.00 - $10,000.00; Actual fees & costs as allowed by applicable state law or court of jurisdiction|