Fay Servicing, LLC

Initial Business Response /* (1000, 5, 2014/08/12) */
August 12, 2014
[redacted] S. [redacted] Street
[redacted] XXXXX-XXXX
RE: Borrower(s): [redacted] A. [redacted]
Account Number: XXXXXXXXX
Revdex.com Case No.: XXXXXXXX
Dear Ms. [redacted]:
We are in receipt of your...

correspondence submitted through the Revdex.com (Revdex.com) portal on August 7, 2014, regarding the above referenced account and I have been assigned to research and respond.
Ms. [redacted] account boarded our systems on October 11, 2013. At the time of our acquisition, the account showed an unpaid principal balance (UPB) of $43,865.42 with a contractual payment of $529.91 at a 12.84% interest rate. A copy of the Security Instrument outlining the terms of the loan is enclosed for your review.
Please be assured we did not collect a monthly tax deposit or make any tax disbursements while we serviced the account. However, we did collect a monthly hazard insurance deposit of $38.38 due to the homeowner's insurance (HOI) policy we force placed. The account was delinquent at boarding and thus we force placed a Southwest Business Corporation HOI policy to protect the investor's interest in the property.
On May 10, 2014 and May 27, 2014, we received payments in the amounts of $488.00. The contractual payment amount was $529.91 and therefore we could not apply any funds less than the full amount due. We placed both of the $488.00 payments in a suspense account until we enough funds are received to satisfy the total monthly payment. Enclosed is a payment history detailing the application of these payments.
At acquisition, we waived all potential late fees on the account and assure no late fee charges were included in the payoff amount. The late charges that were assessed throughout our servicing of the account were waived on June 30, 2014. Please see the "late charge adjustment" description outlined on the enclosed history statement. We confirm that all late charges were waived and not included within the payoff statement.
The payoff amount indicated on the statement is more than the UPB due to additional fees being included with the UPB. The payoff amount included $43,370.79 as the UPB, $1,846.10 as interest accrued at 12.84%, $349.08 due to an escrow shortage and $1,953.68 due to recoverable corporate advances. On June 30, 2014, we received a payoff check for $47,096.87 to pay the loan in full. An escrow refund check for $15.26 was sent on July 2, 2014 as reimbursement. Additionally, an insurance refund
check for $14.07 will be sent shortly for the remaining forced placed premium refund. Copies of the payoff statement and a breakdown of the corporate advances are enclosed for your review.
The allocation of monthly payments towards principal and interest is determined by the amortization schedule of the loan. The exact amount applied to principal and interest each month varies depending on the term of the amortization schedule. The payment history will outline application of any payments received. We confirm we collected a $38.38 monthly hazard insurance deposit but did not collect any tax deposits.
We trust the information provided has addressed the concerns outlined in your correspondence. Should you have any further questions, please feel free to contact us at XXX-XXX-XXXX.
Sincerely,
[redacted]
Compliance Department
Fay Servicing, LLC
Enclosures
Initial Consumer Rebuttal /* (3000, 7, 2014/08/19) */
(The consumer indicated he/she DID NOT accept the response from the business.)
The company never sent me any refunds nor the above letter nor anything they listed above. The company charged for property taxes my deceased sister paid. I provided the verification to the Fay Serving co. Everytime I call the company I get voice mails and and my calls are not returned. I have asked the company verbally and via Email to send any correspondence to my address at [redacted] S. [redacted] since my sister passed away due to the stress they gave her.
Final Consumer Response /* (3000, 9, 2014/08/20) */
Please escalate my complaint. I paid off the house on 6/30/14 and have not received the deed for the property located at [redacted] W. [redacted]
Final Business Response /* (4000, 23, 2014/09/17) */
September 17, 2014
[redacted] S. [redacted] Street
[redacted] XXXXX-XXXX
RE: Borrower(s): [redacted]
Account Number: XXXXXXXXX
Property Address: [redacted] BLVD., [redacted] XXXXX
Revdex.com Case No.: XXXXXXXX
Dear Mr. [redacted]:
We are in receipt of your correspondence submitted through the Revdex.com (Revdex.com) portal on September 17, 2014 and I have been assigned to research and respond.
Thank you for your recent correspondence. We have carefully reviewed this matter and determined that in accordance with the Real Estate Settlement Procedures Act (RESPA) and Regulation X, Fay Servicing, LLC is not required to respond to this correspondence for the reason identified below.
The information requested is substantially similar to information previously requested which we have already responded multiple times in the past. You have not provided new and material information to support the asserted error. We have conducted an exhaustive investigation regarding your claims and have determined that no error has occurred.
Account Managers are available at X-XXX-XXX-XXXX Monday through Friday from 9 a.m. to 5 p.m. and Saturday from 10 a.m. to 2 p.m. Central Time.
We trust the information provided has addressed the concerns outlined in your correspondence.
Sincerely,
Compliance Department
Fay Servicing, LLC

Initial Business Response /* (1000, 7, 2014/03/31) */
Contact Name and Title: [redacted]
Contact Phone: XXX-XXX-XXXX
Contact Email: [redacted]@fayservicing.com
Dear Mr. and Mrs. [redacted]:
We received your complaint from the Revdex.com (Revdex.com) and Consumer Financial...

Protection Bureau (CFPB) regarding the Mortgage Statement and request for greater online capabilities. Enclosed is your payment history for your review.
We are in the process of updating our Mortgage Statements to reflect the escrow balance. Your escrow balance is currently $1,486.78. Your due date is correct on the statement, displaying due for the June 2014 payment.
We have been receiving your monthly payment of $1,314.23 along with a principal curtailment of $500.00; however, you have been paying ahead two months since we began servicing your loan in September 2013. Please contact us if you wish to change your payment applications.
At this time, we do not have an option to view some of your mortgage information online. We have an online payment option, and we are striving to have more online options available soon.
We hope this letter addresses the concerns raised in your complaints. If you have any additional questions, please call us at X-XXX-XXX-XXXX.
Sincerely,
Compliance Department
Fay Servicing, LLC
Initial Consumer Rebuttal /* (3000, 9, 2014/04/04) */
(The consumer indicated he/she DID NOT accept the response from the business.)
We have reviewed the response by Fay Servicing to our complaint that you have received. As our next mortgage statement of 04/01/14 is not aviailable to us on-line until after 04/13/14 or 04/14/14 and not received by us in the mail until after 04/17/14 or later; therefore, we have no way of knowing if the necessary corrections to the due date and the escrow balance have been made. But, Fay Servicing has again not explained why we have received TWO MORTGAGE STATEMENTS WITH AN INCORRECT DUE DATE AND NO ESCROW BALANCE. These statements remain on-line and have not been corrected.
Fay Servicing's statements1. the new statements are confusing and 2. they said they are not responsible for their mortgage statements accuracy. These are not valid or responsible answeres.
We can only conclude Fay Servicing has:
1. an antiquated and irresponsible accounting system,
2. they are running a two set of accounting books system, or
3. they are using a predetory accounting system to confuse mortgage holders into foreclosure or refinance.
This makes if all the more necessary and crucial that Fay Servicing immediately implement an on-line accounting system to provide transparency to all their mortgage holders.
Fay Servicing has not met any of our resolutions in this matter and our complaint still stands!!!!!
Final Business Response /* (4000, 21, 2014/05/14) */
[redacted]
[redacted]
[redacted] Dr.
[redacted] XXXXX
RE: Loan Number: XXXXXXXX
Revdex.com Case No. XXXXXXXX
Dear Mr. and Mrs. [redacted]:
We received your rebuttal from the Revdex.com (Revdex.com) regarding the Mortgage Statement and your request for greater online capabilities.

We understand that you want us to implement the requested changes, and we are working diligently to ensure your requests are fulfilled. This request is substantially the same as your previous requests for which Fay Servicing, LLC has previously responded. We have not received any new material to investigate.
As previously noted, we are recreating our statements to ensure the escrow balance is listed and the due date is correct. This is a complicated process involving our vendors that we hope will be completed soon. We are also striving to have more online options available soon. Again, we appreciate your patience while we continue to better serve all our valued customers.
If you have any additional questions, please call us at X-XXX-XXX-XXXX.
Sincerely,
Compliance Department
Fay Servicing, LLC
Final Consumer Response /* (4200, 13, 2014/04/21) */
(The consumer indicated he/she DID NOT accept the response from the business.)
We are pleased that Fay Servicing has finally got our due date correct on our April statement. However, our February & March statements still have not been corrected. Our actions to get a correct due date on our mortgage statements had been ignored by Fay Servicing until we filed a compaint with you. Why the due date was not correct has still not been explained!!!!
The total resolution to this case has still not been met. We still do not have a correct escrow balance on our statement. Why this balance was dropped beginning with our February 2014 statement has also not been explained. This balance has always been on our statements since this loan originated in 2007. Up-dating this balance by Fay Servicing will continue to go the same way as the on-line servicewith no action by them. Until these two solutions are met this complaint will not be resolved!!!!

There has been no resolution as of yet, now they are saying jefrey downey is away and they have appointed someone else which I was not notified until I called to find out what is holding things up. I get his coworker [redacted] that there were missing papers in order to get submitted. Does that mean it was never submitted? and [redacted] checked all the papers and the papers were their, now I had to resubmit my 2 month bank statement again because they needed new ones. I received a notice by mail that I need to submit 2 months pay stub, which I did and [redacted] didn't mentioned I needed, [redacted] is going to put threw the paper work. ill wait and see how that goes. I have seek legal help if after this nothing gets resolved. 
Complaint: [redacted]
I am rejecting this response because:
Sincerely,
[redacted]

November 24, 2015[redacted] Dogwood Drive[redacted]...

[redacted]                                   ...⇄ [redacted]           [redacted]
                                        ...⇄ Revdex.com
ID:                                 [redacted]Dear Mrs. [redacted]We are in receipt of your correspondence submitted to the RevDex.com (Revdex.com) on November 16, 2015. In your correspondence, you state
the loan was closed with the prior servicer.On September 01, 2015, the account service transferred to Fay from
[redacted]. However, we confirm that the mortgage loan was closed prior to
this date. As such, you no longer have a financial obligation or otherwise towards
the loan. Further, you will no longer receive any statements in relation to the
closed mortgage loan. Please be assured that we did not provide any
information, negative or positive, to the credit bureaus. We trust the information provided has addressed the questions outlined
in your correspondence. Should you have any further questions, please feel free
to contact us at [redacted]Sincerely,Compliance DepartmentFay Servicing, LLC

We have had our loan serviced with Fay for 2 years now. We have had 2 wonderful account managers. Our current account manager is always professional and eases my mind whenever I call in. If he is not available and I speak with someone else they are all very courteous. Our experience so far with Fay has been positive for sure.

Bad to do business with very dishonest and scam people,should lose their LLC and be put out of business.Rating them 1 to 10 with 10 being the best they are a -50,They bought out my mortgage and completely ignored the original agreement.they should be shut down!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!...⇄

February 8, 2017   William [redacted] & Cherryl [redacted] WI 54501  ...

RE:                                      �...⇄ Account Number:               [redacted]                                         ...⇄ Property Address:              [redacted], WI 54501                                         ...⇄ Revdex.com ID:                                 [redacted]   Dear Mrs. [redacted]:   Fay Servicing, LLC (“Fay”) is in receipt of your complaint submitted to the Revdex.com (“Revdex.com”) on January 30, 2017 regarding the above-referenced mortgage loan account, wherein you requested a return of payment funds in the amount of $1,113.34.   Fay acquired your mortgage account for servicing as of January 1, 2017 on behalf of the current owner of the loan, Citibank, N.A., as trustee for CMLTI Asset Trust of 390 Greenwich Street, 5th Floor, New York, New York, 10013. The account presently displays due for February 1, 2017 in the regular monthly payment amount of $1,113.34.   Previously, you had contacted your Account Manager on January 20, 2017 to schedule a one-time payment draft in the amount of $1,113.34, which was then withdrawn from your authorized bank account on January 21, 2017 and applied in satisfaction of the January 1, 2017 due date on January 28, 2017. However, you had also sent a check to our office made out for $1,113.34. This check was similarly received on January 21, 2017, and applied towards the February 1, 2017 due date. You later contacted your Account Manager on January 25, 2017 to request a return of this check as you indicated you mailed the payment funds prior to scheduling the draft on January 20, 2017. Therefore, pursuant to your request, the funds applied on January 21, 2017 to the February 1, 2017 payment were reversed on February 6, 2017. The escrow account was also analyzed on February 4, 2017 and found to hold a $124.92 overage. As such, the overage funds were combined with the reversed payment funds and returned to you as one check in the amount of $1,238.26 on February 7, 2017. Lastly, please be assured that no late fees were assessed in relation to this transaction nor was any negative credit information communicated to the reporting agencies. Enclosed is an account transaction history as reference.   We trust the information provided has addressed the questions and concerns raised in your complaint. Please contact your personal Account Manager, Abbie [redacted], at ([redacted] with any further questions.   Sincerely,   Compliance Department Fay Servicing, LLC   cc: Revdex.com   Enclosure     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...

Fay has been my servicer for several years and I have had 4 account managers. The first 2 were amazing the last 2 were awful and clearly didn't want to be doing their job and took that out on the borrowers they worked with. I am sure there are other good account managers employed by Fay I was not lucky enough to get one the 3rd or 4th times I got was assigned.

My mortgage loan was sold to Fay Services. I am writing to raise awareness of transitioning to Fay Servicing. I have had the unfortunate opportunity to be a borrower with Fay since [redacted] sold my loan to them one year ago. During this year, I have spent dozens of hours on the phone with customer service! I keep every email, print every receipt, and must scrutinize every bill. My first account manager, who no longer works for Fay, was the least effective individual in the customer service field. My new account manager is a nice man, however, he is limited with his ability to help me due to Fay's poor organizational skills, communication, and online system. Fay obviously didn't review my home insurance policies and added a HUGE fee each month to provide insurance for my home. I've had the same insurance company since the 90's! It took 10 months to prove to the company that my policy had always been active and that I'd sent them the information (with fax confirmations) several times. Eventually my account manager was able to get someone to listen and review the documents. My loan was finally credited with almost $1500. Being that I deal with healthcare insurance companies all of the time and know to keep a paper trail, this is something that the average person wouldn't have known to do. They would have had to pay Fay's fees, which seems like a huge scam in order for them to make money in hopes that people will give up over time. I continually have to call to check my account as the online services software doesn't update and has a "lag." In fact, information just disappears. I would recommend taking screen shots or printing everything. Keep copies of your bank statements, emails, and transactions. Document your phone calls . Monthly auto-payments are also a challenge for the system. It seems that even with a confirmation of set up, the system is still unable to recognize that you are making a payment. Is this another way to rack up late fees? I have also been told that they are not able to correct my name on the loan. I have never been [redacted]. That is obviously a typo! I have submitted marriage license, ID, and proof that I have never been the person they have listed on the loan. Why would they not want to use my LEGAL name?? It is frustrating to call in and continue to have remember to call myself by my first name and my maiden name doubled. As for me, I have requested my loan documents (on my second request!) to seek other opportunities for a loan provider. I would not recommend Fay Servicing to ANYONE and especially if they do not understand finance or insurance.

Communications with this company are non-existent and your "agent" will change at least six times before you give up. No matter what you read, they are not interested in your problems. They are a collection agency and are not there to help you. Even then, they have acted, in our case, with a complete lack of professionalism and are hesitant to give accurate information as to what you can and cannot do with your own property when you are in default. Do not let them string you along until they own your house. Get professional help from an attorney or other qualified 3rd party counselor, don't waste valuable time dealing with Fay.

We have had our home financed through Wells [redacted] for almost six years. In August of 2015 I went online to make my mortgage payment and it allowed me to do so. In September it still allowed me to do so. In October it had closed my mortgage account so I had to call the bank to find out they had sold our loan. They didn't tell us to whom they had sold it only that we "would receive information from the company soon." It took them TWO MONTHS to send us information and by that point the information they had gotten from the bank was from August 2015 prior to the payment I had made. Because it took them two whole months to contact us, and their records were from before I made two previous payments, their records showed us as four months behind on our mortgage. I called the company and after four days of back to back phone calls I was finally able to get our agent on the phone. He told me they needed the full $2000+ up front they would not take one payment at the time. I sent receipts and statements showing where I made those two payments before they finished buying our loan but they did not acknowledge it. We sent in paperwork to get the loan modified, but they lost it and took another month to send us new paperwork. I cannot afford a lawyer to take this to court and now we have had to do a Deed In Lieu of Foreclosure on our home. We will be moving in a few weeks but if my loan is ever sold to Fay Servicing again, I will do my best to fight it because this company is a complete joke!

We are unable to determine what Fay mortgage account you are referencing from the information provided in your complaint.

Revdex.com:
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]
Sincerely,
[redacted]

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

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

RE:                                      �...⇄ Account Number:               [redacted]                                         ...⇄ Property Address:              [redacted], SD 57703                                         ...⇄ Revdex.com Complaint ID:             [redacted]   Dear Mr. and Mrs. [redacted]   Fay Servicing, LLC (“Fay”) has received and reviewed your complaint submitted to the company Revdex.com (“Revdex.com”) 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:         Revdex.com     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.

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me.
Sincerely,
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