Business Profile

Mortgage Lenders

Fay Servicing LLC

This business is NOT BBB Accredited.

Find BBB Accredited Businesses in Mortgage Lenders.

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.

If you've experienced an issue

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:02/24/2023
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.
Ive been doing business with this company since 2007 and unfortunately , it has been nothing but a headache. My first issue was a few years ago when they added $6301 to my mortgage balance. I questioned it and never got an answer. Still waiting for that one. The latest one was here recently when my house payment went up $110. I called and once again, I was told they wont discuss this with me. I did my own investigating and the only change is to my escrow. My insurance went up $50. My county taxes stayed the same and my city taxes went down $270. Theres no real reason why they jumped my payments up other than mismanaging my account once again or stealing from me again. Needless to say, my account is on auto draft and weve paid the amounts they asked every month for over three years. Im really tired of their excuses and bad practices. I cant refinance with another company because interest rates are too high right now. I do want them nailed to the wall for doing crappy practices. Ive read that theyve been doing it in other states also.
Business Response
Date: 02/28/2023
Please see the attached response.
Customer Answer
Date: 02/28/2023

Complaint: 19451409

I am rejecting this response because:
They never reached out to me to admit they had made a mistake with my account nor would they talk to me about it. Im looking for some kind of punitive and monetary damages for this because they were going to make us pay more in a house payment to cover up their mistakes. Once again, crappy customer service. Will ask for a corporate executive reach out to me in regards to this complaint.
Sincerely,

***********************
Business Response
Date: 03/06/2023
Please see the attached response.
Customer Answer
Date: 03/06/2023

Complaint: 19451409

I am rejecting this response because:
Ive been out of bankruptcy for over two years which means theyve had several opportunities to contact me. As far as the overpayment yo insurance, thats on day servicing. They control the payments to insurance and taxes not me. They tried to underhandedly raise my payments so they could get away with double paying!!! They owe me big!!!
Sincerely,

***********************
Initial Complaint
Date:02/22/2023
Type:Billing 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 has created several errors with the Insurance Escrow account they hold for my loan #**********. My insurance premium had gone down in 2022, despite this they showed the old premium that I originally paid as being due. When I alerted them of this error, they proceeded to not only NOT use the new/correct premium amount, they decided to show the wrong premium twice. I should have an escrow surplus and a refund owed to me, along with a lower monthly payment. Instead, because of their incompetence and/or greed, they show my account as having a shortage and have increased my monthly payments. They have to correct this since they are breaching their responsibilities as a fiduciary and potentially committing fraud. I have sent numerous e-mails, certified letters, and filed a complaint with the **** and still have seen no resolution. The next step will be hiring an attorney and filing a lawsuit against them.
Business Response
Date: 02/28/2023
February 28, 2023

** Nova LLC
*************
Sent via BBB Portal

RE:                                          Account Number:            0050029967
                                                Property Address:           ***************************************************************************** 34997
                                                BBB Complaint Number: 19448207
Dear *************:

Fay Servicing, LLC (***) has received and reviewed the complaint that you submitted to the Better Business Bureau (BBB) portal on February 22, 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 your homeowner's insurance amount needs to be corrected and you are requesting an updated escrow analysis along with an escrow refund.
After further investigation our records confirm that at the time both the escrow analyses dated January 27, 2023 and February 2, 2023 were completed, the incorrect homeowners insurance premium was used in the calculation. However, after updating the account to reflect the correct homeowners insurance premium to $944.00, an escrow analysis was conducted on the loan. The updated escrow analysis was completed on February 24, 2023. At the time of the escrow analysis the escrow balance at the time was $1,645.01,however the required amount was $1,668.87, which resulted in an escrow shortage in the amount of $23.86. The monthly collection amount for the county taxes remained $255.11 and the monthly collection amount for the homeowner's insurance was corrected to $944.00. The total shortage has been spread out over the next 12 months and $1.99 will automatically be added to your monthly payment. Effective with the March 1, 2023 payment, the total monthly payment will decrease to $1,246.22. Please be advised, there is no escrow refund due at this time. The updated payment amount will be reflected on your upcoming billing statement.
*** records reflect Citizens as the current insurance carrier with policy number *********, which expires on May 17, 2023. *** is scheduled to disburse funds in the anticipated amount of $944.00 in May 2023.
As of the date of this correspondence, the loan is due for the March 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 (1)
Customer Answer
Date: 03/01/2023

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:02/21/2023
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 you today regarding a fee I was assessed by my mortgage company on my ********************************* property mortgage #********** at Fay Servicing for $******* for a third payment not sent. I set up direct deposit through website but was never initiated. Regardless as to how this happened a fee of ******* can only be seen as a late charge and can only be seen as absorb, unethical and fraud. I am starting my case with your agencies in hope that you will be able to assist. I will continue to reach out exponentially each week and only ask that you provide a suggestion of who can help. I will not stop until it is refunded and know this might require a grassroots movement to force legislative/regulatory change. I a ready for any and all.Thank you for any assistance
Business Response
Date: 02/28/2023
February 28, 2023

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

RE:                          Account Number:                            0000308125
                                Property Address:                           ********************************************* 01550
                                BBB Complaint Number:               19440473

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

Fay Servicing, LLC (***) has received and reviewed the complaint that you submitted to the Better Business Bureau (BBB) portal on February 21, 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 paid the past due payments in December and had to pay penalties in the amount of $2,779.84.
*** records reflect that we previously responded to this matter on February 17, 2023, in which we advised that it was unclear what penalty you are referring to. In order to further research this matter, please submit documentation regarding what penalty you are referring to. We apologize for any inconvenience this may have caused. Enclosed you will find a copy of our previous response.
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:02/16/2023
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 my mortgage servicer for account # ****** Property address ****************************************************** .in December of 2022 I received a letter of non payment for my insurance .Fay servicing advised on 1/9/2023 that by 1/17/2023 the insurance will be paid. I then received another cancelation of insurance due to non payment and fay servicing is refusing to pay the insurance , I am paying funds monthly into escrow for insurance -Document attached -and had funds escrowed for insurance on my Hud at closing in 2021, there are funds in the escrow for insurance and Fay servicing did not pay it .thanks
Business Response
Date: 02/24/2023
Please see the attached response.
Customer Answer
Date: 02/28/2023

Complaint: 19402954

I am rejecting this response because:
Fay servicing has been playing this game for months now and did not come with a response to the issue and I had to pay the insurance.
I am paying money into escrow monthly for insurance , and i would like to have the issue resolved.

Sincerely,

*******************************
Business Response
Date: 03/06/2023
Please see the attached response.
Customer Answer
Date: 03/15/2023

Complaint: 19402954

I am rejecting this response because: All they do is buying time , and not paying insurance and saying they going to buy their own insurance ! See attached Letter received!
See attached payment to insurance I made ,I Laid out for fay servicing while they just not getting act together .
See attached email where FAY servicing acknowledged that they need to pay the insurance as its being escrowed !!
Please advise as when I will receive the refund , .
Please see attached

Sincerely,

*******************************
Initial Complaint
Date:02/14/2023
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.
For the last 4 months or so up until February 2023, had to call to request an adjustment to payments. They take part and put towards principle then say you owe more. Have to call to ask for a reversal so that all can go toward the actual monthly payment. They are trying to force customers into foreclosure by taking legitimate payments and applying part to principle, making payments late, and wrongly reporting to the credit bureau so they can make money off you and take your home at the same time while making even more money when you have not missed any payments. When speaking with customer service, they act like you have done something wrong or shall I say act dumb until you provide the actual facts. Then they settle down when they realize you have actual facts.
Business Response
Date: 02/21/2023
February 21, 2023

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

RE:                          Account Number:                            0000310299
                                Property Address:                           ************************************************* 39211
                                BBB Complaint Number:               19399018

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

Fay Servicing, LLC (***) has received and reviewed the complaint that you submitted to the Better Business Bureau (BBB) portal on February 14, 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 for 4 months prior to February 2023 *** was applying your payments to principal and reporting your monthly payments as delinquent.

*** acquired the above-referenced loan for servicing on December 7, 2021, due for the November 1, 2021 payment and all subsequent payments. Please be advised since *** began servicing the loan, you have been making non-contractual bi-weekly payments as you are not enrolled in bi-weekly ACH. Meaning bi-weekly payment drafts are not automatically withdrawn from your account on the specified date. Therefore, if a payment is not specified where you would like it applied, the funds will either be applied toward the principal balance or will be placed into suspense until the full contractual payment amount is received. As of the date of this correspondence,the above-referenced loan is due for the March 1, 2023 and currently has a suspense balance in the amount of $478.80. Enclosed you will find a copy of the Transaction History.

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)
Initial Complaint
Date:02/06/2023
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.
I just recently found out I am Executor for my Great Aunt, cause of my father not carrying out his duties as Executor, and I'm also administrator for my father which inherited from her. I did not know I was in control of the estate when my father passed cause of my (uncle) claimed to be in control. MY great aunt passed away in 2009 and my father in 2020. After doing a title search on the property ,it came back with a mortgage showing on it. Fay Servicing claims to be handling this mortgage as per a bill dated 8/22/2022, account number ********** Phone number ************** with bill amounts of $220.80 . The company cannot show any proof of loan and that there is a CONTRACT with them and no assignment is showing in the ******************** for FAY Servicing, Fay servicing is refusing to corporate with me after being notified multiple times, including but not limited to certified mail, in giving me the information regarding this loan and history of all payments made on this loan . When I called Fay Servicing back in October of 2022 they claimed to be a debt collection company. I get different answers every time I have spoken with someone. I know the loan has been sold several times through the title search. How much has been paid to each Company? Fay Servicing did acknowledged I sent a letter of demand to them after multiple attempts of notifying them and with court documentation they needed, and they addressed me as a (Complainant) They are still refusing to provide the information I have requested in the certified letter regarding the loan and its history as I am trying to settle this estate and or keep up the loan payments if there is even one still owed. I have changed the address for the deceased cause live at a different location but I'm not getting the mail cause they are billing not directly to name of person but to Estate of ******. All of a sudden the payment has increased to over $280 dollars after I contacted them and have provided no reason for this.(I've been checking the automated system) 1. Fay Servicing needs to show proof of this loan for them instead of just a billing statement. 2. All history of any payments made on said loan. 3. Start communicating with me by postal mail directly.4. Wipe out any late charges or fees because they haven't been communicating with me directly as Executor so I KNOW whats going on with the mortgage and if any payments have been made and how. 5. Explain why payment has increased. 6. Provide me with the actual mortgage company's name and contact information if they cant prove ownership of loan. This company is starting to cost me time and money by not communicating directly with me as Executor . This company needs to provide me as legal representative of estate with the information and not to an Uncle that is not over the Estate. If I have to pay for legal counsel regarding this I will also seek these fees as well as any additional from ***************************. (They need to provide PROOF) ************* is refusing communication and to provide requested documentation with legal documents provided to them.
Business Response
Date: 02/13/2023
February 13, 2023

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

RE:                          Account Number:                            0000323942
                                Property Address:                           ************************************************** 24319
                                BBB Complaint Number:               19336086

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

Fay Servicing, LLC (***) has received and reviewed the complaint that you submitted to the Better Business Bureau (BBB) portal on February 6, 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 you provided court documentation evidencing you as the executor of the Estate of ************************************, and an administrator for ********************************; however, *** refused to comply with your request for information pertaining to validation of the debt.

Please recall on February 18,2008, the borrower obtained a loan from ******************** whose address is ***************************************************************, in the amount of $28,286.21. In exchange for the loan, the borrower gave, as security, an interest in the subject property located at ************************************************** 24319.

*** is the current servicer of the loan and the holder of the note is Greenwich Revolving Trust by ******************************** FSB, not in its individual capacity, but solely as Owner Trustee. Their address is c/o ********** ********************* FSB as owner trustee, ******************************** *******************.

*** received your undated letter on January 4, 2023 containing a Request for Information regarding the above-referenced mortgage account. *** provided a response to the request on February 2, 2023, which has been attached for reference. Please also find attached a copy of the recorded Assignment of Mortgage.

*** acquired the loan for servicing on May 3, 2022. Our records reflect that we initially spoke with you during an inbound call received on November 10, 2022.You stated that you were the Administrator of the Estate; however, we were unable to disclose information about the account to you as there was not a valid form of authorization on file at the time. As of December 9, 2022, we received the documentation evidencing you as the Administrator of the Estate.On December 12, 2022, we updated the account to reflect you as the named Administrator of the Estate. Please note however, we are unable to confirm you as Successor in Interest until the required Successor in Interest documentation has been received. *** sent the Successor in Interest letters to you from December 15, 2022, through January 31, 2023.

Please note, our records reflect that all statements and notices were previously being sent to the property address; however, please be assured the account has been updated to reflect the mailing address as ************************************************************.

*** will not disclose any information considered confidential, proprietary or information that is not directly related to the above-referenced account. In addition, customer service 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 frustration that this matter has caused.

In your complaint, you state that *** has not explained the increase in the monthly mortgage payment.

After further review of the loan, *** completed an escrow analysis on the account dated August 8, 2022. The analysis completed reflects an increase in the monthly mortgage payment from $220.80 to $280.32, effective with the October 22, 2022 payment. Of the new monthly payment amount, the principal and interest payment is $201.49, and the portion going to escrow is $78.83.

The escrow portion of the payment consists of the homeowners insurance at the yearly premium of $384.00 or $32.00 monthly. Furthermore, at the time of the analysis, the loan had an escrow balance of -$369.91, with a required escrow cushion of $192.00, resulting in an escrow shortage of $561.91. The escrow shortage was spread out over twelve (12) months, resulting in an additional $46.83 being added to the total monthly payment amount.

Please note, the insurance policy on file is a lender-placed insurance policy. On May 23, 2022, *** sent the first warning letter advising that the homeowners insurance policy has expired and we have not received evidence that new coverage has been obtained. On June 22, 2022, *** sent the second and final notice advising that we will purchase the necessary homeowners insurance if evidence of coverage is not provided. On July 27, 2022, *** deducted $384.00 from the escrow account to be disbursed towards the lender-placed hazard insurance policy. *** sent the notice of lender-placed insurance coverage on August 2, 2022 advising that we paid the insurance premium due for the hazard insurance required for the property.
If you have purchased hazard insurance, you should immediately provide us with your insurance information. We require written confirmation of coverage, in either hard copy or electronic form, and will accept a copy of the declarations page of your insurance policy, which must show your policy number, the name and contact information for your insurance company or insurance agent; or you may provide your insurance policy itself.You may submit your updated homeowners policy by fax to ************ or email to ************************************************ ensure the insurance policy is updated with our Mortgagee Clause on your hazard insurance declaration pages as follows:
Fay Servicing
ISAOA ATIMA
PO BOX 3644
***********, ** 45501-3644

As of the date of this letter, the loan is due for the February 22, 2023 payment. We have attached an updated copy of the account history for reference. We have also requested a payoff quote good through thirty (30) days to be sent to the mailing address on file. Lastly, if you are interested in loss mitigation assistance, you may 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 us regularly throughout the application process. You will be fully evaluated for all available assistance options within thirty (30) days of *** receiving a complete application.

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)
Customer Answer
Date: 02/17/2023

Complaint: 19336086

I am rejecting this response because:
Fay Servicing is not complying with information requested with legal supporting documentation. They stated in a letter to me that the request for information was burdensome and not required to respond to any such request. I have sent some separate emails to *********************************************** with some of the supporting documents sent to them.

Sincerely,

***************************************
Business Response
Date: 02/24/2023
Fay Servicing, LLC (***) has received and reviewed the complaint that you submitted to the Better Business Bureau (BBB) portal on February 17, 2023, regarding your above-referenced mortgage loan.
Fays responses to the specific concerns raised in your complaint are provided below.

a. In your complaint, you state that you are rejecting the previous response because *** is not complying with information requested with legal supporting documentation.

Please be advised during an inbound call received on November 10, 2022 you stated that you were the Administrator of the Estate; however, we were unable to disclose information about the account to you as there was not a valid form of authorization on file at the time. As of December 9, 2022, we received the documentation evidencing you as the Administrator of the Estate. On December 12, 2022, we updated the account to reflect you as the named Administrator of the Estate. Unfortunately, we are unable to confirm you as Successor in Interest until the required Successor in Interest documentation has been received. *** sent the Successor in Interest letters to you from December 15, 2022, through January 31, 2023. However, please note *** has previously provided you with the documentation requested on February 2, 2023. Enclosed is a copy of our response for reference.

Customer service 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 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: 03/01/2023

Complaint: 19336086

I am rejecting this response because: They have not provided the documents requested. YES! I did receive a successor in interest request and have sent MULTIPLE documents.The Executor paper is a legal binding document that Fay Servicing is ignoring. They have already received the *** Mapping with property TAX ID as well showing my name. Fay Servicing keeps asking me to prove relationship such as (Birth) For one, my great aunt didn't give birth to me. Two there, wanting proof of (marriage) I did not marry my great aunt! Three, they are asking for (adoption) papers.My great aunt did not adopt me. The Executor paper serves as the notarized affidavit. As I stated above, it serves as a legal binding document, Fay Servicing has also received a copy of my State ID along with other legal documents. Fay servicing is not being clear and unfair in requesting such documents, Birth, Marriage, Adoption, I have respectfully demanded certain documents regarding the loan and they have repeatedly REFUSED. However they are required to work with he Executor and they are refusing. I have tried to resolve this amicably, I have already notified ************************************* I have spoken with an attorney and I am prepared to further peruse this non compliance with Fay Servicing

Sincerely,

***************************************
Initial Complaint
Date:02/01/2023
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.
the property on 77 ****** closed in march 2022 and at closing the insurance was paid in full for a year , all of a sudden Fay servicing bought their own insurance in August /2022 . when we realized funds being withdrawn from escrow and contacted them , the answer was that they bought their own insurance and they want proof of our policy . we uploaded multiple times to them with them saying they didn't get it or the department is reviewing it . it took months for them to acknowledge that they applied double insurance . now its another months and no credit as they say it takes time and coming up with excuses . Now they increased monthly payments for escrow funds they withdrew for their policy. Not only didn't I receive credit they want me to pay the funds!!!!fay servicing account number ******
Business Response
Date: 02/07/2023

February 7, 2023

77 *********************** LLC
***********************************
Sent via BBB Portal

RE:                          Account Number:                            0000323122
                                Property Address:                           *************************************************** 07112
                                BBB Complaint Number:               18965844

Dear 77 *********************** LLC:

Fay Servicing, LLC (***) has received and reviewed the complaint that you submitted to the Better Business Bureau (BBB) portal on February 1, 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 paid insurance for the property located at *********************************** for a full year; however, *** applied a force-placed insurance policy to your loan.

After further investigation, our records confirm that *** sent a letter dated June 25, 2022 advising that we require proof of insurance.*** sent another letter dated July 25, 2022, advising that we had not yet received proof of insurance and a force-placed insurance policy was applied to the loan.You submitted proof of insurance on November 2, 2022. However, in reviewing the proof of insurance submitted, the policy only reflects coverage for the property located at ***********************************. *** contacted the insurance agent via phone *************) and determined that the policy only covers ****************************** it is a split address. As such, the force-placed insurance policy is unable to be removed at this time. Enclosed you will find copies of the Note, Loan Agreement, Guaranty, Compliance Agreement, Commercial Mortgage and Security Agreement, Borrower Certification and Authorization, and Transaction History.In addition we have enclosed a copy of the Agreement to ***************** which lists the property as follows: ****************************************************************. Please submit proof of coverage for the properties listed as ***************************************************************, 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 (10)
Customer Answer
Date: 02/09/2023

Complaint: 18965844

I am rejecting this response because: Insurance was verified and approved at time of closing !
Please see below email of approval.
---------- Forwarded message ---------
From: Insurance <*************************>
Date: Mon, Feb 21, 2022 at 2:03 PM
Subject: Re: [FLS] [Rental *****] Insurance Requirements: Frommell - *********************************** (**)
To: ********************* <***************************>, ******************************************* <*******************************************>
Cc: ******************* <********************>, ********************* Coca <**************************************************>, ******************************* <*****************************************************>, ********************* <*************************>, Loan Underwriting <*********************************************>, Roc Loans <**********************************>, Unknown <**************************************>, &lt,*************************************&gt, <*************************************>, *********************** ************************************************************ *************************** <********************>, ********************* <********************>, *************************** <********************>, ******************* <********************>, ********************* <************************>, insurance_reviewer_ad <**************************************************>

Hi ********************* is approved.

Thanks,
*******************************
Advocate Insurance Reviews

On February 21, 2022, 8:58 PM GMT+2 *************************** wrote:

Please keep me posted as to when the closing is scheduled for since I did not bind this policy yet.

Thank you.

On Mon, Feb 21, 2022 at 1:52 PM <*******************************************> wrote:
User replying:: *********************
Insurance has been approved.
NOTICE - PLEASE READ: This email message, and any files or previous email messages attached to it, may contain confidential, proprietary, or legally privileged information and are intended solely for the use of the individual or entity to whom they are addressed. If you are not an intended recipient, or a person responsible for delivering it to an intended recipient, any disclosure, printing, copying, distribution, or use of any of the information contained in or attached to this message is strictly prohibited. Please immediately notify us by reply email if you received this message in error, delete the message as well as any attachments without reading or saving them, and destroy all hard copies. No confidentiality or privilege is waived or lost by any mistransmission. Any views or opinions expressed in this email message are solely those of the sender and do not necessarily represent those of **************** Holdings LLC or its subsidiaries, and may not be copied or distributed without this statement.  This email message should not be construed as providing any legal or tax advice. For legal or tax advice concerning your specific situation, you are encouraged to consult with your attorney, accountant, or tax adviser."

--
*****

*********************

Lion ************** Group
1242 **************** Brooklyn ** 11219
Office:********************** Fax:  *************
Email:   ***************************
NOTICE: You cannot bind, alter or cancel coverage without speaking to an authorized representative of Lion ************** ********** Coverage cannot be bound without written confirmation from an authorized representative of Lion ************** ********** This email and any files transmitted with it are not encrypted and may contain privileged or other confidential information and is intended solely for the use of the individual or entity to whom they are addressed. If you are not the intended recipient or entity, or believe that you may have received this email in error, please reply to the sender indicating that fact and delete the copy you received. In addition, you should not print, copy, transmit, disseminate, or otherwise use this information. Thank you.

Sincerely,

*******************************
Insurance was paid in full for one year with approval of insurance by lender!!!
Business Response
Date: 02/16/2023
February 16, 2023

77 *********************** LLC
***********************************
Sent via BBB Portal

RE:                          Account Number:                            0000323122
                                Property Address:                           *************************************************** 07112
                                BBB Complaint Number:               18965844

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

Fay Servicing, LLC (***) has received and reviewed the complaint that you submitted to the Better Business Bureau (BBB) portal on February 9, 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 prior response because the insurance was approved at closing.
*** records reflect that a force-placed insurance policy was previously applied to your loan and funds in the amount of $5,477.99 were disbursed for the policy on August 24, 2022. However, *** received the updated policy information provided by you and the force placed insurance policy was removed and a refund in the amount of $5,477.99 was applied back into the escrow account on February 9, 2023.
*** currently reflects Farmers ********************* Salem County as the current homeowners insurance carrier on file with policy number CDNJ001443,which expires on March 15, ****. *** disbursed funds for this policy in the amount of $2,421.00 on February 13, 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

Enclosures (1)
Initial Complaint
Date:01/27/2023
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.
House fire on 9/14/22. Insurance proceeds for rebuild turned over to Fay Servicing for rebuild of property on 10/17/22 Disbursement request was made mid November for first draw to begin reconstruction. We were told check would be issued in two days. After a week, we contacted *** and they stated paperwork was incorrect by contractor. We were not contacted about this issue. Paperwork corrected. We have been contacting them weekly since then, each time they state check will be issued in two days. Every time we call they have a new excuse. That they need plans for the rebuild - they do not - its an interior reconstruction, house plan remains the same. They have used this excuse 3 times. Each time they tell us the check will be issued in two days. Another call we were told contractor filled paperwork out incorrectly again. They did not, everything was correct, check will be issued in two days. This has been going on for over two months. No construction has started because *** refuses to issue first draw. Last week, we received a letter from Fay Servicing threatening us with legal action because we have not begun construction yet. Called once again and was told we needed plans drawn. Explained, yet again, that we do not need plans, check will be issued in two days. We cannot begin reconstruction until the funds are released by Fay Servicing. Called yesterday and was told they will not do anything because they are transferring this service to another company that will not be up and running until 1/31/2023. Today is 1/26/23. That is another week, minimum, of waiting. Our house could have been more than halfway completed had *** issued the check in November as requested. Request check be issued immediately so that we may begin construction.
Business Response
Date: 01/31/2023
Please see the attached response.
Initial Complaint
Date:01/27/2023
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.
Fay Servicing has messed up escrow on loan #******. Even though many, many times I provided documentation for insurance, they added lender placed coverage of $1924.36. On Sept 29th, they paid Washington Mutual, not my insurance company, $507 for an address not associated with me or my loan. This has caused an escrow shortage of $2431.36 through no fault of my own. I have been attempting to resolve this since the end of November by calling in every week or two week. I'm always told by the rep that they've submitted it and will contact me within 2-3 business days but that time passes and I call again and I'm told they same thing. They acknowledge the error but no one is willing to correct this in it's entirety. They have refunded $1924.36. There is still the outstanding payment of $507 made in error. *** reps have stated that they can't refund my escrow until they receive a refund from the insurance company but I don't understand how I'm being penalized for their mistake. They further refuse to run an escrow analysis until this is resolved. My payment is scheduled to increase from $966.50 to $1218.40 to correct the escrow shortage that wouldn't be short if they'd correct their mistakes and rerun the analysis! I can't not pay the new amount because I'll be in default and I can't force them to do anything. It is absolutely ridiculous.
Business Response
Date: 02/02/2023
February 2, 2023

******** Rentals,LLC
*********************************
Sent via BBB Portal

RE:                          Account Number:                            0000307213
                                Property Address:                           ************************************************ 43055
                                BBB Complaint Number:               18934923

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

Fay Servicing, LLC (***) has received and reviewed the complaint that you submitted to the Better Business Bureau (BBB) portal on January 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 *** incorrectly added lender-placed insurance coverage to the account, which was refunded in full; however, there is still an outstanding payment of $507.00 which was made towards an insurance policy that is not associated with the above-referenced loan. You further assert the errors have caused an escrow deficiency which is impacting the monthly payment amount.

After review of 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 sincerely apologize for the inconvenience this 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
Customer Answer
Date: 02/03/2023

Complaint: 18934923

I am rejecting this response because:
This has been allegedly escalated and investigated over a dozen times. They always state theyll call me back and no one ever does. Further, Ive been told youre waiting on Washington Mutual to refund the money but thats not my fault that you paid in error and now Im paying to correct your mistakes because youve raised my payment and refuse to rerun escrow analysis. Thats wrong.

Sincerely,

*********************************
Business Response
Date: 02/09/2023
February 9, 2023

******** Rentals,LLC
*********************************
Sent via BBB Portal

RE:                          Account Number:                            0000307213
                                Property Address:                           ************************************************ 43055
                                BBB Complaint Number:               18934923

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

Fay Servicing, LLC (***) has received and reviewed the complaint that you submitted to the Better Business Bureau (BBB) portal on February 3, 2023,regarding your above-referenced mortgage loan.

We understand your concerns on the above-referenced account are related to multiple errors which have occurred pertaining to the escrow account. You previously explained to us that *** incorrectly added lender-placed insurance coverage to the loan, which was refunded in full. However, you have not received any calls from *** regarding the outstanding payment of $507.00 which was made towards an insurance policy unassociated with the property. You state that *** claims the issue has been escalated and investigated multiple times.However, you are being unfairly penalized for the error since the monthly mortgage payment increased effective with the February 1, 2023 payment.
After conducting a reasonable investigation, we have determined that the insurance payment in the amount of $507.00 was disbursed inadvertently. At this time, we have requested that your account be adjusted as quickly as possible and will provide a detailed explanation of the corrections made shortly. Please note,customer service 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 sincerely apologize for the inconvenience and frustration that this matter has caused.
As of the date of this letter, the loan is due for the March 1, 2023 payment. We have attached an updated copy of the account history for reference. *** received the February 1, 2023 payment in the amount of $1,218.40 on February 1,2023. Please note, once the escrow balance is corrected, *** will request for the loan to be analyzed effective with the March 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 (1)
Customer Answer
Date: 02/09/2023

Complaint: 18934923

I am rejecting this response because:
I started calling about this at the end of November 2022. It's been "under investigation" since then. You acknowledge looking into this on 2/3/23. Finally, on 2/9/23, you acknowledge *** made a payment in error, however, you STILL have not credited my escrow account. You acknowledge the error. Correct the error. Rerun an escrow analysis and change my payment amount for March. It's pretty simple that literally anyone in your customer service team should be able to do but instead of taking the time to fix it, you sent an email asking someone else to do something and are on here writing a response. That's ridiculous.
Further, I've tried since November to get a copy of the invoice you paid to Washington Mutual but no one was able to locate it or provide it. The "insurance department" wasn't able to see the bill because you changed the system. **************** wasn't able to see it because I need to speak to the insurance department. I was instructed by the insurance department to call Washington Mutual and cancel the policy....when I asked how I was going to have the authority to cancel a policy that isn't for my property and wasn't in my name the gentleman said he didn't know what else to tell me to do. Last month, you sent a copy of the $507 check to Washington Mutual and ask them to research where the payment was applied in their system because you had no clue why you sent them the check or for what account.
Yesterday, on 2/8, after 3 HOURS on the phone, I was finally able to get a copy of the Washington Mutual bill from customer service. Obviously, since your company is so screwed up, customer service couldn't talk to the insurance department, so I had to have customer service email me the bill, and then I emailed the insurance department the bill. The lady was going to contact Washington Mutual to try to get them to refund the check BUT STILL couldn't refund my escrow account even though she had proof right there. Completely and totally unacceptable. Unacceptable that I have to do your job and try to correct your mistakes and unacceptable that you won't correct my account.
Sincerely,

*********************************
Business Response
Date: 02/17/2023
February 17, 2023

******** Rentals,LLC
*********************************
Sent via BBB Portal

RE:                          Account Number:                            0000307213
                                Property Address:                           ************************************************ 43055
                                BBB Complaint Number:               18934923

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

Fay Servicing, LLC (***) has received and reviewed the complaint that you submitted to the Better Business Bureau (BBB) portal on February 10,2023, 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 responses as you initially contacted us in November 2022 regarding the matter, which is still unresolved. You state that *** has acknowledged that the homeowners insurance payment of $507.00 was inadvertently disbursed towards an insurance policy unassociated with the loan; however, the funds have not been credited back to your account and the monthly mortgage payment is scheduled to increase as of March 1, 2023 due to the escrow deficiency.
After conducting a reasonable investigation, we have determined that the insurance payment in the amount of $507.00 was inadvertently disbursed towards an insurance policy unassociated with the above-referenced loan. Please be assured, *** has re-applied the funds in the amount of $507.00 to your escrow account as of February 14, 2023. We have attached an updated copy of the account history evidencing the refund properly credited to your escrow account.
At this time, *** has requested for an updated escrow analysis to be run on the account effective with the March 1, 2023 payment.Please allow **** business days for the new escrow analysis to be completed. We sincerely apologize for the inconvenience and frustration that this matter has caused. We are committed to providing superior customer service and have addressed your concerns with the appropriate parties.

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:01/12/2023
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.
On october2022 i was notified by Fay Servicing that they had purchased my morgage and my payments were to be sent to their office in ****** ***** after numerous calls and no actual statement sent to i went ahead sent my payment of $281.01 to ensure that it would arrive by the 20th of the month the due date since then i have to call to get statements and each time my statement has come from a different office ***** ******* and most recent ******* ******** im on ssi with my income coming on the 3rd so i pay all my bills at this time even though most are not due till later in the month i recived my January statement on 1-10-23 stating they had received my December payment on December 8th that my January payment of $281.00 was due on the 20th with a total due of $290.67 with no explnation so i called they said the interest was figured only a daily basis from the time the last payment was received till the next billing cycle i took this morgage out in **** this is the first time so if that is fact im getting fined for making my payment early ive seen to many bad reviews on *** i do not trust them
Business Response
Date: 01/20/2023
January 20, 2023

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

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

Dear Terry Sears:

Fay Servicing, LLC (“Fay”) has received and reviewed the complaint that
you submitted to the Better Business Bureau (“BBB”) portal on January 12, 2023,
regarding your above-referenced mortgage loan. Fay’s responses to the specific
concerns raised in your complaint are provided below.

In your complaint, you state that you were informed that the interest on the loan is calculated on a daily basis, from the time the last payment was received until the next billing cycle. Your sentiments are that if this is the case, then you are being penalized for paying your mortgage payment prior to the due date.

After review of the account, Fay has
determined that additional research is required. Fay 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 sincerely apologize for the
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

BBB Business Profiles may not be reproduced for sales or promotional purposes.

BBB Business Profiles are provided solely to assist you in exercising your own best judgment. BBB asks third parties who publish complaints, reviews and/or responses on this website to affirm that the information provided is accurate. However, BBB does not verify the accuracy of information provided by third parties, and does not guarantee the accuracy of any information in Business Profiles.

When considering complaint information, please take into account the company's size and volume of transactions, and understand that the nature of complaints and a firm's responses to them are often more important than the number of complaints.

BBB Business Profiles generally cover a three-year reporting period, except for customer reviews. Customer reviews posted prior to July 5, 2024, will no longer be published when they reach three years from their submission date. Customer reviews posted on/after July 5, 2024, will be published indefinitely unless otherwise voluntarily retracted by the user who submitted the content, or BBB no longer believes the review is authentic. BBB Business Profiles are subject to change at any time. If you choose to do business with this company, please let them know that you checked their record with BBB.

As a matter of policy, BBB does not endorse any product, service or business. Businesses are under no obligation to seek BBB accreditation, and some businesses are not accredited because they have not sought BBB accreditation. BBB charges a fee for BBB Accreditation. This fee supports BBB's efforts to fulfill its mission of advancing marketplace trust.

Cookies on BBB.org

Complaints

Customer Complaints Summary

If you've experienced an issue

Filter and sort by

Sort by

Complaint status

Complaint type

Complaint statuses

Business Response

Customer Answer

Business Response

Customer Answer

Complaint statuses

Business Response

Customer Answer

Complaint statuses

Business Response

Complaint statuses

Business Response

Customer Answer

Business Response

Customer Answer

Complaint statuses

Business Response

Complaint statuses

Business Response

Customer Answer

Business Response

Customer Answer

Complaint statuses

Business Response

Customer Answer

Business Response

Complaint statuses

Business Response

Complaint statuses

Business Response

Customer Answer

Business Response

Customer Answer

Business Response

Complaint statuses

Business Response

Fay Servicing LLC is NOT a BBB Accredited Business.