Have a complaint against Fay Servicing? We want to hear it
Yes, Fay Servicing is a real company. It was founded in 2008 and collects payments on current mortgages and past due mortgages as a debt collector and servicer.
Fay Servicing definitely is a real company, but real companies sometimes do unfair things. If you have complaints about Fay Servicing, you can share them.
Fay Servicing is a mortgage loan servicer so they are tasked with managing your loan, keeping track of payments, following up with inquiries, and producing statements.
A Loan Servicer may service loans that they themselves originate, or loans made by other companies but with Fay Servicing they only manage loans originated by other direct lenders.
Fay Servicing is not a direct lender. A direct lender is the financial institution which loans money. This is different from a loan servicer in that lenders may choose not to manage the loan after they have lent the money.
Fay Servicing is licensed in many states as a debt collector. A debt collector is an organization which purchases delinquent mortgages from mortgage lenders. Then the debt collection company begins trying to collect on the debt.
Direct mortgage lenders sometimes choose not to service their loans so they sell them to mortgage servicing companies like Fay Servicing.
As of 2022 the CEO of Fay Servicing was Ed Fay, founder and CEO.
Fay Financial, LLC owns Fay Servicing. Fay Servicing is one of a handful of subsidiaries including Constructive Loans and Asset Management.
Fay Servicing is headquartered in Chicago. According to LinkedIn, their primary address is: 440 S. LaSalle St. Chicago, IL 60605, US.
Fay Servicing’s main phone number is 1-800-495-7166. They are available Monday through Thursday from 8 a.m. to 7 p.m. Friday from 8 a.m. to 5 p.m and Saturday from 9 a.m. to 12 p.m. Central Time. If you have a general correspondence issue you can send mail to Fay Servicing P.O. Box 809441 Chicago, IL 60680.
The best way to speak with a human at Fay Servicing is to contact customer service at 855-690-5900, Monday through Friday from 8 a.m. to 10 p.m., and Saturday from 9 a.m. to 6 p.m. Eastern Time. If you are unable to get a hold of someone you can also try a digital number such as their main phone number is 1-800-220-3333. You can submit a complaint about bad customer service too.
FairShake complaints about Fay Servicing have to do with late payment fees, false advertising, and misleading marketing. In addition, customers have issues with their payments being incorrectly applied to different statements, and late fees as a result.
You can pay Fay Servicing online by creating an online account. You can use the automated system or customer service, for a fee, via phone at 800-495-7166.
A payoff letter is a statement explaining what you have paid, what balance remains, and any other fees or interest owed. If you are owed a payoff letter from Fay Servicing, you can request your payoff letter by filling out the online form and sending it to payoffrequests@fayservicing.com or calling 1-800-495-7166.
There may not be public information out there about all current legal proceedings.
We do know that Fay Servicing was involved in a class-action lawsuit in 2021 over breaches of law relating to their servicing and that Fay Servicing had to pay over $1.15 million to borrowers who were harmed by Fay’s violation of CFPB servicing rules.
You can send a complaint against Fay Servicing to the Consumer Finance Protection Bureau, the Federal Reserve, or a regulatory agency for Fay Servicing. You can also make a complaint against Fay Servicing with FairShake.
Hawaii residents can submit complaints to the Department of Financial Institutions at: https://cca.hawaii.gov/dfi/file-a-complaint/. New York residents can submit complaints to the New York State Department of Financial Services Consumer Assistance Unit at 1-800-342-3736 or by visiting the Department’s website at https://www.dfs.ny.gov.
Residents of Texas can submit a complaint against Fay Servicing to the Texas Department of Savings and Mortgage Lending at : 2601 N. Lamar, Suite 201, Austin, TX 78705. Customers in Texas can use a toll-free consumer hotline too: 1-877-276-5550.
Yes you can make a compensation claim against Fay Servicing if they are guilty of wrongdoing. If you think you have been harmed by Fay Servicing you can reach out to a lawyer to review whether you can make a compensation claim. This is based on many factors like the circumstances of your situation and contract. If, for example, you suffered a breach of contract, you might have legal protections.
The way you can sue Fay Servicing is dependent on your contract terms and the size of your complaint. Depending on how much is involved and what the terms of your contract are, you might be able to sue Fay Servicing in small claims court, a traditional court, or through binding arbitration. It is best to speak with a lawyer and if you share your complaint with FairShake we will share it with eligible lawyers.
This is a question for a lawyer. Class action lawsuits are usually suited to groups of people who all suffered from the same relatively minor harm but class action lawsuits may or may not be allowed depending on the terms of your contract with Fay Servicing.
This is dependent on your situation though if you have legal grounds for a case, yes, you can get a lawyer against Fay Servicing. A lawyer might take on a case after they have considered things like whether Fay Servicing violated their obligations in any way that caused you harm, how much money is involved, and what evidence you have.
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