Complaints

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

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• 

  Fay Servicing LLC

  5426 Bay Center Drive, Suite 300 Tampa, FL 33609

• 

  Fay Servicing LLC

  8001 Woodland Center Blvd STE 100 Tampa, FL 33614-2438

• 

  Fay Servicing, LLC

  440 S La Salle St STE 2000 Chicago, IL 60605-5011

• 

  Fay Servicing, LLC

  1501 E Woodfield Rd STE 100W Schaumburg, IL 60173-5447

• 

  Fay Servicing, LLC

  1801 S Meyers Rd Ste 210 Oakbrook Terrace, IL 60181-5265

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:08/28/2023

  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.

  Coming out of a foreclosure, Fay Servicing, LLC approved a modification on my mortgage a few months back. I just opened my August monthly billing statement from Fay Servicing and there is a list of fees added to this statement dated the same day as the date of the statement. There is just a list that says "fee assessed" in the description column for all these fees. The fees total as much as my monthly payment and require a due date of September 1. This brings my payment up to two times the regular payment. I have tried calling for help but only get a very condescending attitude from the account manager stating that they cannot release information to me because the foreclosure attorney firm did not provide Fay Servicing with the notification that my case was closed and turned over to Fay Servicing. The attorney firm has assured me on two occasions that this notification was sent to them with all of the other paperwork. Fay Servicing also will not let me register for an online account or provide any assistance in finding what these fees are until this notice is received. I have been making my payments via an automated phone pay-line every month. Because it is already the end of the month, I called the automated pay-line and it is prompting me only for the amount of the regular monthly payment for September 1. I am stuck in a catch-22 as I cannot get any information on what all of these extra fees are or if this is going to put me in default. This will drive me back into foreclosure if it continues. I was aware Fay Servicing is deemed a predatory lender and apparently they have quite a reputation for horrible service.

  Business Response

  Date: 08/31/2023

  Please see the attached response. 

• Initial Complaint

  Date:08/07/2023

  Type:Product 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.

  Hi, I had insurance for my property at ******************** and Fay servicing a mortgage company also placed insurance, send them in proof that I had insurance at that time and I need my refund back but no answer just being send from one person to other this is going on for around 5 month already. PLEASE HELP ME WITH IT.

  Business Response

  Date: 08/17/2023

  August 17, 2023
  
  
  225 ****** LLC
  **********************
  Sent via BBB Portal
  
  
  
  
  
  
  RE:                                          Account Number:                            0000265037
                                                  Property Address:                           ******************************************************************
                                                  BBB Complaint Number:               20435063
  
  Dear **********************:
  
  Fay Servicing,LLC (***) has received and reviewed the complaint that you submitted to the Better Business Bureau (BBB) portal on August 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 you obtained insurance coverage for the property; however, *** purchased lender-placed insurance coverage and has not issued a refund despite you sending in proof of your insurance coverage.
  
  After reviewing the account, we determined that *** issued a lender-placed insurance payment in the amount of $9,095.49 on or about January 7, 2021. The lender-placed insurance coverage we purchased for your property was partially cancelled on July 9, 2021 and we received an insurance refund in the amount of $2,890.62. We are currently researching the status of the insurance refund received and will provide a follow-up response in relation to this matter within **** business days. We apologize for any inconvenience this may have caused.
  
  The lender-placed insurance coverage we purchased for your property was recently flat cancelled on June 14, 2023 and we received an insurance refund in the amount of $6,204.87. Please note that the insurance refund in the amount of $6,204.87 was sent to ************************ Services since the servicing of the business purpose loan was transferred to the new servicer effective July 7, 2021.
  
  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 

• Initial Complaint

  Date:08/01/2023

  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.

  Recently my Home Equity Line of Credit was sold by **************** Servicing (SLS) to Fay Servicing (FS). When Fay Servicing first took over the loan, it carried over the same exact payment from the last statement from SLS (see the ***** 6-30-23 image). My loan also carried over the same interest rate and everything for my loan. On the first statement from FS, my loan payment jumped from the $313.30 that SLS was charging me to $428.41, over a $115 jump in payment. Looking at my FS statement, the difference is in the finance charges they are charging me through FS. SLS charged me $186.96 in finance charges on my last statement and FS is charging me $365.30 on this statement. I called FS and they are trying to blame this on SLS. I called SLS and they have nothing to do with the finance charges that FS is charging me. FS can't find anything in their system to explain why my bill jumped, and they say they are escalating the issue, but their escalation is just to email SLS to find out what they did. They have provided no help what so ever and if I am correct, legally they cannot change the any of the terms or anything about the loan when it is sold off. I am looking for them to fix the issue and bring my payments back down to what SLS was charging.

  Business Response

  Date: 08/09/2023

  August 9, 2023
  
  *********************************
  Sent via BBB Portal
  
  RE:                          Account Number:                            0000358758
                                  Property Address:                           **********************************************
                                  BBB Complaint Number:               20401908
  
  Dear *********************************:
  
  Fay Servicing,LLC (***) has received and reviewed the complaint that you submitted to the Better Business Bureau (BBB) portal on July 31, 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 above-referenced mortgage loan is a home equity line of credit which transferred to us with an identical monthly payment amount of $313.20 as seen in the most recent statement from the prior servicer. However, the initial statement from Fay Servicing shows an increase in the monthly payment from $313.20 to $428.41.
  
  After reviewing the account, *** has determined that additional research is required. *** will follow up with an updated response as soon as we have completed a thorough review and are able to provide a detailed robust response. We apologize for any inconvenience this may have 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 (1)

  Customer Answer

  Date: 08/10/2023

   
  Complaint: 20401908
  
  I am rejecting this response because: I have been in contact with Fay Servicing every since my loan was transferred to them. I have called them twice without getting an answer from them as to why the payment increased and neither rep could tell me why.

  The first call was on July 29th and the first rep didn't have any documentation to tell me why and told me they would escalate the issue, but I would have to call back in about 4 to 5 days to find out what happened. They would not call me back.

  The second call was on July 31st when I received my first statement from Fay Servicing with the increased loan payment amount. The second rep did not have a record of this statement in her system and questioned if the statement was from the old loan servicer, SLS. I explained that it clearly states Fay Servicing at the top of the statement and I could tell the difference. I felt insulted, like they thought I couldn't read or something. She stated that she saw the previous notes on the account and stated it was escalated. I had to drag it out of her, that the escalation was an email to the old provider. They were blaming the old provider for the increase in the payment amount. She stated that she would monitor the system and call me back as soon as she saw some information. By the way, she has never called me back.

  I called the old provider, SLS right after that second call on the 31st, to make sure that the issue was not on their end when they transferred the loan. They stated that they transferred the loan as it was, and they had nothing to do with the increase payment amount.

  All of this falls directly on Fay Servicing and they have violated the terms of buying the loan from SLS. By law, they cannot change the terms when the loan is transferred. 

  I am rejecting the response, because they have had plenty of time to research, from the 29th through today, to look into this matter. It is making me feel like they are just trying to buy time until the payment date when the higher payment is due.

  
  Sincerely,
  
  *********************************

  Business Response

  Date: 08/29/2023

  August 29, 2023
  
  *********************************
  Sent via BBB Portal
  
  RE:                          Account Number:                            0000358758
                                  Property Address:                           ********************************************************
                                  BBB Complaint Number:               20401908
  
  Dear *********************************:
  
  Fay Servicing,LLC (***) has received and reviewed the complaint that you submitted to the Better Business Bureau (BBB) portal on July 31, 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 you are rejecting our previous response because we have had enough time to research this matter. We understand your concern is that the home equity line of credit transferred to us with an identical monthly payment amount of $313.30 as seen in the most recent statement from the prior servicer. However, the initial statement from Fay Servicing shows an increase in the monthly payment from $313.30 to $428.41.

  After further review of the account, *** acquired the loan for servicing on July 5, 2023, due for the July 25, 2023 payment. The loan was boarded for servicing on July 18, 2023. It should be noted that the records transferred to us by the previous servicer of the loan, **************** Servicing, did not contain a copy of the Note for the home equity line of credit. When you called in on July 29, 2023 and July 31, 2023, to inquire about why the monthly payment increased, there was no documentation of record to support an increase in the monthly payment, therefore the representatives submitted requests to escalate your concerns and notated that you were disputing the monthly payment. Please note that the credit reporting is temporarily being suppressed pursuant to the service transfer guidelines. *** requested a copy of the Note for the home equity line of credit on or about August 4, 2023; however, we have not been provided a copy and **************** Servicing advised us that their previous servicer, **** of America stated it was never provided. Please be assured that *** is still monitoring the account for receipt of the missing Note.
  

  We previously sent the attached Home Equity Statement dated July 25, 2023, which states that the total amount due for the August 25, 2023 contractual installment is $428.41. This amount includes the finance charges of $365.69. Upon further review of the loan, we confirm the monthly payment amount due for the August 25, *********************************************** about August 18, 2023. *** records confirm that the finance charges were removed and the total amount due is $313.32, which consists of the principal payment in the amount of $129.10 and the interest payment in the amount of $184.22. We attached a copy of the Fay Servicing Account History to evidence that the payment in the amount of $313.32 was received on August 25, 2023, which was applied to the August 25, 2023 contractual installment. The loan is presently due for the September 25, 2023 payment in the amount of $395.34, which consists of the principal payment in the amount of $207.63 and the interest payment in the amount of $187.71.

  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 the 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 (4)

• Initial Complaint

  Date:07/20/2023

  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.

  1. I just discovered that this is a commercial loan in a residential neighborhood 2. The company never filed a deed with the appropriate authorities in ********* 3. Several questionable payments made to ********* City tax sources as shown on my mortgage escrow analysis. I have verified that the listed payments were never paid. 4. A sizable payment made to the Baltimore County tax source appears to be questionable. 5. There are two unknown payments labeled ***************** Payment" that can't be accounted for. 6. The mortgage company has informed me that my negative escrow balance requires me to pay an additional $1,000.00 per month. I think there could be fraudulent over-payments from my account causing the massive shortage.

  Business Response

  Date: 07/28/2023

  July 28, 2023
  
  Adorned ************** Liability Company
  ***************************
  Sent via BBB Portal
  
  RE:                          Account Number:                            0370788788
                                  Property Address:                           *************************************************************
                                  BBB Complaint Number:               20351254
  
  Dear ***************************:
  
  Fay Servicing,LLC (***) has received and reviewed the complaint that you submitted to the Better Business Bureau (BBB) portal on July 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 are requesting an investigation of Fays responsibilities to confirm that protocol was followed in the servicing of the loan, including review of the escrow analysis to determine if the mortgage loan and all payments are legitimate.
  
  After further review of the account, we determined that all escrow payments issued on your behalf were legitimate based on the property tax and insurance information of record. You state that there are several questionable payments made to ********* City tax sources as shown on the escrow analysis statement(s). For your records, we have attached a copy of the tax disbursement history. Below you will find a chart with a breakdown of the tax transactions from April 9, 2022 through July 5, 2023.
  
  Transaction Description Applied Date Due Date Payment Amount
  City Tax Disbursement July 5, 2023 July 1, 2023 -$8,136.10
  County Tax Disbursement September 8, 2022 July 1, 2022 -$4,014.36
  Tax Refund August 17, 2022 September 1, 2022 $3,995.24
  City Tax Disbursement July 21, 2022 July 1, 2022 -$7,990.48
  Tax Disbursement April 9, 2022 March 1, 2022 -$1,178.93
  
  On July 27, 2023, our tax vendor spoke with the tax agency representative of ********* Independent City, who advised that the property tax bills are issued on July 1st each year and the tax credits are being applied for untimely. Processing of the tax credit can take an additional ninety (90) days and if the tax credit is applied for late then it will not be applied before the tax bills are issued. Unfortunately, *** can only issue payment for taxes in the amount reflecting due by the date for which the taxes are due for. In 2022 and 2023, *** made tax payments for the full tax amounts before credits were applied and to avoid having the full tax amounts disbursed from your escrow account, you should be applying for the tax credit as early as possible. We determined that you have received refunds due to the tax credit for multiple years, including the 2021 tax refund in the amount of $5,059.92, which was sent via check number ******* dated May 6, 2022.Please note that *** cannot control when the taxing authority issues credits to homeowners nor can it control when and how refunds are received from the tax authorities.
  
  Furthermore, on April 9, 2022, *** deducted $1,178.93 from the escrow account and issued an escrow payment due to an unpaid water bill with the ********** of ****** Works. Please note that when the water bill is not paid it is collected from the tax office and any remaining unpaid amounts will go to a tax sale and become a lien on the property. Please follow up with the ********** of ****** Works to obtain the payment history to evidence the months and years that the payment in the amount of $1,178.93 was applied to.
  
  Additionally, on July 21, 2022, *** deducted $7,990.48 from the escrow account and issued payment towards the property taxes which were due at the time. However, we received a tax refund in the amount of $3,995.24 which was properly credited to the escrow account on August 17, 2022.
  
  On September 8, 2022, we made the tax disbursement in the amount of $4,014.36 since the tax agency notified us during this time that the taxes were past due. This was not a *** error however as we stated above, we previously issued the full tax payment of $7,990.48 and then received the tax refund in the amount of $3,995.24. Because the tax agency informed us that the tax obligation at this time remained unpaid, we issued the tax payment in the amount of $4,014.36 and there was no penalty and interest charged to your escrow account due to the late payment. We determined that the tax agency then sent a tax refund to you at the property address via check number ******* dated March 29, 2023 in the amount of $7,029.87. On July 5, 2023, *** deducted $8,136.10 from the escrow account and issued payment towards the property taxes which were due at the time. Please note that any applicable refunds issued to you should be sent to be applied towards the escrow account because of the full tax amounts which were disbursed from escrow. Our tax vendor confirmed with the tax agency that there are no additional refunds due at this time.
  
  In review of the attached insurance disbursement history, *** issued a homeowners insurance payment in the amount of $3,551.00 on February 14, 2022. We have attached a copy of the insurance policy we received from Travelers Home and ************************ prompting us to issue the payment. The policy was effective from November 13, 2021 through November 13, 2022. The insurance payment we issued was cashed as indicated by the attached check and there were no insurance refunds received; however, you may follow up with the insurance company to determine if there is an insurance refund due currently.
  
  We then received the attached insurance policy from ************************************ which is effective from October 19, 2022 through October 19,2023. Fays records reflect that the insurance policy was uploaded to your account on or about November 18, 2022. We then received notification from the insurance agent that the policy was due to be cancelled. *** deducted $4,793.00 from the escrow account to issue a payment towards the insurance policy and our records indicate that a check was sent overnight. After further review of this payment, we are in the process of determining if the check is cashed and will provide a further follow-up to this matter in our response to the **** complaint.
  
  On June 12, 2023, we completed a state mass analysis of the escrow account and we have attached a copy of the Annual Escrow Account Disclosure Statement for reference. The analysis completed reflects significant increases in the monthly mortgage payment from $3,009.37 to $4,007.41 and the monthly escrow payment from $764.05 to $1,762.09 effective with the August 1, 2023 payment. At the time of the analysis, we determined that the loan had an existing escrow shortage in the amount -$8,323.31. The escrow shortage was spread out over twelve (12) months resulting in an additional $693.61 added to the monthly mortgage payment.
  
  In your complaint, you are requesting *** to spread the negative escrow balance over a two-year ****** so that you can afford the new monthly mortgage payment amount and void the late charge of $348.00 until the investigation is completed.
  
  On July 21, 2023, we completed an updated escrow analysis and we have attached a copy of the Annual Escrow Account Disclosure Statement for reference. The total escrow shortage in the amount of
  -$8,412.79 was spread out over thirty-six (36) months and the monthly mortgage payment was reduced to $3,556.44 effective with the August 1, 2023 payment. However, the late charge in the amount of $326.14 will be assessed to the account if we do not receive your monthly mortgage payment within the ten (10) day grace ****** and we are unable to void any late charges and/or default interest if applicable.
  
  Our records confirm that the account which we are ****************** is a Business Purpose Loan which *** does not currently review for loss mitigation assistance programs and there no refinancing opportunities available with us currently; however, you do have the alternative option to seek refinancing opportunities with a new lender.
  
  In your complaint, you state you recently discovered that this is a commercial loan in a residential neighborhood and a deed was never filed with the appropriate authorities.
  
  After further review of the account, *** has determined that additional research is required. *** will provide further follow-up in our response to the **** complaint as soon as we have completed a thorough review and are able to provide a detailed robust response. We apologize for any inconvenience this may have 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 (7)

• Initial Complaint

  Date:07/12/2023

  Type:Product 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.

  Hi,I had insurance for my property and Fay servicing a mortgage company also placed insurance, send them in proof that I had insurance at that time and I need my refund back but no answer just being send from one person to other this is going on for around 5 month already.PLEASE HELP ME WITH IT.

  Business Response

  Date: 07/24/2023

  July 24, 2023
  
  
  9 Rutgers LLC
  **********************
  Sent via BBB Portal
  
  
  
  
  
  
  RE:                                          Account Number:                            0000265017
                                                  Property Address:                           ************************************************************
                                                  BBB Complaint Number:               20306306
  
  Dear **********************:
  
  Fay Servicing,LLC (***) has received and reviewed the complaint that you submitted to the Better Business Bureau (BBB) portal on July 11, 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 you obtained insurance coverage for the property; however, *** purchased lender-placed insurance coverage and has not issued a refund despite you sending in proof of your insurance coverage.
  
  After further review of the account, we recently sent your evidence of insurance to our insurance vendor to request cancellation of the lender-placed insurance coverage previously ordered on your behalf. Please note, we are actively researching this matter and will provide a follow-up response within thirty (30) days. We sincerely apologize for the inconvenience and/or frustration that this matter has caused.
  
  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 

  Customer Answer

  Date: 09/11/2023

   
  Complaint: 20306306
  
  I am rejecting this response because:

  Hi, I ************* For my Property at 225 ****** and the bank also placed insurance so I ended up Paying Twice I tried calling them a few times, and emailing back and forth but nothing doing see attached the docs.and help me get my Refund for it THANK YOU
  
  Sincerely,
  
  **********************

  Business Response

  Date: 01/24/2025

  Hello,
  We have attached our response for your review that was sent but it appears your office did not receive a copy. We apologize for this inconvenience and oversight.
  
  Thank you

• Initial Complaint

  Date:06/27/2023

  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.

  Fay Servicing is servicing my loan #********* with Conventus (the lender).Although I recently resolved a 3 month (March, April, May) arrears situation by paying in full as well as paying June on time - $37,500 total. Fay Servicing was given specific instructions (in writing and conference calls) by my lender to NOT pursue the default escalation amount of approximately $55,000 because this would be handled at the time of the loan payoff. However, FAY SERVICING did not apply my funds correctly and was again told by ********* to remedy the situation. Instead, FAY SERVICING continues to harass me with their Collection and Foreclosure efforts.Clearly, FAY SERVICING'S business practices continue to be questionable and morally reprehensible as there have been numerous complaints about them.Insofar as a fair and decent resolution, I am requesting a complete mitigation of all escalated default interest late fees and foreclosure fees (legal). I am also requesting a fully detailed and itemized breakdown for the entire history of the loan. Companies such as *** should not be able to get away with this sort of behavior. A mere tap on the wrist does not solve the problem or compel them to drastically change their behavior.

  Business Response

  Date: 06/30/2023

  Please see the attached response.

  Customer Answer

  Date: 07/06/2023

   
  Complaint: 20239043
  
  I am rejecting this response because it is factually incorrect and their client, Conventus  (my lender) can back that up.
  
  Sincerely,
  
  *************************************

  Business Response

  Date: 07/07/2023

  Please see the attached response.

  Customer Answer

  Date: 07/11/2023

   
  Complaint: 20239043
  
  I am rejecting this response because ********************* of Conventus (my lender) ON TWO OCCASIONS gave them instructions about how to apply the funds. They did not do it the first time and continued to harass me necessitating a second call from him.

  Fay Servicing has an awful reputation and I am not surprised by the numerous complaints about them.
  
  Sincerely,
  
  *************************************

• Initial Complaint

  Date:05/31/2023

  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 in reference to the *** 3 termination for my CoOp.The property address and the return address is ************************************************* The original loan was with Citibank ( Citibank Mortgage account #********) transferred the loan to BSI ********* Services (800-327786), Account Number ***********. From BSI, the mortgage was moved to Fay Servicing. LLC ************, Loan no. **********. I paid off the loan with Fay Servicing in May 2018. The ***3 termination was not filed, I never received the stock certificates and I did not receive proof that the loan was paid off or a copy of the release. I have been trying for months to resolve this issue with Fay Servicing but they have been unable or unwilling to help and seem to have no understanding of filing a ***3 termination.The most recent document related to this mortgage from the ************* ********** of ******** *************************** is ***3 assignment dated 11/9/2017 9:35:51 AM which, on the 3rd page lists CITIBANK, N.A., AS TRUSTEE FOR CMLTI ASSET TRUST. SECTION 2 BLOCK:*** LOT **** UNIT #** I need to know how to fix this. At this point, I own an apartment but have no proof and documentation seems to be missing.In March, I received an email stating that a release would be drafted but there has been no change in the status.

  Business Response

  Date: 06/30/2023

  June 30, 2023
  
  
  *************************
  Sent via BBB Portal
  
  
  
  
  
  
  RE:                                          Account Number:                            0000175608
                                                  Property Address:                           ******************************************************
                                                  BBB Complaint Number:               20124463
  
  Dear *************************:
  
  Fay Servicing, LLC (***) has received and reviewed the complaint that you submitted to the Better Business Bureau (BBB) portal on May 31, 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 ***3 termination was not filed despite the loan being paid off in May of 2018. You state you have never received the stock certificates or proof that the loan was paid in full and/or released. You state that the most recent document related to the mortgage loan via the ************* ********** of ******* records reflect the *** assignment dated November 9, 2017, which lists Citibank, N.A., as Trustee for CMLI Asset Trust. You state you are in receipt of an email from us dated March 8, 2023 stating that we will draft the lien release; however, you state there has been no change in the status and you are requesting that we resolve the matter.
  
  After further review of the account, we recently submitted a request to First American Title to determine if the release of mortgage was properly recorded in county records, and if not, to resubmit the release of mortgage and provide a copy to us of what was sent to the county for recording. We received a response from the title vendor stating that they have located the *** request and verified that submission to the county occurred on June 26, 2018; however, the submission was never received back and was considered outstanding. Please note, we are actively researching this matter and will provide a follow-up response within 30 days. We sincerely apologize for the inconvenience and/or frustration that this matter has caused.
  
  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 

• Initial Complaint

  Date:05/17/2023

  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.

  Fay Servicing has quadrupled my monthly payment after COVID-19. They have tacked on fees that are unreasonable. At the end of December 2022 I owed $1,769 for the remaining of my home loan. In January 2023 Fay Servicing added so many unreadable and difficult documentation it made no sense. In addition they added so many fees that the new amount owed is over $7,000. This happened in a matter of months. And I can't get anyone to explain to me what they are, why they were placed. The person that is on the mailings is below. But have not been able to get in contact with him. I have done #2 daily calls from January 21st, to May 17th - 2023. Loan Number:0000196509 Servicer Name:Fay Servicing Servicer Address:****************************************************************************** Phone Number:************ Servicer Name:Fay Servicing Servicer Address:****************************************************************************** Phone Number:************ Relationship Manager Name:*********************** Phone Number:************************

  Business Response

  Date: 05/25/2023

  
  
  May 25, 2023
  
  ******* Island
  Sent via BBB Portal
  
  RE:                          Borrower:                                           ***************************
  Account Number:                            0000196509
                                  Property Address:                           606 **********, *******, ** 88203
                                  BBB Complaint Number:               20069260
  
  Dear ******* Island:
  
  Fay Servicing, LLC (***) has received and reviewed the complaint that you submitted to the Better Business Bureau (BBB) portal on May 17, 2023,regarding your above-referenced mortgage loan. Fays responses to the specific concerns raised in your complaint are provided below.
  
  In the complaint, you state that the monthly payment has quadrupled since COVID-19.
  
  *** acquired the above-referenced loan for servicing on October 1, 2018, due for the September 1, 2018 payment and all subsequent payments. The Fair Debt Collections Practices Act (FDCPA) Validation Notice dated October 9, 2018 was sent to the mailing address on file which provided the Unpaid Principal Balance at the time in the amount of $11,371.66 with a monthly payment of $256.39. The most recent Billing Statement dated May 10, 2023, reflects a total amount due of $6,001.33.This is because $2,477.72 is due for overdue payments from September 2022 through May 2023, $10.00 in fees, $3,767.87 in recoverable corporate advances that are due. Our records indicate that the monthly payment amount has not quadrupled and only slightly fluctuated as a result of the required escrow analysis completed. Enclosed are copies of the escrow analysis that were completed for reference.
  
  As of the date of this correspondence,the above-referenced loan is due for the September 1, 2022 payment and all subsequent payments. The loan was referred to foreclosure on June 2, 2022;however, there is no foreclosure sale date scheduled at this time. Please be advised, if a loan is in default, in accordance with the terms of your Mortgage, Fay Servicing, LLC may request an inspection to be completed on the subject property to determine the condition and occupancy. Any fees for such an inspection and/property services may be charged to your loan as outlined in the Mortgage. It is important to Note that when a loan has been referred to foreclosure, the loan is subject to foreclosure attorney fees and property inspection fees associated with the foreclosure. Please refer to the attached copy of the Mortgage, sections 7.Protection of Lenders Security and 8. Inspection. As mentioned above the current recoverable corporate advances balance is $3,767.87, enclosed is a detailed breakdown of the fees assessed. A total of $3,646.72 was assessed as a result of the foreclosure proceedings.$58.12 was assessed as a result of the property inspection fees. Lastly, $63.03 was the recoverable corporate fee balance transferred to *** by the prior servicer.
  
  The loan has a current unpaid principal balance in the amount of $1,795.32; however, this does not include recoverable corporate advance fees, late charges, and any other charges that are due at the time of payoff. As mentioned above the loan is currently due for the September 1, 2022 payment and all subsequent payments. It is important to note, once a loan has been referred to foreclosure, we are unable to accept funds other than the amount to fully reinstate loan or pay off the loan in full, such as partial or single payments. There is currently $778.96 in suspense balance which may be used towards the full payoff of the loan or reinstatement. You may contact your Account Manager or *** if you wish to request a reinstatement quote or payoff statement, the contact information has been listed below. If you are currently experiencing a hardship we invite you to apply for loss mitigation assistance, by filling out the enclosed Borrower Assistance Form and submitting any required supporting documentation.You may also fill out the form online at www.fayservicing.com. We encourage you to stay in contact with *** 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 (11)

  Customer Answer

  Date: 06/05/2023

   
  Complaint: 20069260
  
  I am rejecting this response because:  Hello, I am writing in response to this terrible ordeal I have been dealing with. Fay Servicing. I missed a total of 3 payments during the ******19 Pandemic. I sent them information in writing. I went through the load solutions center and saw that I owed $1,795. 32 to completely pay off the loan. I was told by Fay Servicing that it would go to court. They sent me this huge packet of information about nothing. And now when I called the person in charge of my home loan he stated that because I missed the payments that added an additional $8,000 4 times the amount of the payoff. They called them court fees and non-payment fees. Well It was never sent to a judicial court. It was never reviewed by any Lawyer-Attorney and was never even filed. I am asking that someone review the charging practices and make it noted that Fay Servicing are not forth coming on any documentation, pricing etc.... Can you help? Loan Number: ********** (Recent Activity) Property Address: ******************************************************** Next Payment Due Date: 9/1/2022 Next Payment Amount Due: $300.09 Last Payment Received Date: 8/1/2022 Principal Balance: $1,795.32 Thank you. ***.
  
  Sincerely,
  
  ******* Island

  Business Response

  Date: 06/06/2023

  Please see the attached response.

• Initial Complaint

  Date:05/16/2023

  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.

  I paid off my loan on 3/17/23, *** claimed they paid $404.76 to county tax when in fact my agent (*********************) has paid it and their payment was returned to them, I provided a cleared check to *** to prove that my agent has paid but *** still refuses to pay me back my money and can't even provide proof that they paid it, I've emailed them for the last month but all they say is "our tax department is looking into this".

  Business Response

  Date: 05/17/2023

  Please see the attached response.

  Customer Answer

  Date: 05/17/2023

   
  Complaint: 20062454
  
  I am rejecting this response because:

  I'm not talking about that loan, I'm talking about loan **********, I've provided an account history document which I got from *** please review it. 

  Thanks

  
  Sincerely,
  
  *************************

  Business Response

  Date: 05/24/2023

  Please see the attached response.

  Customer Answer

  Date: 05/25/2023

   
  Complaint: 20062454
  
  I am rejecting this response because:

  I've spoken with County and they say that *** didn't pay the bill, if *** did please provide proof of cleared check. 

  Sincerely,
  
  *************************

  Business Response

  Date: 05/30/2023

  Please see the attached response.

  Customer Answer

  Date: 05/30/2023

   
  Complaint: 20062454
  
  I am rejecting this response because:

  You've not provided proof of payment made by *** as requested. 

  You're again claiming that I said that ********************* received a refund, I've never said that, I've said that ********************* made the payment and they provided proof of that payment, I've also spoken again today with ****************** County and had a *** representative on the phone and the county clearly said that they did NOT get a payment from *** and they asked to provide PROOF of fays payment. (*** told me he'll get back to me today which he didn't...) All you're providing here is transaction histories from Fays site which is worthless. Please provide proof of payment that *** has paid that bill of $404.76 otherwise it's just your word and nothing more. 
  
  Sincerely,
  
  *************************

• Initial Complaint

  Date:04/24/2023

  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.

  Loan # ********** I purchased this property 12/6/22 and it has never been reported to my any of my credit reports an it is now 4/24/23. I request to have the loan reported ASAP. I was discriminated against, too. I am a black female who had my background ran to acquire this loan and I was charged a rate of 8.5% (extremely high). *************************

  Business Response

  Date: 05/03/2023

  May 3, 2023
  
  *************************
  Sent via BBB Portal
  
  RE:                          Account Number:                            0370797676
                                  Property Address:                           ****************************************************************
                                  BBB Complaint Number:               19973429
  
  Dear *************************:
  
  Fay Servicing, LLC (***) has received and reviewed the complaint that you submitted to the Better Business Bureau (BBB) portal on April 24, 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 *** is discriminating against you due to race, as your loan has not been reported to the credit bureaus.
  Customer Service is of the utmost importance to ** and we sincerely regret that you feel your personal experience *** have fallen short. Rest assured,*** is not discriminating against you by not reporting the above-referenced loan to the credit bureaus. Our records reflect that the loan is a business purpose loan, also known as a commercial loan. Business purpose loans do not appear on personal credit reports. Enclosed you will find copies of the Note and Mortgage for your reference. We apologize for any confusion this *** have caused.
  As of the date of this correspondence, the above-referenced loan is current and due for the June 1, 2023 payment.
  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)