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Tag Archives: Fay Servicing

CFPB Takes Legal Action Against Mortgage Servicer for Noncompliance

The Consumer Financial Protection Bureau announced Wednesday that they found a Chicago-based mortgage servicer in violation of federally mandated rules, and subsequently ordered restitution payments and system changes. The investigation found the mortgage servicer did not provide ample information about foreclosure relief options. Restitution requirements come in the form of a fine and procedural changes.

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Fay Servicing Opens REO Division

Fay Servicing, a Chicago based diversified mortgage company, announced intentions to expand its portfolio by launching an REO division. Glenn Brooks has been selected to head up the new department, serving as Senior Vice President. In that role, Brooks will provide strategic direction and manage outside relationships vital the division’s success.

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Fay Servicing Welcomes New SVP

Fay Servicing, a residential mortgages servicer, announced the addition of Nancy Barthel to its executive team as SVP of operational risk. Her role will be to develop and strengthen the company's QA/QC programs, as well as managing risk across the organization.

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S&P, Fitch Issue Stable Outlooks for Fay Servicing

Fay Servicing, a Chicago-based special servicer, has earned stable outlooks from both S&P and Fitch Ratings. According to the agencies' assessments, the rating actions are based on Fay's robust single point of contact (SPOC) model and integrated servicing technology.

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Fay Servicing Launches Job Program to Support Transitions to Servicing

Fay Servicing, a Chicago-based special servicer, announced the launch of an initiative to create strategic partnerships with mortgage lenders and help train originators for careers in servicing. The program is designed to provide training to hone key skills such as managing initial calls with borrowers, meeting compliance requirements, and conducting a Personal Budget Analysis (PBA) for borrowers.

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Industry Veteran Joins Fay Servicing’s Executive Team

Fay Servicing, a special servicer based in Chicago, strengthened its legal team with the hiring of industry veteran Loren Morris, Esq. Morris, who has more than 25 years of experience in financial services, mortgage banking, servicing and secondary marketing, was appointed to serve in three roles-as general counsel, chief compliance officer, and EVP.

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