CHICAGO--(BUSINESS WIRE)--Fay Servicing, a residential mortgage special servicer, announced it had achieved significant growth and accomplished several major milestones in 2014.
Notable new hires during the past year included Andy Laing, chief operating officer; Glenn Brooks, senior vice president of Asset Disposition and head of Fay Servicing’s new REO division; Nancy Barthel, senior vice president of operational risk and Victor Fuentes, senior vice president of bankruptcy.
In May, Fay Servicing opened a new office in Carrollton, Texas establishing a strong foothold for the company in the Dallas area’s deep default servicing and origination talent pool at a time when many in the mortgage finance industry were downsizing.
In September, Fay received approvals as a Ginnie Mae issuer and Fannie Mae servicer, enabling the company to expand into additional business lines within originations, servicing and sub-servicing.
In November, Fitch Ratings affirmed Fay Servicing’s Residential Subprime and Special Servicer Ratings of RPS3 and RSS3, respectively, with an upgrade to “Outlook Positive.” Additionally, Standard & Poor’s reaffirmed Fay Servicing’s Residential Subprime and Residential Special Mortgage Loan Servicer ranking of average and "Outlook Stable."
Since late 2013, Fay Servicing has been designated as the servicer on six private-label securitizations backed by over $1.2 billion in mortgages including re-performing, non-performing and new issue prime jumbo products.
“Our considerable progress over the past year is a reflection of the strength of our team. Both our clients and our borrowers continue to see the benefits of our relationship-based servicing platform and it is our people that drive the results,” said Ed Fay, chief executive officer of Fay Servicing. “We predict 2015 will be another exciting year of growth now that we have further diversified the platform, positioning us well to successfully apply our model to both legacy and new origination mortgage sectors.”
About Fay Servicing
Chicago, Ill.-based Fay Servicing is a special servicer which maximizes the value of residential loan portfolios for mortgage bankers and alternative real estate investors. For more information, please visit www.fayservicing.com.