Wednesday, August 25, 2021


                                                      Ed Fay, CEO of Fay Servicing LLC

If you have read our prior articles* about the Chicago-based mortgage facilitator and processor, FAY SERVICING LLC, you know that the company was fined $1.15m, by the Consumer Financial Protection Bureau (CFPB) for illegal servicing practices. The CFPB determined that Fay Servicing not only kept borrowers in the dark about critical information regarding application for foreclosure relief, but the company moved foreclosures forward while borrowers were engaged in seeking foreclosure relief. Fay continues to maintain foreclosure actions while the borrowers' applications for modification of their loans are being reviewed, a prohibited practice known as "Dual Tracking."

We have reviewed a large number of consumer comments filed online; while we have not been able to independently confirm the complaints, which vastly outnumber the favorable accounts (and which may be PR plants) the sheer number of problems detailed exposes a dysfunctional operation, which its detractors say intentionally sought to deny them relief, and sought to foreclose on their properties. 

 Some of the allegations include, but are not limited to, these very disturbing violations:

 (1) Widespread Dual Tracking. 

(2) Fay Servicing is refusing to honor, or even to review, applications for modification of loan terms. Staff laughs and makes fun of borrowers when they call in, hangs upon keeps them on hold, and directs them to other staff who do not answer the telephone or return calls or emails. 

(3) Fay failing to even respond to applications for loan modification within thirty days. 

(4) Fay's refusal to accept mortgage payments. Staff are rude, disrespectful and unhelpful. 

(5) Fay's refusal to reinstate a mortgage, even after payment is made. 

(6) Declaring borrowers to be in Default, and threatening foreclosure, even though the borrowers are up to date on their payments. Seeking to intimidate borrowers, and misrepresenting the legal status of their mortgages to inquiring borrowers.

 (7) Charging borrowers for insurance when they have no legal obligation to pay it, and it is not due.

(8) Failing to deliver documents more than one year after full payment on mortgages is made. Is Fay Servicing a racketeer-influenced corrupt organization (RICO) ? That is a question for the courts, but one which the public has a right to know. It's "take-no-prisoners" attitude towards borrowers seeking  to modify their mortgages is inconsistent with their supposed goals of customer service. 

Should a government agency shut them down ? We invite your feedback; send to 

If you missed any of our prior articles, please access the links below:

Making America Homeless Again

Deceptive Mortgage Servicing Company Fay Servicing Exploits and Cheats Borrowers

The Illegal Foreclosure Tactics employed by Fay Servicing

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