Business Profile

Mortgage Lenders

Fay Servicing LLC

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Complaints

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

Customer Complaints Summary

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

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Submit a Complaint

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

Initial Complaint
Date:04/22/2024
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'm not in Bankruptcy and they keep stating that i am and wont discuss my loan.
Business Response
Date: 04/29/2024
Please see the attached response.
Initial Complaint
Date:04/10/2024
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.
my mortgage to *** was paid by off on Feb 28, 2024 . As of April 10 2024 , I am getting the run around with then sending my certificate of satisfaction to the registry of deeds . They continue to tell me it hasnt been closed until 4/1/2024 and will take 90 days to receive paperwork . I have proof *** check to them was cleared 3/4/2024 .well they continue to play games , I have to pay property tax in the land and I just want to sell it immediately but have to wait for the deed to be sent to registry . they also have no complaint line to speak with a person . the 2 men I spoke too on the phone are extremely rude . can you image if I told them I would pay my mortgage in 90 days !! lol
Business Response
Date: 04/12/2024
Please see the attached response.
Initial Complaint
Date:04/08/2024
Type:Sales and Advertising 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.
Been divorced for over 20 years. Ex by court order had to get my name off loan and take responsibility for loan. *** financial was notified but continue to be in my name. Refinancing without my knowledge. Sinking my credit
Business Response
Date: 04/12/2024
Please see the attached response.
Initial Complaint
Date:04/08/2024
Type:Service or Repair 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.
The mortgage company raised our mortgage by $1000 because of their error in not noticing that we had flood insurance. They mistakenly didnt see the proof our insurance agent sent over and they are unwilling to waive any penalties while they correct their mistake. We are happy to pay the correct amount not what they want bc it is not really what we owe and they said it can take 14 days to correct.
Business Response
Date: 04/16/2024
Please see the attached response.
Customer Answer
Date: 04/16/2024

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:04/08/2024
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 was denied a workout option for my loan becuase I exeeded the amount of times I could be reviewed for help. I do not believe that I was treated fairly in regards to the loan modification process. I had an approved loan modification with the lender Specialized loan servicing when they transferred the loan to you and at that point the only thing that needed to be done was that I needed a new loan modification agreement to ge signed but then I never got it and i was told several times your department was working on it this is back from last year november or so. It is noted in your system and as well the calls were recorded that I kept calling in to get the status on the loan modification paperwork and it was never resent. Then after that the account manager told me that I had to re apply and that would be the only way since then it has been denied again My reason for this complaint is that I should not be denied since it was not my fault your company did not have the complete file when the file was transfereed to you from Specialiced Loan Servicing. I have the money for the payments I was supposed to make since september and I have told this to your department several times. I am a 75 year old disabled widow. I do not have a place to go or move to if I lose this home. I have been calling and appealing for a while but I have not got a responce about why the loan modification paperwork was not sent back out. I am also trying to borrow the money to bring it current but I do not have enough time to the 23rd of this month to make that happen. I should be able to just make the payments on the loan modification as it was approved , it is not my fault that your department did not send out the necesary paperwork on time. And then you closed out my loan modification therefore leaving me with no option but to lose my home to foreclosure. I need a reveiw of this file including all calls I made about not receiving the loan moditication contract in a timely manner.
Business Response
Date: 04/15/2024
Please see the attached response.
Customer Answer
Date: 04/16/2024

Complaint: 21535916

I am rejecting this response because: My point is that they did not send out the modification packet and then they cancelled the modification. Therefore when they made me re apply now they say I'm not elegible . Due to having had been offered a modification before and it being cancelled. So I have a right to be reviewed for the loan modification becasue it was not my fault they did not send my packet out. That is their fault.

Sincerely,

*****************************
Business Response
Date: 04/19/2024
Please see the attached response.
Customer Answer
Date: 04/22/2024

Complaint: 21535916

I am rejecting this response because:

Per the letter from *** that was the response to my complaint

Yes I was out of town and they said they had sent the package so I assumed it would be at home when I got back how ever I did not find anything at home when I got back and I did let *** know that I did not have the paperwork, I did not receive it and even if they have a tracking number that doesnt mean anything to me becasue I did tell them over the phone that i NEVER GOT THEM. And they still did not send a copy. Wouldnt that be the correct thing to do?

Sincerely,

*****************************
Initial Complaint
Date:04/08/2024
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.
My loan was recently transferred from Fairway (Fairway Loan Number: **********) to Fay Servicing LLC on March 1, 2024. The principal loan balance amount transferred from Fairway was $812,962.55 (that was the amount shown on my Fairway's statement as of January 30, 2024). However, Fay Servicing LLC sent me an account statement with the beginning balance of $822,962.55, which is $10,000 more than my actual balance. I called and emailed the company multiple times between March 7 and March 29, 2024. I provided them the needed information to correct their errors and requested them update the amortization schedule accordingly. As of today, the issue is still unresolved. In addition, I made additional payments for March and April 2024. The following lists the history of my payments. 11/1/23 Beginning loan balance with Fairway $845,000.00 11/14/23 Payment of $17,069.94 (for 12/2023 monthly plus $9,999.99 additional principle) 12/29/23Payment of $17,069.94 (for 1/2024 monthly plus $9,999.99 additional principle)1/30/2024 Payment of $17,069.94 (for 2/2024 monthly plus $9,999.99 additional principle)1/30/2024 Loan balance shown on Fairway statement: $812,962.55 3/1/2024 Loan transferred to Fay Servicing LLC 2/29/2024 Payment of $27,069.95 sent to Fay Servicing LLC (for 3/2024 monthly plus $20,000.00) additional principle) 3/29/2024 Payment of $7,069.65 (for 4/2024 monthly)According to the history above, the loan balance on 4/1/2024 should be $791,199.98. My next payment is due on May 1, 2024. The statement from Fay Servicing shows that my loan balance is $797,598.85, which is totally incorrect. I need them to correct the errors immediately. Thank you for your help!
Business Response
Date: 04/16/2024
Please see the attached response.
Customer Answer
Date: 05/01/2024

Complaint: 21530381

I am rejecting this response because the corrections they made on my account history shown on my account portal as shown as of May 1, 2024 does match my my payment history (see attached document). They promised to correct the history and apply the payment as I intended, but I have not seen that is taking place.

Sincerely,

Jack ****
Business Response
Date: 05/10/2024
Please see the attached response.
Customer Answer
Date: 05/13/2024

Complaint: 21530381

I am rejecting this response because they are playing the delay game. This is a very simple request as I have provided a clear history of my payment. As of today, the loan balance is still more than I actual owe. I demand they provide me a corrected payment history and loan balance amount within 10 business days.
Sincerely,

*****************
Business Response
Date: 05/22/2024
Please see the attached response.
Initial Complaint
Date:03/28/2024
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.
I had my mortgage sold to Fay Servicing in October. In the past 3 months they have not cashed my mortgage check, they have sent me a notice of pre foreclosure saying I owe them back payments. I sent in a check for the amount they said I was behind and a customer rep told me they did not cash it and she could not explain why. They have not sent that check back. They also said they would email me instructions as to how to pay this balance. I have not received anything as of today and its been 15 days since I spoke to this rep. I have called the customer service line twice a day to see what the process is and I have left messages and requested a call back thru their phone center. 12 days and they have not called back. Their email address kicks my messages back and says undelivererable. I would like to clear this matter up asap. Thanks in advance.
Business Response
Date: 04/05/2024
April 5, 2024

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

RE:                          Account Number:                            0000368346
                                Property Address:                           *****************************************************
                                BBB Complaint Number:               21498148

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

Fay Servicing,LLC (***) has received and reviewed the complaint that you submitted to the Better Business Bureau (BBB) portal on March 28, 2024, regarding your above-referenced mortgage loan. Fays responses to the specific concerns raised in your complaint are provided below.

As a way of background, *** acquired the loan for servicing on December 12, 2023, while the loan was contractually due for October 1, 2023, and all subsequent payments. Please find attached a copy of the *** Account History. The loan transferred to us with unapplied funds of $231.35 and your payment of $1,435.60 was received on January 12, 2024;however, the funds were placed into the unapplied funds account, resulting in an unapplied funds balance of $1,666.95. On that same day, January 12, 2024,*** withdrew the unapplied funds and applied them to satisfy the contractual installment due for October 1, 2023.

*** sent the Notice(s) of Default and Intent to Accelerate dated February 1, 2024, which we have attached for reference. As of the date of the notice, the total amount required to cure the default by March 7, 2024, was $5,496.48. When a loan is in a status of active and/or pre-active foreclosure, *** is unable to accept payments for less than the full amount required to cure the default, such as single and/or partial payments;however, during this time, *** received check number 1061 for $1,435.60. This payment was returned on or about February 14, 2024, because the funds were not sufficient to bring the account current.

On March 4, 2024, you called in stating that you were unaware of the loan transfer and unable to reinstate the loan in full.However, you called in on March 18, 2024, stating that you mailed a check for approximately $8,200.00 more than ten (10) days prior and before the expiration date of the demand letter. You were aware that the check had not been cashed and our records indicate that it had not been received at the time of the call.As the demand letter expired on March 7, 2024, the *** Account Manager requested a reinstatement quote with figures good through the end of the month and suggested that you follow up within the week to inquire if *** received the payment. On March 19, 2024, *** completed the reinstatement quote and we have attached a copy of the reinstatement letter for reference. The total amount required to reinstate the loan by April 1, 2024, was $10,189.02.

Our records show that you were attempting to contact the *** Account Manager. The *** Account Manager was unsuccessful in contacting you by phone during multiple instances from March 25, 2024, through March 27, 2024.
During this period, *** received check number 1396 for $8,287.34; however, the payment was returned on or about March 28,2024, because the funds were not sufficient to bring the account current. Our records show that the *** Account Manager e-mailed you an amount required to reinstate the loan and it was on March 29, 2024, when *** received the wired payment in the amount of $10,189.02 which was applied to the loan. The *** Account History confirms how the funds were applied to the loan and the chart below provides a breakdown of the payment application. Currently, the loan is contractually due for May 1, 2024.

Applied Date Payment Amount Principal Applied Interest Applied Escrow Applied Late ********** Applied ******* Applied Month Paid
March 29, 2024 $1,541.68 $461.63 $621.73 $458.32 April 1, 2024
March 29, 2024 $1,541.68 $460.43 $622.93 $458.32 March 1, 2024
March 29, 2024 $1,541.68 $459.24 $624.12 $458.32 February 1, 2024
March 29, 2024 $1,541.68 $458.04 $625.32 $458.32 January 1, 2024
March 29, 2024 $1,541.68 $456.85 $626.51 $458.32 December 1, 2023
March 29, 2024 $1,541.68 $455.67 $627.69 $458.32 November 1, 2023
March 29, 2024 $360.00 $360.00
March 29, 2024 $578.94 $578.94
$10,189.02

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 (4)
Initial Complaint
Date:03/27/2024
Type:Billing Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
Fay Servicing is a collector for the mortgage company ******* ************** LLC. They have been unethical and not forthcoming in their handling of the mortgage they are servicing that I had. I was able to open escrow on the sale of my property and they were uncooperative in providing a payoff in a timely manner knowing escrows have timelines to follow. Their agents over the phone do not provide good customer service that helping with solutions to get detailed information. They should not be operating in the space of customer service based on how they conduct themselves. They tacked on junk fees at their discretion without any explanation as to how they derived their fees.
Business Response
Date: 04/05/2024
April 5, 2024

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

RE:                          Account Number:                            0050051637
                                Property Address:                           ******************************************************
                                BBB Complaint Number:               21490450

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

Fay Servicing,LLC (***) has received and reviewed the complaint that you submitted to the Better Business Bureau (BBB) portal on March 27, 2024, regarding your above-referenced business purpose loan. Fays responses to the specific concerns raised in your complaint are provided below.

In your complaint, you state that *** was unethical and unforthcoming in the handling of the mortgage loan. You state that the agents were unhelpful with solutions in obtaining detailed loan information and there were junk fees added to the loan without any explanation.

Please recall on February 24,2022, you obtained a loan from *****************************, LLC, whose address is ***********************************************, in the amount of $85,550.00. In exchange for the loan, you gave, as security, an interest in the subject property located at *******************************************************

*** is the current servicer of the loan, and the holder of the Note is *********************** LLC. Their address is **********************************************

As a courtesy,please find enclosed the following documents:

Account History, Corporate Advance Information and Fee History
Cognovit Note
Guaranty
HUD-1 Settlement Statement
Loan Agreement
Note Allonge
Open-End Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing
Payment Default Notices (2)
Payoff Statement (3)

As a way of background, *** acquired the loan for servicing on March 4, 2022. In connection with the loan,you executed, among other documents, a Cognovit Note and Open-End Mortgage,Assignment of Leases and Rents, Security Agreement and Fixture Filing (collectively referred to herein as the Loan Documents).

After our investigation, we concluded that the contractual installments were all paid timely beginning May 2022, through October 2023. However, it was during the month of September 2023, when you called in stating that you were unable to make the payment to satisfy the contractual installment due for October 1,2023. You inquired about hardship incentive programs. As the above referenced loan is a business purpose loan, the *** Account Manager explained that *** does not currently review business purpose loans for hardship incentive programs. The Cognovit Note explains that when you do not pay the full amount of each monthly payment on the date it is due or the amount due on the Maturity Date, the account is placed into default, and an event of default will be deemed to have occurred. During an event of default, your regular interest rate increases to ******% or the maximum rate permitted under law, whichever is less, and remain at that rate until all defaults are fully cured (the Default Rate). When you executed the Cognovit Note, it was agreed that the Default Rate had been adequately negotiated, and was fair and reasonable considering the costs, burdens, and other impairments foreseeably caused by, or resulting from, events of default under the Loan Documents.

Our records confirm that your automatic ACH drafting program was cancelled based on a request from you to cancel the reoccurring ACH draft on your account. Despite the previous discussion held, your payment of $666.96 was received on October 3, 2023, and applied to satisfy the contractual installment due for October 1, 2023. The payment, which was scheduled as the one-time draft effective for October 3,2023, was processed as an online payment from the bank account number ending in 8118 on that same day, October 3, 2023.

Please note,your loan payments are due on the 1st of each month and there is a ten (10) day grace ****** before the account is assessed a late fee. Due to *** not receiving your payment to satisfy the contractual installment due for November 1, 2023, within the grace ******, a late charge of $99.99 was assessed to the account on November 13, 2023. You subsequently informed us that you were experiencing hardship because the tenants moved out of the property; however,you would attempt to gather funds to make a payment. It was next on December 4,2023, when you called in to make a payment and the *** Account Manager explained that the account was in default. You indicated you were pursuing a sale of the property and that it was on the market at the time. You stated you were unable to pay the full defaulted amount and the *** Account Manager submitted a request to defer the default interest accumulated. You called in on December 7, 2023, and the *** Account Manager assigned to your account as the single point of contact (****) explained that the investor of your loan approved the request to defer the default interest. However, you did not have the required bank routing and account number to process a payment during that time.From this point forward, our contact with you became less frequent and we were unable to contact you by phone from December 19, 2023, through January 26,2024. Our records indicate that you attempted to contact the ***** however, the **** was unsuccessful in contacting you by phone on January 29, 2024. A voicemail message was left during this time according to our records. It was on February 16, 2024, when the **** spoke with an unauthorized third party who was calling to request the payoff amount. The **** explained where the unauthorized third party could submit their request. You called in to request the payoff amount stating that the loan was in escrow and the **** explained that *** had to obtain the foreclosure fees and costs before a payoff quote could be sent.As you stated that the property was scheduled for sale at $90,000.00, the **** explained that the funds required to pay off the loan must be sufficient to satisfy the amount on the applicable payoff statement and to avoid funds being returned. On that same day, February 16, 2024, *** requested a payoff quote good through March 5,2024. It was on February 21, 2024, when *** completed the payoff quote. The total amount required to pay off the loan in full by March 5, 2024, was $90,619.36. A copy of the payoff statement was sent to *************************************

A separate *** Account Manager received a voice mail message requesting a call back and contacted you on February 27, 2024. You requested *** to waive the default interest from the payoff amount and the *** Account Manager explained that there was no guarantee the default interest would be removed. The Account Manager provided contact information for you to submit your request to the **** assigned to the account and explained documents required for the request. The *** Account Manager received a voice mail message requesting a call back and contacted you on March 4, 2024. You stated that your default interest waiver request had been submitted to the ***** however, you never received a response.The *** Account Manager advised you to forward your request to them and they would submit it for review. The *** Account Manager confirmed receipt of your e-mail and your request was submitted to the investor for review. On March 5,2024, the *** Account Manager contacted you and explained that the request to waive the default interest was denied. You requested further explanation and the *** Account Manager explained that the decision is for the investor to make and if you dispute, you could contact the investor.

The *** Account Manager received your e-mail on that same day, March 5, 2024, requesting the payoff amount and the Account Manager submitted a request during that time. The *** Account Manager received an e-mail from you on March 7, 2024, expressing dissatisfaction that you had not received any further contact from **************** pertaining to your request(s) and you requested the investors contact information. During this time, the previous payoff amount had expired, and we were pending an updated payoff amount. However, your wired payment of $90,842.62, intended to pay off the loan, was received on March 8, 2024. *** completed the payoff quote on March 12, 2024, which indicates that the wired payment was short $238.36 due to the total amount required to pay the loan in full by March 8, 2024, was $91,080.98. The difference is due to corporate advances and unpaid late charges. *** requested an updated payoff quote good through March 31, 2024, which was completed on March 15, 2024. The total amount required to pay off the loan in full by March 31, 2024, was $91,906.81.

A copy of the most recent payoff statement was sent to *************************************You responded to the e-mail requesting contact from a manager and expressed dissatisfaction that the amount required to pay the loan in full had increased more than approximately $1,200.00 and when the *** Account Manager contacted you on March 20, 2024, to inform you of the payoff shortage, you stated *** delayed sending the payoff statement. However, because of the default and the loan being in a status of active and/or pre-foreclosure, *** was required to request any costs and fees associated with the foreclosure before the payoff amount could be provided. *** never informed you that an amount of $90,842.62 was sufficient to pay off the loan in full by March 8, 2024. You sent in this amount at your own discretion, and it was determined that the amount was short to pay off the loan in full.

On April 2,2024, the *** Account Manager explained that *** returned the wired payment due to the payoff shortage amount not being received. You requested a manager and spoke with the *** Assistant Vice President in ****************** who explained we were unsuccessful in contacting the title company during multiple attempts to notify regarding the shortage amount. The account remains contractually due for November 1, 2023, and all subsequent payments. Because of the delinquency, the loan was referred to foreclosure on January 4, 2024, however no sale date has been scheduled at this time.

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 (14)
Initial Complaint
Date:03/26/2024
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 mortgage or provides options that they state are reliably forms of payment for Mortgage are not honored. They contacted me to let me know that they did not receive my payment after the deadline. This is common for this mortgage company to post payments past the deadlines and refusing to provide updates for mail and payments. I certified mail my payments for the mortgage this month. When they called me, they acted as if they didnt know what could possibly be going on with my payment. I looked up the weather and ******** had torrential snow that prevented mail service. Not only did they attempt to charge me a late fee, but they attempted to cash my canceled check Ill bite the fact they received our payment via their portal, and I let them know that I was going to cancel. My check We paid the mortgage immediately. Upon notice of the payment not being located. we are demanding that they waive the late fee. I took care of the check that took almost 3 weeks for them to contact me and tell me that they did not receive the payment. I attempted to settle this with the mortgager and they now claimed that they do not provide credits if its with in a year. In my opinion, theyre looking for reasons to up charge. Not to mention, they have consistently rejected my payment even though I have funds and its through means that they claim they accept. This has been through bill, pay, checks, etc. Ive had to certify Mail all my payments because their accountancy and follow up is poor. Trust them with having permission and access to my checking account.
Business Response
Date: 04/04/2024
April 4, 2024

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

RE:                          Account Number:                            0000313867
                                Property Address:                           *************************************************************
                                BBB Complaint Number:               21476679

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

Fay Servicing,LLC (***) has received and reviewed the complaint that you submitted to the Better Business Bureau (BBB) portal on March 26, 2024, regarding your above-referenced mortgage loan. Fays responses to the specific concerns raised in your complaint are provided below.

In your complaint, you express concerns regarding the late payment and request that the assessed late fee be waived.

After completing a reasonable investigation,we concluded that your loan payments are due on the 1st of each month and the loan has a fifteen (15) day grace ****** before a late charge is assessed to the account. Please find attached a copy of the Note dated October 15, 2021, for reference. *** acquired the loan for servicing on January 14,2022, while due the loan was contractually due for March 1, 2022. Please find attached a copy of the *** Account History for reference. On January 29, 2022,*** reversed the payment for $4,210.16 which was previously applied to satisfy the contractual installment due for February 1, 2022. The payment was reversed due to your prior servicer discovering that funds applied to your account had been returned due to insufficient funds. Your online account was then registered on February 12, 2022, which we confirm is currently accessible to you; the date you last accessed www.fayservicing.com was on April 3, 2024. On February 12, 2022,you processed an initial online payment as the one-time draft of $4,210.16,effective for February 12, 2022. The payment was processed from the bank account number ending in 8418. On March 5, 2022, you processed an online payment as the one-time draft of $4,210.16, effective for March 5, 2022. The payment was processed from the bank account number ending in 8418. *** received the two payments both for $4,210.16 on February 12, 2022, and on March 5, 2022. The payments were applied to satisfy the contractual installments due for February 1, 2022, and March 1, 2022.

You then began to mail in payments during April and May of 2022. On April 13, 2022, you called in to inquire about if *** had received your payment and the *** representative explained it had not been received at the time. On April 16, 2022, *** received the payment in the amount of $4,210.16 which was applied to satisfy the contractual installment due for April 1, 2022. On May 9, 2022, *** received the payment in the amount of $4,210.16 which was applied to satisfy the contractual installment due for May 1, 2022. On June 13, 2022, you called in and scheduled the one-time draft of $4,210.16 effective for June 13, 2022, using our televoice system. It is important to note that this payment was processed from a different bank account number ending in 1713. On June 13, 2022, *** received the payment of $4,210.16 which was applied to satisfy the contractual installment due for June 1, 2022.
You then processed seven (7) online payments from July 11, 2022, through January 12, 2023, which satisfied the contractual installments due from July 1, 2022, through January 1, 2023. Our records show that each of the online payments processed during this ****** were processed from the bank account number ending in 8418.

On February 10, 2023, you called in to express concerns because payments that you were sending through an auto-bill pay option with your bank were being returned. Our records show that a representative from your financial institution was connected to the call during this time and informed us that they were electronically transferring the funds (EFT). However, *** does not accept electronic fund transfers (EFT). Our records indicate that you mailed the payment intended to satisfy the contractual installment due for February 1, 2023. During the month of February 2023, *** received two payments which were applied to the loan on February 13,2023, and on February 17, 2023; 1) on February 13, 2023, *** received the payment in the amount of $4,210.16 which was applied to satisfy the contractual installment due for February 1, 2023. 2) on February 17, 2023, *** received the payment in the amount of $4,210.16 which was applied to satisfy the contractual installment due for March 1, 2023. On March 11, 2023, you processed an online payment as the one-time draft of $4,210.16, effective for March 11, 2023. The payment was processed from the bank account number ending in 8418. On March 11, 2023, *** received the payment in the amount of $4,210.16 which was applied to satisfy the contractual installment due for April 1, 2023.

On April 13, 2023, you called in to inquire about if *** had received your payment intended to satisfy the contractual installment due for May 1, 2023. The *** representative explained it had not been received at the time. You stated that the check was sent via express mail,and you confirmed that it was delivered. Please understand however that physical checks received in our mailroom are forwarded to our Payments Team for processing and the payments may not immediately appear posted to your loan at the time that the delivery has been confirmed. However, all payments are credited to the loan effective the day of receipt. On April 13, 2023, *** received the payment in the amount of $4,210.16 which was applied to satisfy the contractual installment due for May 1, 2023.

On May 11, 2023, you processed an online payment as the one-time draft of $4,210.16, effective for May 11, 2023. The payment was processed from the bank account number ending in 8418. On May *******, *** received the payment of $4,210.16 which was applied to satisfy the contractual installment due for June 1, 2023.

During the month of June 2023, *** received two payments which were applied to the loan on June 12, 2023, and on June 15,2023; 1) on June 12, 2023, *** received the payment in the amount of $2,105.08 which was initially applied towards the principal balance of the loan. 2) on June 15, 2023, you processed an online payment as the one-time draft of $2,105.08, effective for June 15, 2023. The payment was processed from the bank account number ending in 8418. On June 15, 2023, *** received the second payment of $2,105.08 which was initially applied to the principal balance of the loan.On June 21, 2023, *** reversed the two payments previously applied to the principal balance of the loan and the funds were placed into the unapplied funds account. However, there was an inadvertent delay in the application of the payment at the time. On July 17, 2023, *** assessed an inadvertent late charge of $210.51. Our records show that it was not until July 21, 2023, when *** submitted a request to have the unapplied funds in the amount of $4,210.16 applied to the contractual installment due for July 1, 2023.
During this time however, you simultaneously processed an additional online payment as the one-time draft of $4,210.16,effective for July 21, 2023. The payment was processed from the bank account number ending in 8418. On that same day, July 21, 2023, *** received the payment in the amount of $4,210.16 which was intended to satisfy the contractual installment due for August 1, 2023. However, these funds were misapplied to the contractual installment due for July 1, 2023.

On August 16, 2023, *** inadvertently assessed a second late charge of $210.51; however, our records show that late fee waiver requests were submitted during this time. On August 21, 2023, *** reversed the previous payment of $4,210.16 which was misapplied to the contractual installment due for July 1, 2023, and placed the funds in the unapplied funds account resulting in a total of $8,420.32 in unapplied funds. On that same day, August 21, 2023,*** withdrew the unapplied funds in the amount of $4,210.16 and applied them to satisfy the contractual installment due for July 1, 2023, with an effective date of June 15, 2023. *** then withdrew the unapplied funds in the amount of $4,210.16 and applied them to satisfy the contractual installment due for August 1, 2023, with an effective date of July 21, 2023. The two assessed late charges of $210.51, were waived as of August 21, 2023. We regret any inconvenience and/or frustration that this may have caused.

Our records show that you have since processed six (6) online payments from September 13, 2023, through February 16,2024, which satisfied the contractual installments due from September 1, 2023,through February 1, 2024. Our records show that each of the online payments processed during this ****** were processed from the bank account number ending in 8418. The loan became contractually due for March 1, 2024. On March 18,2024, *** assessed a late charge of $210.51 because we did not receive the contractual installment due for March 1, 2024, within the grace ******. On March 18, 2024, you called in to inquire as to why the payment had not been posted as you stated that the check was mailed on March 4, 2024. The *** representative explained that the check had not been received and you expressed frustration that Fays system would only allow you to process payments from one bank account which is why you opted to mail in the payment. However, we are unaware of any issues which would have prevented you from utilizing a separate bank account to process the payment which our records show you have previously utilized two separate bank accounts to process payments. Further, there is no record of you calling in to request payment assistance from a *** representative during the time when you may have encountered difficulties processing payments. If you or your banking institution mails a physical check to ***, this process is contingent on the ************* *************** ****** delivery timeframe and *** is unable to control any unexpected delays with **** mail delivery.

On March 18, 2024, *** received the payment in the amount of $4,200.16 which was placed into the unapplied funds account at the time. On March 19, 2024, you processed an online payment as the one-time draft of $4,210.16, effective for March 19, 2024. The payment was processed from the bank account number ending in 8418. On that same day, March 19,2024, *** received the payment of $4,210.16 which was applied to satisfy the contractual installment due for March 1, 2024. On March 20, 2024, *** withdrew the unapplied funds of $3,989.65 and $210.51 which were applied to the principal balance of the loan and the outstanding late charge. We then received notification from your financial institution advising funds applied to your account were returned due to insufficient funds. Currently, we are unable to accommodate your request to remove the late fee as we determined that it is valid. We have attached a copy of the *** Fee History for reference.

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

Sincerely,

Fay Servicing,LLC

Enclosures (3)
Initial Complaint
Date:03/22/2024
Type:Billing Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
Fay Servicing has charged my account for insurance that I have had for the last 3 years, **** insurance agent and company, Fay Servicing has charged my escrow account $1600.00 for insurance that I already have, I have emailed them several times over this same problem and nobody at Fay Servicing seems to care. They have overcharged me on 2 different accounts with them by adding forced placed insurance on condo's that I already have insurance on. Fay Servicing is nothing more than a bunch of crooks and stealing people hard earned money.
Business Response
Date: 03/28/2024
Please see the attached response.

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