Items Tagged with 'Fay Servicing'


  • CFPB hits Fay Servicing with $1.15 million fine for illegal foreclosure practices

    Servicer fined for “keeping borrowers in the dark” about foreclosure options
    The Consumer Financial Protection Bureau announced Wednesday that it is fining Fay Servicing more than $1 million for “illegal foreclosure practices.” According to the CFPB, an investigation found that Fay Servicing was “keeping borrowers in the dark” about their foreclosure prevention options and pursuing foreclosure actions even as borrowers were actively seeking help to save their homes, a practice sometimes referred to as “dual tracking.”
    Read More
  • Here’s how much mortgage servicing Altisource Residential is offloading

    SEC filing reveals contract details with BSI Financial and Fay Servicing
    Last month, HousingWire reported that Altisource Residential agreed to separate mortgage servicing contracts with two vendors, Fay Servicing and BSI Financial Services. What wasn’t known at the time was just how much servicing Altisource would be transferring, but a recent filing with the Securities and Exchange Commission reveals the size of the contracts.
    Read More
  • Fay Servicing adds new member to executive team

    Andy Laing hired as chief operating officer
    Fay Servicing hired Andy Laing to its executive team as chief operating officer, where he will lead all of the firm’s servicing, default, business intelligence and back office operations, as well as help manage new strategic initiatives.
    Read More
  • Fay Servicing hits its ratings target

    Obtains first servicer ratings from Fitch, S&P
    Special Servicer Fay Servicing reached a milestone this week, achieving its first servicing ratings from Fitch and Standard & Poor’s — a development that gives the firm a leg up with investor clients that may be considering entrance into the private-label mortgage securitization space.
    Read More