Fay Servicing Allows Clients to Access Borrowers’ Budget Analysis

""Fay Servicing"":http://www.fayservicing.com/ made available the results of its in-depth Personal Budget Analysis (PBA) service to clients.

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Clients can access the results of the PBA through the company's browser-based reporting portal. Fay Servicing explained the PBA improves transparency and makes it easier to analyze the financial health of borrowers.

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To complete a PBA, borrowers must contact their single point-of-contact to conduct an in-depth analysis of the their income and expenses. The results of the analysis will be available on a summary page, which is then sent to the borrower, and the data is made available to the client.

""Fay Servicing's PBA results offer a flexible and improved tool for analyzing borrowers' spending habits and strengthens their ability to keep their homes,"" said Ed Fay, CEO of Fay Servicing. ""It also offers a way for lenders to be more aware of their borrowers' evolving financial situations and estimate long-term profitability of their customers.""

The company explained PBAs are used to achieve three main objectives: to establish a trusting relationship with the borrower by forming an open line of communication and educating borrowers on sound spending practices; make Fay Servicing, its clients, and borrowers aware of borrowers' ability to pay their mortgage; and determine the borrower's desire to stay in the home.

Chicago-based Fay Servicing is a special servicer that manages distressed and at-risk residential loans.