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Fay Servicing, LLC

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Fay Servicing, LLC Reviews (97)

We are unable to determine what Fay mortgage account you are referencing from the information provided in your complaint.
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me.  My loan #[redacted]

Complaint: [redacted]
I am rejecting this response because:
Sheldon [redacted]

May 4, 2017   David W. [redacted] & Donna L. [redacted], SD 57703  ...

RE:                                      ... Account Number:               [redacted]                                         ... Property Address:              [redacted], SD 57703                                         ... Complaint ID:             [redacted]   Dear Mr. and Mrs. [redacted]   Fay Servicing, LLC (“Fay”) has received and reviewed your complaint submitted to the company (“”) portal on May 1, 2017 regarding your mortgage account mentioned above. In your complaint, you requested removal of the escrow account requirement.   Fay received your executed Loan Modification Agreement (the “Agreement”) on February 7, 2017. Please understand that although the Agreement indicated the monthly escrow payment was $0.00, that amount may be adjusted periodically in accordance with applicable law and, therefore, the total monthly payment may change accordingly. Enclosed is a copy of your executed Agreement.   We later performed an escrow account analysis on February 16, 2017 to begin collecting escrow funds in payment of future tax bills. Specifically, effective with the monthly payment due on March 1, 2017, the principal and interest payment remained $706.38 while the escrow payment became $192.74. The monthly escrow payment includes a $175.22 deposit in payment of the 2017 Pennington County tax bill of $2,102.66 and a $17.52 deposit in repayment of the escrow account shortage. The minimum escrow balance required in your account is known as the Required Low Point. The Required Low Point is set in accordance with the mortgage contract, state or federal law. We then compared the Projected Low Point to the Required Low Point to determine the shortage.  You have a shortage of $1,051.34 because the Projected Low Point of negative $700.90 is less than the Required Low Point of $350.44. You have a shortage greater than one month’s escrow payment; your shortage will be spread over the next 60 monthly payments as a $17.52 deposit. Enclosed is a copy of the Escrow Account Disclosure Statement. The account is due for May 1, 2017 in the regular monthly payment amount of $899.12.     You may contact your assigned Account Manager, LaQuita [redacted], at ([redacted] with any further questions and/or concerns.   Sincerely,   Compliance Department Fay Servicing, LLC   Enclosures   CC:     Fay Servicing is a debt collector, and information you provide to us will be used for that purpose. To the extent your original obligation was discharged, or is subject to an automatic stay under the United States Bankruptcy Code, this is being provided for informational purposes only and does not constitute an attempt to collect a debt or impose personal liability. NMLS ID No. 88244 Tell us why here...

[redacted] sold our mortgage to a company that uses Fay Service. Since day one we have had nothing but issues with Fay. Every time I call to resolve an issue they are rude and condescending. The mortgage is in my husband's name but he sent in a letter stating I was given permission to deal with them on his behalf via certified mail. The next time I had to call to resolve an issue they claimed I wasn't authorized so I had to get my husband on the phone so he could verbally give me authorization even though he sent a letter in that we know the received. The next time I called in the same thing happened. Every time you call in it says how they are a debt service and anything said can be used against us when recovering a dept...This is extremely offensive as they service our mortgage and we pay every month ON TIME! So every time I call I am given this long read paragraph by an "account manager" about how they are a debt collection company; it is insulting to those who pay their bills on time. There "account managers" will talk down to you, argue with you and treat you like you are piece of trash. I received the mortgage statement today and saw that there was an amount listed as suspense funds. I called to see what that was about and was told that we over paid on the monthly payment and they put it in an account because they don't know what to do with it...well we over pay EVERY month and have told them to apply it to our principal. This has been the way it has been done for a long time but now they say they don't know what to do with the additional money??? Then the "account manager" informs me that to guarantee that the additional funds are applied to the principal I need to make the payment through them directly instead of going through our bill pay at our bank. This is BS! It is always something with this company and instead of wanting to help you all they want to do is blame us and argue, they NEVER take responsibility. You would think that treating your customers who pay their bills ON TIME would be treated with respect! I am a calm and understanding person but the people at this company cause me anxiety every time I call and I end up getting so upset because they won't listen.
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me.
Flennette [redacted]

My mortgage was recently sold to [redacted] Servicing, and ever since, communication has been a nightmare. First of all, they suddenly increased my payment by 33% due to some supposed escrow shortfall. When I finally got an account manager on the line, he assured me that it wouldn't be necessary to increase it that much and quoted me a much better figure still an increase, but reasonable because of property tax increase. But then the bill came and it was back again to the 33% increase! Now when I try to contact him, the number I have goes to an entirely different person, and when I have spoken to generic account representatives, they have no information about the conversation I had had with the original account manager! They originally had sent me this super friendly letter all about how personal their service is, but it is a load of hooey! Unfortunately, when it comes to mortgage servicing, I don't think the consumer has much control at all... Two thumbs down here for [redacted] Servicing!!

My Loan was recently sold to Fay Servicing. It has been a nightmare ever since. I cant get anyone to call me back, I leave countless messages with my account manager. They upped my mortgage by $350.00 and say it is a escrow shortage. I have lived in this house for 8 years and never has my mortgage been this high. I am completely beside myself. For the life of me I don't understand why this company is not being held responsible for there actions of ignoring home owners. It's horrible. I have read the reviews of just common customer service and it seems as no one is getting any from Fay Servicing. My next step is to call a lawyer. It's sad that it really has to come to that point. Huge thumbs down to this company. I would love for someone to call and request how many times I have called and left a message with no return call back when I am only trying to find out what is going on with my mortgage payment.

One of the worst Mortgage Company to ever deal with would not recommend to a dog no common sense...Why I am writing this review because nothing will be done anyway.v/r....De

Initial Business Response /* (1000, 5, 2014/06/30) */
Contact Name and Title: [redacted] Manager
Contact Phone: XXX-XXX-XXXX
Contact Email: [redacted]
Dear Mr. [redacted]:
We received your complaint to the regarding the late charges on your account,...

and I have been assigned to research and respond. Enclosed is a payment history for your records.
Fay Servicing, LLC acquired servicing of the above-referenced loan from [redacted] on June 17, 2013. At the time of the transfer, you had a zero late fee balance. After further review, your previous servicer did not assess a late fee on your account.
During our servicing, four late fees were assessed to your account, totaling in the amount of $403.03. A charge of $100.76 was assessed on 8/21/13, 10/16/13, 1/16/14, and 2/17/14. One late fee was waived on January 18, 2014, and you had paid $201.52 in late fees on January 28, 2014. Your payments are due on the first of the month, but your account has a 15-day grace period before incurring a late fee. Enclosed is a copy of your Note which confirms this information.
The first late fee was assessed when your August 2013 payment was returned for insufficient funds. Your account incurred the second late fee because we received your October 2013 payment on October 23, 2013. We received your January 2014 payment on January 28, 2014, and the February 2014 payment on February 27, 2014.
Fay Servicing posts payments on the same day they are received. Please provide us evidence that we received these payments before the processing date, such as a mailing confirmation, and we will then be able to research this matter further. Should you provide proof that such payments were received prior to the grace period, we will waive the late charge.
We trust this letter addresses your concerns. If you have any questions, please call us at X-XXX-XXX-XXXX.
Compliance Department
Fay Servicing, LLC

I recently went through the process of trying to get a loan modification from [redacted] of [redacted] They put me on a trial modification. Everything was going as planned then I got a letter dated July 14, 2015 that my mortgage had been sold to Fay industries and that they would take over August 1, 2015. I was going through chemotherapy and radiation treatments trying to work the modification out. I am just wondered why I have not heard anything from this Fay Servicing, LLC. No one has called or contacted me about what happens to my modification. I am still seeing doctors and getting treatment. I am already not happy about Fay.

We have had our mortgage through another company for years. Our mortgage was sold in the spring of 2014 to Fay Servicing, LLC and WHAT A NIGHMARE! We have had numerous conversations with them and attempted to straighten out everything without success. They have tried to raise our payment 3 times because our "escrow account was short", and have had to submit documentation over and over to show it is not! Attempting to get ahold of someone at this company is impossible. Just last week we were told we have another customer service rep and were transferred only to be HUNG UP ON! We have resulted in not paying our payment after almost a dozen attempts to get ahold of someone with the prospect that JUST MAYBE someone will call us! Its a disgrace this company exists. Fay servicing must have the WORST customer service of any company I have ever dealt with. Sadly, we have NEVER been late on a payment until now. Pitiful! My husband and I have considered moving and letting the house go into foreclosure just to get out from underneath the mortgage company.

POOR. My bank sold my mortgage to these jokers. Snotty "Gosh you are boring me" with an "I'm so much smarter than you" attitude from account managers and slow service. 5 days to return a payoff for a mortgage? SERIOUSLY? How are they delivering it - pony express? There is this cool thing called the INTERNET, E-MAIL and TELEPHONES. Perhaps you have heard of them....

What a joke Fay is. We had our mortgage sold to them and ever since it has been a nightmare. 5 account managers ( having to start over with each it they have hired), unnecessary run around to multiple it that have no idea how to run a business, and finally no regard or concern for the customers needs. ** Fay, You should be ashamed of the company with your name ... losers! Very unprofessional and questionable ethics.
I will never do business with these incompetent fools again. If my loan is sold to them again I will find another mortgage company and refinance. Fay - [redacted]
Also don't believe the ... A+, your kidding, Right? Obviously they are protecting this scam organization.

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Address: 440 S La Salle St STE 2000, Chicago, Illinois, United States, 60605-5011


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