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Fay Servicing Response to CFPB Agreement

[Chicago, IL] Fay Servicing, LLC has reached an agreement with the Consumer Financial Protection Bureau (CFPB) regarding allegations that it failed to comply with rules governing the loss mitigation process for borrowers who were in default on their mortgages. Fay has agreed to pay $1.15 million in redress to the affected borrowers. No penalty was…

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Servicers: Here’s how you can control mounting operation costs

Servicing costs continue to increase as servicers deal with increases in compliance costs, including the recent  900-page servicing rule which goes into effect later this year. During the session Innovation and Technology: Finding Efficiencies in Servicing Operations at the Mortgage Bankers Association’s National Mortgage Servicing Conference in Dallas, panelists discussed how to find efficiencies in servicing.…

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Fitch Affirms Fay Servicing’s RMBS Servicer Ratings

NEW YORK–(BUSINESS WIRE)– Fitch Ratings has affirmed the following U.S. residential mortgage servicer ratings for Fay Servicing LLC (Fay): –U.S. residential primary servicer rating for Subprime product at ‘RPS3+’; Outlook Stable; –U.S. residential special servicer rating at ‘RSS3+’; Outlook Stable. The servicer ratings and Stable Outlook reflect Fay’s experienced management and staff, robust single point…

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Fay Servicing Promotes Patrick Norton to President of Loan Originations and Greg Reed to Senior Vice President of Account Management

CHICAGO–(BUSINESS WIRE)–Fay Servicing, a residential mortgage special servicer and originator, has selected Patrick Norton as the new president of its origination division, Fay Mortgage Services (Freddie Mac, Ginnie Mae/FHA approved lender), and Greg Reed to replace him as senior vice president of account management. In his new role, Norton manages all originations activities including sales,…

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Fay Servicing Hires Wanda Montgomery to Lead Foreclosure Department

CHICAGO–(BUSINESS WIRE)–Fay Servicing, a residential mortgage special servicer and originator, has selected Wanda Montgomery to join as the firm’s senior vice president of foreclosure operations. In her new role, Montgomery will be based out of Fay Servicing’s Carrollton, TX office and she will lead the foreclosure department across multiple locations while reporting directly to Andy…

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Fay Servicing Receives Freddie Mac Approval

CHICAGO–(BUSINESS WIRE)–Fay Servicing, a residential mortgage special servicer, announced that it has now been approved as a Freddie Mac seller and servicer. This is an important designation for Fay Servicing that validates the company’s expertise, servicing success and commitment to compliance. This approval allows Fay Servicing to both sell conventional loans to Freddie Mac, as…

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From The CEO: Securitization Relabeled by Ed Fay

Returning private-label securitization to the housing market will require more than rebranding By Ed Fay, founder and chief executive officer, Fay Servicing Many people who earn their living in the residential mortgage industry are eager to see the private-label securitization(PLS) market come back to life in a responsible way. Recent deals such as the first…

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Fay Servicing Opens New Office in Dallas; Expands Special Servicing Staff

Provides jobs for experienced local talent. CHICAGO–(BUSINESS WIRE)–Fay Servicing, a special servicer that manages residential mortgages, announced that the company has opened an office in the Dallas metro to take advantage of the tremendous talent available in the region. Fay Servicing’s staffing model is based on hiring former loan originators and leveraging their strengths via…

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Fay Servicing Adds RES.NET’s REO Portal to Manage Portfolio

RES.NET, a California-based software applications firm serving the real estate industry, has partnered with Fay Servicing to provide Fay’s clients access to RES.NET’s expansive network of agents and vendors through the company’s REO Portal. Through the platform, Fay clients also access to RES.NET’s set of customizable operating tools to allow compliance while maintaining efficiencies. “Under…

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