Special Servicer Fay Servicing expands with the opening of a second office in Oakbrook Terrace, Ill.
The new office builds upon the company’s existing office space in Chicago, where the firm’s CEO Ed Fay remains committed to providing 1950s and 60s style loan servicing to clients and borrowers who desire the type of high-touch, direct borrower contact that enables the company to get distressed loans performing again.
Fay Servicing said a second office location was needed to accommodate the servicer’s significant business growth. The expansion also allows Fay to tap into mortgage talent located in the western and northern suburbs of Chicago.
In February, Fay Servicing said its 2012 annual revenue grew by 250% from the previous year. A month later, Fay Servicing announced the opening of a new office.
HousingWire sat down with the firm’s CEO Ed Faye at a recent servicing conference in which he discussed the firm’s philosophy of finding the right combination of performing and non-performing mortgages for its servicing portfolio.
The firm, founded in 2008, entered the market after recognizing the servicing function had become far removed from the customer-centric approach preferred in the mid-20th Century.
Building from the ground up, the company expanded to where it's now reporting significant annual revenue growth and adding new office space.
"Our efforts to expand the company and hire top-tier mortgage talent in new geographies will allow us to continue to build strong relationships with borrowers and maximize loan value, which are our primary goals," said Ed Fay, CEO of Fay Servicing.