Fay Servicing trains loan originators on how to become top-notch servicers

Lending experience makes for better loan servicing, company says

Since its launch several years ago, Fay Servicing has remained focused on developing a special servicing shop that offers 1950s-style servicing to borrowers.

To keep up with this mandate, Chicago-based Fay Servicing announced a new employee-training program for recent hires that advises them on how to foster closer relationships with borrowers who are in distress.

The program also weighs in on compliance issues and is designed to help new hires move from their past experiences in loan originations to servicing.

Essentially, the firm is finding talent in the mortgage industry and tweaking those skills to create servicers who can comply with all national servicing guidelines and with Fay's internal mandates.

The sessions also cover how to manage a borrower's call, communications and listening skills and how to conduct a personal budget analysis for borrowers to help them determine what is affordable for them going forward.

"By selecting employees with previous experience in the mortgage industry, we are able to focus our time on the necessary skills that will make them special servicing experts," said Ed Fay, chief executive officer. "Experienced and well-trained staff have fueled our growth during the past several years."