Fay Servicing, LLC

2016-08-31

Akron, OH

Loan servicing, payments, escrow account

Mortgage: Conventional fixed mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2016-08-31

Fort Myers, FL

Loan modification,collection,foreclosure

Mortgage: Other mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2016-08-26

Converse, TX

Loan modification,collection,foreclosure

Mortgage: Other mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2016-08-26

Jupiter, FL

Loan servicing, payments, escrow account

Mortgage: Conventional adjustable mortgage (ARM)

Complaint: I had my mortgage with XXXX XXXX initially and they sold my mortgage. Fay Servicing has been the company that services my loan since it was sold. I have always paid my mortgage on time never missed a payment and kept my insurance current and adequate. I have always had flood insurance as well as homeowner 's insurance. The problem started this XXXX, XXXX with a letter from Fay Servicing asking for evidence of Flood insurance which I sent them. My insurance company had sent them a copy when I renewed the policy in XXXX XXXX, but I sent it again like they asked. In XXXX, XXXX they asked for evidence of increased coverage which I sent them. I had {$150000.00} coverage that I had increased to {$160000.00} back in XXXX, XXXX when I renewed the policy which more than covered my mortgage which was {$120000.00} at that time. In XXXX, XXXX I got another letter stating that they took out a {$50000.00} mortgage policy at a cost of {$450.00} which they put in an escrow account. I then called and was told that if I increased my coverage to within {$5000.00} of my homeowner 's policy they would remove the charge. I called my insurance company and for {$3.00} I increase the flood insurance to what it needed to be. Countless calls to Fay Servicing and spoke to about 20 different people who said the charge, which had been reduced to {$130.00} would be removed. It was not. The last supervisor I spoke to, said the charge should and would be removed. I would call every few days because no one ever called me back. The last time I called her she told me that the charge would not be removed because they did everything right. She gave me the name and number of her supervisor and I have called and left about 5-6 messages for him to call me starting last Thursday, and he has not called back. The company also has assigned me about 4 different people to manage my account so there is no consistency in management. Just to review, I always pay my mortgage on time, insurance both homeowner 's and flood is paid on time and always kept current no lapse in coverage. I have had flood insurance since I have lived here and it has always been less than the amount of my homeowner 's insurance, but more than my mortgage and what my house is worth, and was never told it had to be the same as the homeowner 's until after they took out the extra insurance, in XXXX XXXX. They had not communicated to me what the insurance needed to be and I had no way of knowing, since I have been consistent in my coverage ever since Fay Servicing took over my loan.
Company Response: Closed with explanation

Disputed: No Timely Response

2016-08-25

Harsens Is, MI

Loan modification,collection,foreclosure

Mortgage: Conventional adjustable mortgage (ARM)

Complaint: Dear CFPB, I am requesting a immediate update on my Modification on my condo. Called in and it seems they are not able to update after 60 days. Prefer update in writing.
Company Response: Closed with explanation

Disputed: Yes Timely Response

2016-08-23

Carmichael, CA

Loan modification,collection,foreclosure

Mortgage: Conventional adjustable mortgage (ARM)

Company Response: Closed with explanation

Disputed: No Timely Response

2016-08-23

Canton, GA

Loan modification,collection,foreclosure

Mortgage: Other mortgage

Company Response: Closed with explanation

Disputed: Yes Timely Response

2016-08-19

Houghs Neck, MA

Loan modification,collection,foreclosure

Mortgage: Other mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2016-08-19

Sarasota, FL

Loan modification,collection,foreclosure

Mortgage: Other mortgage

Complaint: Fay Servicing is sending people to my home and trespassing on my property in an attempt to collect a debt from my deceased father. I am in Florida. The property is in Connecticut. I am in no way associated with my deceased father 's mortgage or property. I have requested the company to stop sending representatives to my property and I was told they have no control over who comes on to my property. My father is not listed as an owner on my property and my mortgage is up to date.
Company Response: Closed with explanation

Disputed: No Timely Response

2016-08-19

DC

Loan servicing, payments, escrow account

Mortgage: Other mortgage

Company Response: Closed with explanation

Disputed: Yes Timely Response

2016-08-17

Austin, TX

Disclosure verification of debt

Debt collection: Mortgage

Not given enough info to verify debt
Company Response: Closed with explanation

Disputed: Yes Timely Response

2016-08-17

Santa Ana, CA

Loan modification,collection,foreclosure

Mortgage: Conventional fixed mortgage

Complaint: on XXXX/XXXX/2016 i applied for a loan modification and the lender took 2 months to gave me an answer my loan modification was declined due to insufficient income, i requested an appeal because i had a contributor willing to help with the mortgage, a week ago i got a call from my single point of contact on friday and he told me that my loan modification was declined and did not gave me a reason also my single point of contact has been changed 3 times, now i want to appeal the decision and have not been able to contact him after several calls please help
Company Response: Closed with explanation

Disputed: No Timely Response

2016-08-17

Oxford, GA

Loan servicing, payments, escrow account

Mortgage: Conventional adjustable mortgage (ARM)

Complaint: My mortgage is currently serviced by Fay Servicing. They have been servicing it for approximately 4 years. Without exception, I have had 4 years of chronic issues of varying degree with them that only resolve when I file a formal complaint. At present, I have the recurring escrow account issue. I do not have an escrow account with them. I 've never had an escrow account with them because I handle taxes and insurance independently. Yet they have put in place and escrow account. I have disputed this with them and have forwarded paperwork to Fay Servicing indicating that I have insurance. My insurance agent has spoken with them and has also forwarded the same paperwork to them. Yet, nothing has been corrected. They have continued to charge an escrow and have applied my P & I payments to the escrow " deficit '' and not to my mortgage. They are also charging for the " unpaid '' P & I as well as late fees. I have tried to reach multiple times and have left numerous messages, but have not received a call back. Now they tell me that the property is in pre-foreclosure because I have not made XXXX payment. Unfortunately, this is not the first time I 've had the same issue with this mortgage servicing company. It is an ongoing, almost on a yearly basis, event. The result is always the same - we 're working on it, etc., etc., but there is little resolution. Verifying insurance and/or property taxes, and removing an incorrect escrow assessment should be a fairly easy job, not an almost 90-day production. I need resolution!!
Company Response: Closed with explanation

Disputed: No Timely Response

2016-08-11

Foothill Ranch, CA

Loan servicing, payments, escrow account

Mortgage: Conventional fixed mortgage

Complaint: The client in this case remitted funds to his loan servicing company to reinstate his loan. The client relied on a letter from the servicing company which provide the total amount due to bring the loan current was {$44000.00}. The letter specifically stated that " This amount includes all past due payment of interest, principal and escrow as well as late charges and amount that we paid on your behalf. The letter is dated XXXX/XXXX/2016 and further stated that " in order to avoid foreclosure the client would need to pay {$44000.00} '' within thirty ( 30 ) days. The client remitted funds in the amount of {$47000.00} on XXXX XXXX, 2016 via certified mail. The tracking number associated with the remittance USPS ( XXXX ) confirmed that the servicer received these funds on XXXX/XXXX/2016. The client had requested a demand statement be provide by email but the servicer decline his request and no demand statement was issued regular mail. Later the servicer failed to honor the total amount due listed on the XXXX/XXXX/2016 letter, and is now demanding additional costs and fees and a total amount due of {$51000.00}. The servicer scheduled a Foreclosure Sale XXXX/XXXX/2016.
Company Response: Closed with explanation

Disputed: No Timely Response

2016-08-11

Sacramento, CA

Loan modification,collection,foreclosure

Mortgage: Conventional adjustable mortgage (ARM)

Complaint: XXXX XXXX XXXX offered us a trial payment we excepted it an made payments on time for three months, per our agreement. Later we received a letter saying that we have been reassigned to a new services ( Fay Servicing , LLC ) we sent a modification package to them and when ever we call them it is always in review and there is never any new information. Then they cancel the review process and require us to send a new package for yet another review. Then right before the sale date they cancel the review and begin transferring us to yet another services ( XXXX XXXX XXXX ) who will only begin working on our loan on the XXXX XXXX XXXX and the current servicer ( Fay Servicing , LLC ) has no time to accept and begin reviewing a new modification package and the sale date is on XXXX XXXX XXXX. On top of that we never received a notice of Substitution of Trustee, Notice of Default and Notice of Trustee Sale. Why and how is it possible that we are being transferred from one services to another and nobody is able to provide us with a modification and acceptable payment. It feels like they are trying their best to make us loose our home. http : XXXX The California Homeowner Bill of Rights became law on XXXX XXXX, XXXX to ensure fair lending and borrowing practices for California homeowners. The laws are designed to guarantee basic fairness and transparency for homeowners in the foreclosure process. Key provisions include : Restriction on dual track foreclosure : Mortgage servicers are restricted from advancing the foreclosure process if the homeowner is working on securing a loan modification. When a homeowner completes an application for a loan modification, the foreclosure process is essentially paused until the complete application has been fully reviewed. Guaranteed single point of contact : Homeowners are guaranteed a single point of contact as they navigate the system and try to keep their homes - a person or team at the bank who knows the facts of their case, has their paperwork and can get them a decision about their application for a loan modification. Verification of documents : Lenders that record and file multiple unverified documents will be subject to a civil penalty of up to {$7500.00} per loan in an action brought by a civil prosecutor. Lenders who are in violation are also subject to enforcement by licensing agencies, including the Department XXXX XXXX XXXX, the XXXX XXXX XXXX XXXX. Enforceability : Borrowers will have authority to seek redress of " material '' violations of the new foreclosure process protections. Injunctive relief will be available prior to a foreclosure sale and recovery of damages will be available following a sale. ( XXXX XXXX, SB XXXX ) Tenant rights : Purchasers of foreclosed homes are required to give tenants at least 90 days before starting eviction proceedings. If the tenant has a fixed-term lease entered into before transfer of title at the foreclosure sale, the owner must honor the lease unless the owner can prove that exceptions intended to prevent fraudulent leases apply. ( XXXX XXXX ) Tools to prosecute mortgage fraud : The statute of limitations to prosecute mortgage-related crimes is extended from one to three years, allowing the XXXX office to investigate and prosecute complex mortgage fraud crimes. In addition, the XXXX office can use a statewide grand jury to investigate and indict the perpetrators of financial crimes involving victims in multiple counties. ( XXXX XXXX, SB XXXX ) Tools to curb blight : Local governments and receivers have additional tools to fight blight caused by multiple vacant homes in their neighborhoods, from more time to allow homeowners to remedy code violations to a means to compel the owners of foreclosed property to pay for upkeep. ( XXXX XXXX ) The California Homeowner Bill of Rights marked the third step in XXXX
Company Response: Closed with explanation

Disputed: No Timely Response

2016-08-10

Cimarron Hills, CO

Loan modification,collection,foreclosure

Mortgage: Other mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2016-08-10

Marlboro, MD

Loan modification,collection,foreclosure

Mortgage: FHA mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2016-08-09

San Diego, CA

Loan servicing, payments, escrow account

Mortgage: Conventional fixed mortgage

Complaint: Attached are screen shots of my XXXX XXXX online bill pay from when the mod period started and a copy of the BofA check. I had to pay {$16000.00} before the XXXX of each month. XXXX was paid on time in XXXX, XXXX and XXXX XXXX XXXX paid in XXXX, XXXX and XXXX by the XXXX of the month - so on time. The amount was slightly adjusted in XXXX 2016 to {$16000.00}. XXXX 's positon is that they bought the loan during the modification trial and I was technically still late on my payments as the trial was not completed and new loan docs were not yet issued by them and signed by me. If I 'm late, even if still in a still period, they say they need to report it. As a Fay policy they wait 60 days before reporting lates and this would have brought me to about XXXX XXXX ( the loan was bought on/about XXXX XXXX. When my 3 month mod trial was completed at XX/XX/XXXX, they took SEVEN weeks to get me the docs and I signed them right away XX/XX/XXXX. If they rolled me into a new loan in XXXX, as agreed to, they would not have reported me late because the new loan was in place and I was still within their 60 day window before reporting lates on newly acquired loans. When I told XXXX XXXX at Fay Servicing that their 7 week delay caused this, he just said " getting loan docs out takes time ... '' I did everything I was supposed to and am being penalized heavily due to their inadequate processes.
Company Response: Closed with explanation

Disputed: No Timely Response

2016-08-05

Bluemont, VA

Loan modification,collection,foreclosure

Mortgage: Other mortgage

Company Response: Closed with explanation

Disputed: Yes Timely Response

2016-08-05

Escondido, CA

Loan modification,collection,foreclosure

Mortgage: Other mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2016-08-04

Vancouver, WA

Loan modification,collection,foreclosure

Mortgage: Conventional fixed mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2016-08-04

PA

Application, originator, mortgage broker

Mortgage: Other mortgage

Complaint: Our discharged mortgage was sold by XXXX XXXX to an unknown investor XX/XX/XXXX with Fay Servicing LLC out of XXXX, IL being the new servicer. We were promised by Fay Servicing that they would help us stay in our home and that they would grant us a legitimate mortgage on the current market value of our property. This has not happened, to date. We filled out financial papers and then by XX/XX/XXXX the representative called us saying we were approved for a modification of the old discharged underwater mortgage. We were confused. The representative then told us that the deal is we would pay three monthly good faith payments at {$2600.00}, then after that the payments would be monthly {$2400.00}. Then they said after a year we could get a real mortgage at the current market value of our home. So we agreed and I had asked for this in writing which we were told would come in the mail which it did on XXXX XXXX XXXX. Problem is, the contract was NOT what the representative told us. On these papers, it said we had to come up with on XXXX XXXX XXXX {$7800.00}!!! There is no way that we could come up with this much cash in three weeks time! Especially after all the financial hardship we have endured thanks to the collapse and slow down of the economy after XX/XX/XXXX. We showed these papers to our attorney, and he said there was a discrepancy and that it is not clear so he told us to send in a payment of {$2400.00} which is what we could manage. They cashed this check then we get a phone call several days later. Then we received a threatening phone call that if we did not come up with the money by XXXX XXXX, they would proceed with foreclosure!! We do n't want this we want to stay in our home! We have been mislead and deceived by Fay Servicing since the beginning of the year. We require that they stick to their word originally and stop jerking us around! This is fraud, unprofessional and demeaning to us as a consumer.
Company Response: Closed with explanation

Disputed: No Timely Response

2016-08-03

Addisleigh Park, NY

Loan servicing, payments, escrow account

Mortgage: FHA mortgage

Company Response: Closed with explanation

Disputed: Yes Timely Response

2016-08-01

Lithia, FL

Loan servicing, payments, escrow account

Mortgage: Conventional fixed mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2016-08-01

Lemoyne, PA

Loan modification,collection,foreclosure

Mortgage: FHA mortgage

Company Response: Closed with explanation

Disputed: Yes Timely Response