Frequently Asked Questions
Take note of the servicing transfer date in the notice that you received from your current mortgage servicing company; this is the date when Fay Servicing becomes your mortgage servicer and can begin to assist you with your loan. Visit our New Customer Welcome Page for more information on what to expect before and after the transfer date.
Monday–Thursday: 8:00 a.m.–7:00 p.m
Friday: 8:00 a.m.–5:00 p.m.
Saturday: 9:00 a.m.–12:00 p.m.
Operating hours are Central Time.
You can sign into your account from our homepage to make a payment online. If this is your first time doing so, you’ll need to register for online account access. You may also make a payment over the phone using our automated voice system by calling 800-495-7166. To send your payment in the mail, please use the return envelope included with your billing statement or visit our Contact Us page for the correct mailing address. Remember to include your account number on the memo line of your check.
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.
Please note that the fees listed below only apply if the mortgage loan is serviced by Fay Servicing, LLC, and not necessarily any other type of account. These fees are subject to change.
|Fee Type||Fee Description||Fee Amount|
|Late Charge 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||$653.00–$2,175.00; 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||$653.00–$2,175.00; 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|
|Payment Convenience Fee||A fee charged when a payment is made through an Agent||$0.00–$15.00; As allowed by applicable state law|
|Recast Fee||A fee charged charged when a loan is recast when a minimum curtailment of $10,000 is made by a borrower||$250.00; As allowed by applicable state law|
|Other Fees||A fee assessed when the borrower submits a request associated with payoff, partial lien release, subordination, lien release, or task of such nature to facilitate a request outside of standard servicing of the account, as applicable by state||$0.00–$500.00; Varies as by request type|