Business Profile

Mortgage Lenders

Fay Servicing LLC

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Complaints

This profile includes complaints for Fay Servicing LLC's headquarters and its corporate-owned locations. To view all corporate locations, see

Customer Complaints Summary

200 total complaints in the last 3 years.
64 complaints closed in the last 12 months.

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Submit a Complaint

The complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.

Initial Complaint
Date:11/08/2023
Type:Service or Repair Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
My got Fay servicing LLC with my dad name *********************** he passed away almost 15 yrs ago. I ************************* did research on his company and it doesn't make sense and other are having problem with this company they won't a small they want it all and threatening to the house. But I found out it's a scam runner by *************************. She fraud a insurance policy in me and did a fake death certificate using ***** funeral home in ******* ** signed his name . She used my name in my medical insurance marriage property fraud money from government in my name . Signed her Dr name to get medicine and document Dr ************ ******* she fraud ssi for friends and kids she sells her kids so hacking my phone and other to get to there bank account to get off them and Amazon buy stuff with people account she using **** number to call I have the phone Incase u need I have over sea proof intercom app to **** stuff like pic and video she hacks phones and tv will take naked picture post online she put Mr as a excort to see me to make money off Me. She does it with kids she needs stopped hired a hitman to kill Me hacked my car yes I wrecked she cops in ***** township she sold her kids to a ************** She ran me over with a car and no charges she been using business for 4 yrs that I know of all over ******* ** she works with ************************* a judge ************************ and officer ******************* township police that why she don't get in trouble she owes over ****** to people she stoled from her boyfriend helps her and uses ****** map intercom and duck duck go and Yahoo many many her family owns **** garbage hauling
Business Response
Date: 11/14/2023
November 14, 2023

*************************
Sent via BBB Portal

RE: Property Address: *******************************************************
BBB Complaint Number: 20830466

Dear *************************:

Fay Servicing,LLC (***) has received and reviewed the complaint that you submitted to the Better Business Bureau (BBB) portal on November 8, 2023, regarding the above-referenced mortgage loan. Fays responses to the specific concerns raised in your complaint are provided below.

In your complaint, you state that *** pursued foreclosure proceedings and would not accept funds for less than the full amount owed. You request an explanation of the charges, as you state you discovered you were the victim of a fraudulent scam.

Our records do not reflect that ************************* is an authorized third party on the account. *** values and protects its customers confidential information. As such, we do not provide personal information to unauthorized third parties. We have enclosed a copy of our blank third-party authorization form. Please provide the borrowers authorization so we can add it to the account and communicate with you.

Fay Servicing,LLC can be reached at ************ Monday Thursday 8:00 A.M. 7:00 P.M.,Friday 8:00 A.M. 5:00 P.M., and Saturday 9:00 A.M. 12:00 P.M. CST.

Sincerely,

Fay Servicing,LLC

Enclosures (1)
Initial Complaint
Date:11/03/2023
Type:Billing Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
I am writing to report a significant overcharge issue on my account (Loan #*********** with Fay Servicing. The excessive amount of $10,137.43 has been charged for lenders-placed insurance. The breakdown is as follows:- 10/1/2022: $10,137.43 for lenders-placed insurance.During this period, I had my own insurance in place, making these additional charges unjustifiable. Despite my attempts to resolve this issue, Fay Servicing has been unresponsive and unhelpful.I urgently request that Fay Servicing rectify this error and refund the full overcharged amount of $10,137.43. Please provide a timeline for resolution. Your prompt attention to this matter is essential.
Business Response
Date: 11/10/2023
November 10, 2023

*********************
Sent via BBB Portal

RE:                          Account Number:                            0004001471
                                BBB Complaint Number:               20819773

Dear *********************:

Fay Servicing,LLC (***) has received and reviewed the complaint that you submitted to the Better Business Bureau (BBB) portal on November 3, 2023, regarding the above-referenced mortgage loan. Fays responses to the specific concerns raised in your complaint are provided below.

In your complaint, you state that there is a significant overcharge on the account and an excessive amount of $10,137.43 has been charged for lender-placed insurance. You maintain that the property was adequately insured during the time in question, making the charges unjustifiable, and despite your attempts to resolve the issue, *** has been uncooperative.

After our investigation, we concluded our records do not reflect that ********************* is an authorized third party on the account and we do not have authorization from the borrower to provide account information. *** values and protects its customers confidential information. As such, we do not provide personal information to unauthorized third parties. Therefore, we are sending our response directly to the borrower.However, we have enclosed a blank copy of our third-party authorization form.Please provide the borrowers authorization so we can add it to the account and communicate with you.

Fay Servicing,LLC can be reached at ************ Monday Thursday 8:00 A.M. 7:00 P.M.,Friday 8:00 A.M. 5:00 P.M., and Saturday 9:00 A.M. 12:00 P.M. CST.

Sincerely,

Fay Servicing,LLC

Enclosures (1)
Customer Answer
Date: 11/13/2023

Complaint: 20819773

I am rejecting this response because: see attached authorization, please respond

Sincerely,

*********************
Business Response
Date: 11/21/2023
November 21, 2023

*********************
Sent via BBB Portal

RE:                          Account Number:                            0004001471
                                Property Address:                           *************************************************
                                BBB Complaint Number:               20819773

Dear *********************:

Fay Servicing,LLC (***) has received and reviewed the complaint that you submitted to the Better Business Bureau (BBB) portal on November 16, 2023, regarding the above-referenced business purpose loan. Fays responses to the specific concerns raised in your complaint are provided below.

In your complaint, you state that there is a significant overcharge on the account and an excessive amount of $10,137.43 has been charged for lender-placed insurance. You maintain that the property was adequately insured during the time in question, making the charges unjustifiable, and despite your attempts to resolve the issue, *** has been uncooperative.

On November 10, 2023, *** provided the attached response stating our records do not reflect that ********************* is an authorized third party on the account and we do not have authorization from the borrower to provide account information. However, you have since provided the borrowers authorization allowing for us to communicate with you, therefore your authorization has been added to the account.

After our investigation, we concluded that *** acquired the above-referenced business purpose loan for servicing on June 10, 2022. In August of 2022, *** sent the first warning letter advising that the hazard insurance policy had expired, and we had not received evidence that new coverage had been obtained. In September of 2022,*** sent the second and final notice advising that we would purchase the necessary hazard insurance if evidence of coverage was not provided. There was lender-placed insurance added to the account in October of 2022 and we have attached a copy of the **************** Disbursement History for reference. On October 17, 2022, *** deducted $10,137.43 from the escrow account to be disbursed towards the lender-placed hazard insurance policy and sent the notice of lender-placed insurance coverage advising that we paid the insurance premium due to the hazard insurance being required for the property. However, we were able to later confirm that the borrower had adequate insurance coverage during the time in question and *** sent a lender-placed insurance cancellation notice on or about October 24, 2022.

The lender-placed insurance payment was fully refunded; however, *** then deducted $7,951.00 from the escrow account and issued a payment dated October 27, 2022, via check number ***** to Y&G Insurance Brokerage LLC. We later discovered that the policy for this premium was cancelled effective October 21, 2021, due to non-payment prior to *** acquiring the loan for servicing. We have attached a copy of the check that was cashed on November 2, 2022. We confirm that *** never received a refund of this payment that was issued towards the cancelled insurance policy with Y&G Insurance Brokerage LLC.

On October 26, 2022, and October 27, 2022, *** received hazard insurance refunds of $6,443.51 and $3,693.92 which were properly credited to the escrow balance fully accounting for the lender-placed insurance that was previously purchased. On October 27, 2023, *** deducted $8,586.00 from the escrow account and issued payment towards the preferred insurance policy number JTA9630000537 which replaced the cancelled policy. Currently, the borrower will need to contact the insurance carrier in efforts to have a refund issued and returned to the escrow account.

************************ can be reached at ************ Monday Thursday 8:00 A.M. 7:00 P.M.,Friday 8:00 A.M. 5:00 P.M., and Saturday 9:00 A.M. 12:00 P.M. CST.

Sincerely,

Fay Servicing,LLC

Enclosures (3)
Customer Answer
Date: 11/22/2023

Complaint: 20819773

I am rejecting this response because:
*** in the response is stating: "On October 26, 2022, and October 27, 2022, *** received hazard insurance refunds of $6,443.51 and
$3,693.92 which were properly credited to the escrow balance fully accounting for the lender-placed
insurance that was previously purchased. On October 27, 2023"
This credits mentioned above was not applied to our escrow account as seen in the Annual escrow analysis statement dated 09/14/2023 (attached)
The escrow analysis statement has a section called Table 2 - ESCROW ACCOUNT ACTIVITY in this section there is all the escrow activity disbursements and credits with a total daily balance column reflecting these transactions, on our statement its showing the disbursement of the $10,137.43 on 10/22 for the lenders placed insurance, giving us a escrow negative total balance of - $7551.68 However there is no showing of these premiums being reimbursed.
Please credit our account for this lenders placed insurance and have the escrow analysis statement reflecting this payment.

Sincerely,

*********************
Business Response
Date: 11/29/2023
November 29, 2023

*********************
Sent via BBB Portal

RE:                          Account Number:                            0004001471
                                Property Address:                           **************************************************
                                BBB Complaint Number:               20819773

Dear *********************:

Fay Servicing,LLC (***) has received and reviewed the complaint that you submitted to the Better Business Bureau (BBB) portal on November 28, 2023, regarding your above-referenced mortgage loan. Fays responses to the specific concerns raised in your complaint are provided below.

In your complaint, you state that you are rejecting our previous response because it indicates that the lender-placed insurance refunds were properly credited to the escrow balance fully accounting for the lender-placed insurance that was previously purchased; however, the credits mentioned do not show applied to your escrow account as seen in the Annual Escrow Account Disclosure Statement.

Please know we regret any confusion, and we would like to provide further clarification reflecting the outcome of the lender-placed insurance refunds that were credited to assist with a satisfactory response. We have included the prior response dated November 21, 2023. Attached to the response is the Fay Servicing **************** Disbursement History which evidences the hazard insurance refunds that were properly credited to the escrow balance of the loan. To further evidence that *** properly credited the escrow balance with the lender-placed insurance refunds, we have attached the complete Fay Servicing Account History,and the chart below provides a breakdown of the escrow balance from the time that *** issued the lender-placed insurance payment until the refunds were credited.

Applied Date Transaction Description Transaction Amount Escrow Balance
October 27, 2022 Insurance Refund $3,693.92 -$7,551.68
October 26, 2022 Insurance Refund $6,443.51 -$11,245.60
October 25, 2022 ******************** Disbursement $7,951.00 -$17,689.11
October 25, 2022 Tax Disbursement $2,885.50 -$9,738.11
October 17, 2022 ********************** Disbursement $10,137.43 -$6,852.61

The escrow analysis statement shows a month by month estimate of the activity we anticipate will occur in the escrow account over the next 12 months. Table 1 Account Projections shows the projected low balance point that is used to calculate an escrow surplus or shortage. Table 2 Escrow Activity History itemizes the actual escrow account transactions since the previous analysis statement or initial disclosure;however, any funds that were credited to the escrow account either by regular monthly installments, escrow refunds and/or shortage payments are not shown in the Annual Escrow Account Disclosure Statement and the Fay Servicing Account History should be used to account for all payments.

Fay Servicing,LLC can be reached at ************ Monday Thursday 8:00 A.M. 7:00 P.M.,Friday 8:00 A.M. 5:00 P.M., and Saturday 9:00 A.M. 12:00 P.M. CST.

Sincerely,

Fay Servicing,LLC

Enclosures (2)
Customer Answer
Date: 12/07/2023

Complaint: 20819773

I am rejecting this response because:
Hi

Thank you Fay servicing for responding with the breakdown.Yes it's now clear that the insurance was refunded.

At the sametime this BBB complaint was opened **** from Fay servicing responded that the overcharge appears to be an additional Tax issue.

As you can see on the detailed Escrow Account history on 02/08/2023 Fay servicing made 3 tax payments for $9,068.03 for $1494.49 and for $10.00

All these tax payment are appear to be extra because the regular tax payment were all paid already quarterly.

Please get me the explanation on these additional tax payments on our escrow account thank you!

All the best,

Sincerely,

*********************
Initial Complaint
Date:11/01/2023
Type:Order Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
First the phone number for the company isn't real. Call it, its a constant loop, you cannot reach a live person. ************** OR ************** My loan was sold to the company 6 weeks ago. I've sent emails every day for the six weeks. I've mailed paperwork to the company twice and I've requested having a manager call me on numerous occasions. They are charging me more than the loan documents state. I've provided loan documents to them, and all my insurance documents 11 separate times but there has been no resolution and they will not accept my correct payment amount. I've never had a late payment and even provided my payment history in the documents to them. I've never tried harder to make a payment to someone before, This has to be illegal.
Business Response
Date: 11/02/2023
November 2, 2023

*************************
Sent via BBB Portal

RE:                          Account Number:                            0000363946
                                Property Address:                           ********************************************************************
                                BBB Complaint Number:               20800600

Dear *************************:

Fay Servicing,LLC (***) has received and reviewed the complaint that you submitted to the Better Business Bureau (BBB) portal on October 30, 2023, regarding your above-referenced business purpose loan. Fays responses to the specific concerns raised in your complaint are provided below.

In your complaint, you state you have been unable to reach a live representative when you contact us. You state that *** has modified your monthly loan payment amount and you have been unable to make the mortgage payment as it is significantly higher than it should be. You request that *** contact you regarding your concerns, adjust your billing and correct any adverse credit reporting.

We regret the difficulties you have experienced in attempting to contact a live representative using our **************** telephone numbers. We confirm our **************** telephone number for residential loans is ************,and for business purpose loans is ************. We are unaware of any known issues that would prevent you from reaching a live representative using these numbers. Our records indicate that in response to a call back request, *** previously placed an outbound call to you on October 20, 2023. The *** representative noted that you provided supporting documentation, including your closing documents and proof of insurance, and this information was forwarded to the applicable department for handling.

Upon further review of the account, we have concluded that *** acquired the loan for servicing on September 12, 2023, while the loan was contractually due for October 1, 2023. Prior to the transfer date, the previous servicer of your loan, Planet Home Lending, sent the mortgage loan statement dated September 1, 2023, which we have attached for reference. This statement shows the next payment amount due for October 1, 2023, was $7,527.94. This amount consists of the principal and/or interest payment in the amount of $6,715.00 and the escrow payment for taxes and/or insurance in the amount of $812.94. *** sent a billing statement in September that was identical to the prior servicers billing statement and the information that was provided to us at the time of transfer.

Upon receiving your initial correspondence, *** immediately submitted a request to have the escrow account fully/partially cancelled; however, the request was denied as *** had already initiated the lender-placed insurance letter cycling process. As such, *** sent the escrow cancellation denial letter to the mailing address on file dated October 5, 2023, and a letter was subsequently sent dated October 20, 2023, stating our records indicate that your hazard insurance expired, and we do not have evidence that you obtained new coverage.

Please be assured that the loan has been converted to non-escrow. Adjustments to your monthly payment amount were processed and the current payment amount due solely consists of the principal and/or interest payment in the amount of $6,715.00. *** received the payment in the amount of $6,715.00 on October 30,2023, which was applied to the contractual installment due for October 1, 2023.Please find attached an updated copy of the Fay Servicing Account History.

Currently, no late charges and/or fees have been assessed to the account.We can assure you that there will be no impact on your credit as *** does not report information to the credit reporting agencies for business purpose loans.

**************** is of the utmost importance to us, and we regret that you did not receive the excellent level of service which our firm is known for.Please be assured that this is typical of our operating procedures, and we sincerely apologize for any inconvenience and/or frustration that this matter has caused.

If you have further concerns regarding this experience, please contact us at the telephone number listed below. We value your relationship and look forward to servicing any of your upcoming financial needs as well as working to ensure the level of service you expect from us is met in the future.

If you have any questions, please contact ****************, at ************ Monday Thursday 8:00 A.M. 7:00 P.M., Friday 8:00 A.M. 5:00 P.M., and Saturday 9:00 A.M. 12:00 P.M. CST.

Sincerely,

Fay Servicing,LLC

Enclosures (4)
Initial Complaint
Date:10/23/2023
Type:Order Issues
Status:
ResolvedMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
Fay Servicing is the company that handles a mortgage on a rental property that we own. Three weeks ago I forwarded them a check from our insurance company for damages resulting from a water leak. All they have to do is counter sign it and return it to us so we can pay for necessary repairs. They advised that it will take 6 business days but it is now been a full three weeks and despite numerous calls and emails they still have not performed this simple task. We are being damaged by this unnecessary and inexcusable delay. The loan number is ********** and the property address is **********************************************************************
Business Response
Date: 10/25/2023
October 25, 2023 ******************************* Sent via BBB Portal RE: Account Number: ********** Property Address: ************************************************** BBB Complaint Number: ******** Dear *******************************:Fay Servicing, LLC (***) has received and reviewed the complaint that you submitted to the Better Business Bureau (BBB) portal on October 23, 2023, regarding your above-referenced mortgage loan.Fays responses to the specific concerns raised in your complaint are provided below.In your complaint, you state that three weeks ago you sent your insurance claim check to *** to be endorsed and returned back to you in order to complete the repairs on the property. However, you were advised it would take 6 business days, however it has now been 3 weeks and despite numerous phone calls and emails, the check has not yet been returned.After completing a reasonable investigation, Fays records reflect that *** was first notified of the insurance claim on September 20, 2023 at which time you were advised that in order to endorse the check, we would need the check and a copy of the insurance adjustors report. It was then on September 26, 2023 that *** provided you with the procedures for the insurance claim via email. *** received your insurance adjustors report by email on September 27, 2023.The next correspondence *** received from you was on October 6, 2023 asking for the check to be sent back over night. It is important to note that *** will always send the endorsed check back to you by standard ***** however on October 17, 2023 *** agreed to send the check back overnight using tracking number 1Z1EE719NW95525100 when the check was ready to be mailed. We also confirmed at this time that *** was experiencing a flight delay in processing the check back, however there is no record on file advising that the return of the endorsed check would take 6 business days upon receipt.The same day on October 17, 2023 a request was made to see if the check could be expedited and sent by the end of that week, however we were unable to guarantee this would take place.The request to have the check sent back was submitted for approval on October 20, 2023. The tracking indicates that the check would be delivered on October 24, 2023. Please note that **************** is of the utmost importance to us and we regret you did not receive the excellent level of service for which our firm is known for. Please be assured that this is not typical of our operating procedures and we apologize for any inconvenience and/or frustration that this matter has caused.Fay Servicing, LLC is a debt collector, and information you provide to us will be used for that purpose. To the extent your original obligation has been 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. **************************, LLC can be reached at ************ Monday Thursday 8:00 A.M. 7:00 P.M., Friday 8:00 A.M. 5:00 P.M., and Saturday 9:00 A.M. 12:00 P.M. CST.Sincerely,Fay Servicing, LLC
Customer Answer
Date: 10/27/2023

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.

Sincerely,

*******************************
Initial Complaint
Date:10/23/2023
Type:Order Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
during covid it was hard making the payments im a sickly man and getting disability monthly and i tried to get a modification and they denied me twice and my son was willing to help me and they still denied me the modification im willing to keep my home for my children and start paying they i just want a modification so i can be able to stay in my home please and thank you
Business Response
Date: 10/24/2023
October 24, 2023

***********************
Sent via BBB Portal

RE:                          Account Number:                            0000241885
                                Property Address:                           ******************************************************************
                                BBB Complaint Number:               20759054

Dear ***********************:

Fay Servicing,LLC (***) has received and reviewed the complaint that you submitted to the Better Business Bureau (BBB) portal on October 20, 2023, regarding your above-referenced mortgage loan. Fays responses to the specific concerns raised in your complaint are provided below.

We understand you have made multiple requests for a loan modification; however, you have received two denials. You state you experienced a COVID-19 hardship, which impacted your ability to make payments, and you are ill and currently receiving disability benefits. You are currently seeking home retention options such as a loan modification.

*** acquired the loan for servicing on August 8, 2019, and our records indicate that the loan became delinquent with the November 1, 2019 payment. We have attached a copy of the Fay Servicing Account History for reference. Currently, the loan is due for the February 1, 2021 payment, and all subsequent payments. The loan was referred to foreclosure on January 10, 2022; however, no foreclosure sale date has been scheduled at this time. Our records indicate that *** previously approved the account for a Forbearance Plan on July 7, 2020, and November 16, 2020.

After further review of the account, we determined that *** evaluated the account for loss mitigation assistance options on three separate instances in 2023. On January 18, 2023, *** evaluated the account for loss mitigation assistance options, and it was determined that the account was not eligible for an alternative to foreclosure. On February 23, 2023, *** evaluated the account for loss mitigation assistance options, and the account was approved for a Trial Period Plan (***) under the Fay Servicing Modification Program. A letter was sent dated May 1, 2023, advising that you have failed to comply with the terms of the *** and, therefore, your mortgage loan will not be permanently modified.Specifically, you failed to make one or more *** payments in a timely manner.On June 1, 2023, *** evaluated the account for loss mitigation assistance options, and it was determined that the account was not eligible for an alternative to foreclosure. This was the last evaluation completed and we have attached a copy of the Loss Mitigation Evaluation letters for reference.

On October 5, 2023,the authorized third party explained that you were in the hospital and that your relative was to make mortgage payments; however, the funds intended to pay the mortgage were being misappropriated. During the call, the Account Manager discussed loss mitigation assistance options and letters were sent to the mailing address on file dated October 6, 2023. The letters were in response to the discussion held with the Account Manager regarding a request for loss mitigation assistance and lists the required documentation. On October 13,2023, the authorized third-party informed the Account Manager that you recently came home from the hospital and that she is currently in the process of filling out the Borrower Assistance Form (BAF) on your behalf. However, *** has not currently received the completed loss mitigation application.

If you can reinstate the loan, please contact your Account Manager at the contact information below to request a current reinstatement quote. Please allow 3-5 days for the reinstatement quote to be generated. If you are not able to reinstate at this time and have had a change in circumstance, you may reapply for loss mitigation assistance by filling out the enclosed Borrower Assistance Form and submitting any required supporting documentation; however, there is no guarantee that a loss mitigation program will be offered. You may also fill out the form online at www.fayservicing.com. We encourage you to stay in contact with your Account Manager regularly throughout the application process. You will be fully evaluated for all available assistance options within thirty (30) days of *** receiving a complete application.

If you have any questions, please contact your Account Manager, *********************************** at *************. Fay Servicing, LLC can be reached at ************ Monday Thursday 8:00 A.M. 7:00 P.M., Friday 8:00 A.M. 5:00 P.M., and Saturday 9:00 A.M. 12:00 P.M. CST.

Sincerely,

Fay Servicing,LLC

Enclosures (9)
Initial Complaint
Date:10/20/2023
Type:Billing Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
Im a co-borrower on a mortgage that was transferred, without my knowledge, to Fay Servicing, LLC. I noticed this account on a routine credit report check in 12/2022. I immediately disputed it because I had never heard of *** OR the company just prior to *** that held the mortgage for 4 months. At this point in December 2022, the account was showing no late payments. January 8, 2023 I was flagged on my credit report for a late payment. I had no information on the loan transfer, no account number, no payment amount or balance owed. **** address listed on my credit report was bogus & mail was returned to me. The only way Im able to secure information about this account is through disputes & credit reports. Each & every credit report has data verified as accurate but is changed every month to cover up their sloppy bookkeeping. They have refused to send me a payoff quote, monthly statements or any account information to my address. The property address is not my mailing address & I dont live there, nor have I ever. I have never received mail ************ is not forwarded to me. The primary borrower is not communicating with me so I never get account information. Because of a late payment on this account, through no knowledge or control on my part , my FICO dropped from 850 to 651! *** will not provide me with any requested information thereby leaving me out of control of my credit . I cant prevent any future **************** credit will be further damaged beyond my control. I learned the account number in June 2023 through a dispute. I am unable to verify any information for accuracy. *** even requested to be made the primary borrower & was denied. It seems that *** is becoming malicious with me via unfair credit reporting & backing me into a corner with no way out! All I want is to keep my credit in good standing & avoid any delinquency on this account.
Business Response
Date: 10/26/2023
October 26,2023

************************
Sent via CFPB Portal

RE:                                          Account Number:            0000332483
                                                Property Address:           *******************************************************
                                                BBB Case Number:          20749584

Dear ***********************:

Fay Servicing,LLC (***) has received and reviewed the complaint that you submitted to the Better Business Bureau of West ******* (BBB) portal on October 20, 2023, regarding your above-referenced mortgage loan. Fays responses to the specific concerns raised in your complaint are provided below.

In your complaint, you state *** is not allowing you a fair opportunity to manage your account and have requested *** send billing statements and payoff statements to your mailing address. You also request that *** make you the primary lien holder on the account. Additionally, you indicate that you did not receive the service transfer information timely as it was not provided to you until June 2023.

After conducting a reasonable investigation, *** has determined that this loan transferred to our offices effective August 9, 2022. As such, *** sent the enclosed Welcome Letter dated August 17, 2023. Please note that at the time of transfer, *** was not advised that the account had a separate mailing address on file and consequently it was sent to the property address of *******************************************************. Currently, you are requesting that *** update the loan to reflect multiple mailing addresses so that account information is received at the property address listed above and to your mailing address at ***********************************************. We regret that we are unable to accommodate this request as system restrictions allow us to only maintain one mailing address on file.As of the date of this letter, the mailing address is *******************************************************. As we previously encouraged, you have online account access at www.fayservicing.com, which was last accessed on October 24, 2023.Through our online account access feature, you have access to the monthly billing statements, and it also provides an account status upon signing in.

In accordance with the Note, this loan reflects that you and ***************************** are both equally responsible for the repayment of this loan. We are unable to adjust this responsibility and list you as a primary lien holder.

Regarding a payoff statement, it will be sent to the designated contact information provided at the time of the request and/or the mailing address on file, if not provided.

We believe this response fully addresses your concerns. Fay Servicing, LLC can be reached at ************ Monday Thursday 8:00 A.M. 7:00 P.M., Friday 8:00 A.M. 5:00 P.M., and Saturday 9:00 A.M. 12:00 P.M. CST.

Sincerely,

Fay Servicing,LLC

Enclosures (1)
Customer Answer
Date: 10/28/2023

Complaint: 20749584

I am rejecting this response because:
*** consistently skirts around with their responses & never addresses the issues! If ******************** & I are equally responsible for this loan, why am I NOT given the same opportunity to have been notified of a seriously delinquent account?! Why was I never notified that this loan was transferred to ***? Why didnt I even have an account number until 6/2023? I have no ownership in 83 **** *** , have never lived there & have never at ANY time received mail at that address! Im not requesting mail to be sent to multiple addresses JUST MINE! But *** seemed eager to find my credit report with no problem! As far as the online access, I DO NOT have a password & have NEVER accessed this account online. So whomever accessed it on October 24th was NOT me. It appears that *** has an unfavorable reputation judging from the very poor reviews they receive. Mr. ** Is not communicating with me & has not shared one shred of information with me. He has blocked me from calls & texts. Im using disputes & my personal credit reports for information on this account & it is incomplete & does not show payment info for August, September & October 2022. This is a breach of fair credit reporting. I have requested several times. And when I provide what *** previously verified as accurate, they change it on my credit report. In fairness, I believe that *** should remove all negative information that they placed on my credit report & allow me to make payments so that there will never be another delinquency on this account!
Sincerely,

*********************
Business Response
Date: 11/08/2023
November 8, 2023

************************
Sent via BBB Portal

RE:                          Account Number:                            0000332483
                                Property Address:                           *********************************************
                                BBB Complaint Number:               20749584

Dear ************************:

Fay Servicing,LLC (***) has received and reviewed the complaint that you submitted to the Better Business Bureau (BBB) portal on October 30, 2023, regarding your above-referenced mortgage loan. Fays responses to the specific concerns raised in your complaint are provided below.

In your complaint, you state that you are rejecting the previous response dated October 26, 2023, because *** consistently avoids your primary concerns and never fully addresses the issues. You state that *** claims you and ***************************** are equally responsible for the loan; however, you are not being afforded the same opportunity to have been notified of a seriously delinquent account and you believe that *** should remove all negative information placed on your credit report.

We empathize with your primary concerns and regret that you feel Fays prior responses have been unsatisfactory, therefore we would like to provide further clarification. You question Fays reputation due to the undesirable ratings and/or reviews from other customers.

While *************** a multitude of borrowers loans, both residential and commercial, we value our relationship with all customers and strive to ensure the level of service expected from us is met. We can assure you that *** conducts extensive research and full investigation into all errors that customers notify us of. After conducting a reasonable investigation, we concluded that *** has not committed any errors pertaining to the servicing of your loan.

Our records indicate that the account was reported late to the credit bureaus in the information we supplied from January 5, 2023, through March 6,2023. Prior to *** reporting the late payments to the credit bureaus, there is no record indicating that the account was not properly noticed, nor is there a record indicating that *** sent statements and notices to the incorrect mailing address.

Our records will show ***************************** has verbally confirmed to us the correct mailing address for the account and our system restrictions allow us to only maintain one mailing address on file. When *** acquired the loan for servicing on August 9, 2022, the property address of ********************************************* was the mailing address on file. Thus, **** attached Welcome Letter dated August 17, 2022, was appropriately sent to the correct mailing address,and included a Notice of Servicing Transfer.

You claim that ***************************** owns the property and is responsible for the repayment of the mortgage. While you may not be an owner of or reside in the property, you and ***************************** equally share responsibility in repayment of the mortgage. This is pursuant to the Note and Deed of Trust that you both signed,and the correspondence sent to *** does not affect your obligations under the Note and Deed of Trust. A copy of both has been enclosed for reference.

You claim your personal credit report is incomplete and does not show payment information for August through October of 2022. You also indicate that when you dispute credit information *** has previously reported, we then adjust the information and you have attached supporting documentation. However, for *** to further investigate these concerns, we request that you submit a full unabridged copy of your credit report.

Because you are a borrower on the loan, you are and will continue to be subject to credit reporting. As such, *** is unable to remove the negative credit reporting. We have thoroughly researched this matter and conclude our findings.

Fay Servicing,LLC can be reached at ************ Monday Thursday 8:00 A.M. 7:00 P.M.,Friday 8:00 A.M. 5:00 P.M., and Saturday 9:00 A.M. 12:00 P.M. CST.

Sincerely,

Fay Servicing,LLC

Enclosures (3)
Initial Complaint
Date:10/12/2023
Type:Service or Repair Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
As I have explained over and over again to Fay Servicing, via email/verbally, we have submitted various payoff requests pursuant to its procedures. We submitted it via online form (both my title company and I have yet again submitted this), I have copies of said approval of said submission. I have various emails that show submission pursuant to Fay Servicing's form instructions which contradict your instructions, I have various fax confirmations that show submission, and verbal requests have also been made. Again, for purposes of clarify we have submitted the payoff request in the following ways: 1. Via online form as stated on the website;2. Via email as stated on the third party authorization form;3. Via fax confirmation as stated by your representatives;4. ********, as your prior representative also stated I could give a verbal authorization. As we have stated to Fay Servicing and to ******* and Fay Servicing, we need this payoff by tomorrow as we've already gone well past the seven days that Fay Servicing claims they will be providing the payoff by. Payoff date is October 16, 2023. If we do not receive the payoff by tomorrow, we will be pursuing all legal remedies against Fay Servicing for its clear breach of its fiduciary duties, negligence, and unconscionable action/inaction. I am submitted an new authorization here yet AGAIN because it seems Fay Servicing is misplacing all of the requests we've made. As also explained the payoff has to go to my title company not just to me, as that is what is required MY LAW TO CLOSE. Again, these are requirements provided by LAW which is why ********* email has been provided NUMEROUS times via email, online form, verbally, etc.
Business Response
Date: 10/16/2023
Please see the attached response.
Customer Answer
Date: 10/23/2023

Complaint: 20729510

I am rejecting this response because:

you clearly have no idea what is going on with this file. This loan has already been paid off and I have records that show additional requests were made above and beyond what was listed in your response - we over paid to avoid an issue and expect a refund immediately to put the new address or to the bank account listed. Until that is done this isnt resolved.

Sincerely,

***************************************
Business Response
Date: 10/27/2023
October 27, 2023

808 *****************, LLC
***************************************
Sent via BBB Portal

RE:                          Account Number:                            0370795577
                                Property Address:                           **********************************************************
                                BBB Complaint Number:               20729510

Dear ***************************************:

Fay Servicing,LLC (***) has received and reviewed the complaint that you submitted to the Better Business Bureau (BBB) portal on October 27, 2023, regarding your above-referenced mortgage loan. Fays responses to the specific concerns raised in your complaint are provided below.

In your complaint, you state that the loan has already been paid off and there was overpayment of the payoff amount required. As such, you are expecting a refund immediately to resolve your concerns.

After further review of the account, we determined that *** received payoff funds via wire in the amount of $348,658.03 on or about October 13, 2023. A payoff quote was completed on October 16, 2023, and the total amount required to pay the loan in full by October 13, 2023, was $346,056.76.

We are pleased to confirm that your mortgage loan has been paid in full. You no longer have any obligation, financial or otherwise, under this loan. We will no longer make payments toward your taxes and/or insurance, so please contact your taxing authority and insurance company to advise them to send bills directly to you in the future. We sincerely appreciate the opportunity we have had to service your loan.

Please note that a check will be mailed representing any remaining funds in your escrow account or any overpayment of interest, as applicable. Please note that the check will be sent to the mailing address on file, which currently reflects as ******************************************************************.

*** has attached an updated copy of the Fay Servicing Account History for reference.Obtaining the actual release or satisfaction of the recorded mortgage/deed of trust is a somewhat time-consuming matter. We would like to assure you that we are taking every necessary step to ensure that your mortgage is promptly released or satisfied.

Fay Servicing,LLC can be reached at ************ Monday Thursday 8:00 A.M. 7:00 P.M.,Friday 8:00 A.M. 5:00 P.M., and Saturday 9:00 A.M. 12:00 P.M. CST.

Sincerely,

Fay Servicing,LLC

Enclosures (2)
Customer Answer
Date: 11/06/2023

Complaint: 20729510

I am rejecting this response because:

I need clarity on when I will be receiving the check as it has been some time. Please advise, as to when Fay Servicing has time and time again provided false and misleading information and this cannot be resolved until I am provided with the overpayment. At the address you listed - **********************************************************************

Sincerely,

***************************************
Business Response
Date: 11/15/2023
November 15, 2023

808 *****************, LLC
***************************************
Sent via BBB Portal

RE:                          Account Number:                            0370795577
                                Property Address:                           *********************************************************
                                BBB Complaint Number:               20729510

Dear ***************************************:

Fay Servicing,LLC (***) has received and reviewed the complaint that you submitted to the Better Business Bureau (BBB) portal on November 7, 2023, regarding your above-referenced mortgage loan. Fays responses to the specific concerns raised in your complaint are provided below.

In your complaint, you state that you are rejecting our response dated October 27, 2023, because you need clarity on when you will be receiving the escrow refund check.

After our investigation, we concluded that the remaining funds in your escrow account or any overpayment of interest were released and issued to you in the form of an escrow refund check.On November 2, 2023, the funds in the amount of $3,348.64 were deducted from the escrow account and issued to you via check number *******, which was sent to the mailing address on file. We confirm that the check was delivered and cashed on November 9, 2023.

Fay Servicing,LLC can be reached at ************ Monday Thursday 8:00 A.M. 7:00 P.M.,Friday 8:00 A.M. 5:00 P.M., and Saturday 9:00 A.M. 12:00 P.M. CST.

Sincerely,

Fay Servicing, LLC
Initial Complaint
Date:10/03/2023
Type:Service or Repair Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
*** Mortgage Servicing company has illegally changed the terms of my ** rtgage agreement after my loan was recently transferred to them from Rushmore Servicing. I have contacted them on at least three occasions after the transfer to request that they update my mortgage balance as well as my monthly payment amount in accordance with the terms of the previous servicer modification agreement. No updates have been completed to date and I am receiving threatening mail regarding foreclosure and short sale. This is literally harassment and illegal mortgage practice.
Business Response
Date: 10/05/2023
Please see the attached response.
Initial Complaint
Date:10/02/2023
Type:Billing Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
Fay Servicing has on multiple occasions disconnected me when calling to question my escrow adjustment and also payoff statement. Today 9/27/23 is the 4th time I have been disconnected with no call back, even though they have all of your contact information.Problem 1: Called on 9/26/23 with questions about my escrow adjustment for the new year. They state one amount in the letter but add a different amount to my future payments. When the representative from that department could not answer my specific question, she disconnected me and did not call back. Their automated phone system is horrible and takes 4 minutes of prompts just to wait on hold until an incompetent representattive comes to the phone, and cannot even help you.Problem 2: Called on 9/29 regarding a payoff statement and the representative cannot explain why I am being charged an addition $******* in interest. I was again disconnected with no call back and did not even get a chance to ask my second question about a prepayment penalty of $10,653.26 Previous to this I had several conversations with someone about a late charge I incurred because Fay Servicing refused my mortgage payment through bill pay from my bank. A supervisor was supposed to call me and never did-it is almost impossible to get through their phone system, and when you do the representative can never help and you are mysteriously disconnected with no call back.Total in Question is interest on my payoff statement of ******* plus late charges of ****** and a prepayment discepaccy of approximately ****. There is also the additional escrow amount of ****** instead od ****** every month (+241.56)I have statements and documents to supply if needed.please advise.
Business Response
Date: 10/04/2023
October 4, 2023

Staging ******************* LLC
***************************
Sent via BBB Portal

RE:                          Account Number:                            0000349216
                                Property Address:                           ***********************************************************************
                                BBB Complaint Number:               20676355

Dear ***************************:

Fay Servicing,LLC (***) has received and reviewed the complaint that you submitted to the Better Business Bureau (BBB) portal on September 29, 2023, regarding your above-referenced mortgage loan. Fays responses to the specific concerns raised in your complaint are provided below.

In your complaint, you state that *** has disconnected the telephone calls on multiple instances when you were calling to question the escrow adjustment and the payoff statement.

We regret this experience and would like to provide further clarification regarding your primary concerns to assist with a satisfactory response. We are committed to providing superior customer service and have addressed your concerns with the appropriate parties.
On September 13, 2023, we completed an escrow analysis and we have attached a copy of the Annual Escrow Account Disclosure Statement for reference. The analysis completed reflects significant increases in the total payment from $1,740.92 to $2,227.20 and the escrow payment from $340.52 to $826.80 effective with the November 1, 2023 payment.

The new total payment consists of the principal and/or interest payment in the amount of $1,400.40 and the escrow payment for taxes and insurance in the amount of $585.24. In addition, at the time of the analysis, the loan had an escrow balance of -$541.61, with a required escrow cushion of $2,357.11, resulting in an escrow shortage in the amount of
-$2,898.72. The escrow shortage was spread out over twelve (12) months resulting in an additional $241.56 added to the new total payment.

Fays records reflect you called in on September 26, 2023, to dispute the escrow shortage and the representative attempted to explain the balance of the escrow account at the time that the loan was transferred, as well as the escrow activity which impacted the escrow adjustment. *** acquired the loan for servicing on November 4, 2022. The loan transferred to us with an escrow balance in the amount of $3,405.18 which is the starting escrow balance shown in the attached Fay Servicing Account History. Below is a chart with a breakdown of the escrow payments that *** has issued on your behalf throughout our servicing of the loan.

Transaction Description Applied Date Due Date Payment Amount Escrow Balance
Tax Disbursement September 14, 2023 August 1, 2023 -$2,813.60 -$2,813.60
Hazard Ins Disbursement March 13, 2023 April 1, **** -$1,547.00 -$399.72
City Tax Disbursement February 2, 2023 January 1, 2023 -$2,942.35 $466.24

The representative notated the telephone call was placed on hold and that the call was disconnected while on hold. You next called in on September 29, 2023, to inquire about the payoff statement that was completed on September 28, 2023, which we have attached for reference.However, the representative notated you were unable to hear them clearly and the call was disconnected.

The total amount to pay the loan in full by October 26, 2023, is $227,415.65. This amount consists of the current total unpaid principal balance of $213,065.14, the interest charge of $2,247.13, the prepayment penalty/premium of $10,653.26, the escrow/impound overdraft amount of $1,170.20,and the unpaid late charges of $279.92.

We confirm the payoff statement reflects an accurate interest charge amount of $2,247.13, as the loan has an interest rate of ****% and the daily interest charge percentage is $40.13. To determine the interest charge amount of $2,247.13, we multiplied the daily interest charge percentage by the number of days due for the interest which is 56 days.

We confirm the payoff statement reflects an accurate prepayment penalty/premium amount of $10,653.26 pursuant to sections **** and ****.1 in the attached Commercial Promissory Note which states, Except as provided in Section ****, a prepayment premium shall be due and payable by Maker in connection with any Prepayment made under this Note during the Prepayment Premium Period. The prepayment premium shall be calculated as follows: Five percent (****%) of the amount of the Prepayment if the Prepayment occurs prior to and excluding October 1, 2023. To determine the prepayment penalty/premium amount of $10,653.26, we multiplied the current total unpaid principal balance of $213,065.14 by 5%.

Fays records reflect that a late charge in the amount of $140.04 was assessed on February 6, 2023, because we did not receive your contractual installment due for the February 1, 2023 payment within the grace ******* You state you were anticipating a call back from a supervisor, but it was never received, despite your prior discussions held with *** about this late charge and your sentiments that it was incurred because *** refused your mortgage payment that was submitted through an auto-bill pay option through your bank. Please note however, an auto-bill pay option through your bank is different than Automatic Clearing House (ACH) payment setup through ***. It is important to note that the processing time when using the bill pay option through your bank is contingent on when the banking institution withdraws the funds from your account and either mails a physical check to *** or electronically transfers funds (EFT). However, *** does not accept EFT as a form of payment. You called in on February 6, 2023, stating that your payment was returned, and the representative explained that we do not accept online bill payments unless a physical check is mailed. You called in on June 8, 2023,stating you have made multiple requests to have the late fee removed since February. The representative explained that *** will not remove the late fee unless there was an error on our end that resulted in the assessment of the late fee. Fays records reflect that a late charge in the amount of $140.04 was assessed on August 7, 2023, because we did not receive your contractual installment due for the August 1, 2023 payment within the grace ******* During an inbound call received on August 14, 2023, you explained that you inadvertently paid the incorrect monthly payment amount and was assessed the late fee which you were requesting to be waived. The representative explained that *** will only waive late fees if there was an error on our end. The loan currently has a late charge balance in the amount of $279.92 as shown in the payoff statement and the attached Fay Servicing Fee History. We confirm that the late fees assessed were valid and we are currently unable to remove the late fees.

Fays records reflect that you called back on September 29, 2023, to inquire about the endorsement of an insurance settlement check and the call was transferred to our ********************** however, the account notes indicate that the call was disconnected before the representative could assist. However, our records confirm we received the insurance settlement check which we endorsed as you requested, and the endorsed check was enclosed to the attached letter *** sent dated September 29, 2023.

Please know that **************** is of the utmost importance to us, and we regret you did not receive the excellent level of service which our firm is known for. Please be assured that this is not typical of our operating procedures, and we apologize for any inconvenience and/or frustration that this matter has caused.
Fay Servicing,LLC can be reached at ************ Monday Thursday 8:00 A.M. 7:00 P.M.,Friday 8:00 A.M. 5:00 P.M., and Saturday 9:00 A.M. 12:00 P.M. CST.

Sincerely,

Fay Servicing,LLC

Enclosures (6)
Initial Complaint
Date:09/15/2023
Type:Order Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
Have been requesting loan payoff amount from Fay Servicing since July 14th 2023. I have sold the property and closed August 21,2023 and the title company is still holding some of my loan proceeds because they need payoff amount. Have spent countless hours on the phone (both myself and title officer) trying to get payoff.Their internal system keeps canceling the request because they are waiting on the original loan documents before they can do payoff document. No effort was made by FAy Servicing to follow up when they werent getting the documents they requested.I am requesting resolution and not to be charged any fees or interest past August 21, 2023.My loan number is#********** the loan is under my LLC. ****** Holdings LLC. My phone number is ************
Business Response
Date: 09/19/2023
Please see the attached response.

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