Fay Servicing Announces Fitch Ratings Upgrades

Rating Reflects Continuous Improvement in Customer Service Infrastructure

TAMPA, Fla., Sept. 13, 2023 /PRNewswire/ -- Fay Servicing, a full-service mortgage company servicing loans for more than 150,000 U.S. homeowners, announced that Fitch Ratings has upgraded the company's U.S. residential special servicer (RSS) and small balance commercial (SBC) servicer ratings.

Fitch Ratings upgraded the company's RSS rating from "RSS2-" to "RSS2," it's SBC primary servicer rating from "SBPS2-" to "SBPS2," and its SBC special servicer rating from "SBSS2-" to "SBSS2." The company's rating outlooks were described as stable.

According to Fitch Ratings, the upgrades reflect Fay Servicing's, "shared and vertically integrated businesses, highly developed business strategy, company and management experience, effective customer service systems and processes and developed enterprise risk management (ERM) controls."

"We are honored to receive these rating upgrades, as they reflect our investments in people and technology as well as the continued confidence in our customer-centric approach to servicing," said Kimberly Hare, President of Fay Servicing.

Fitch attributed the move to actions taken by Fay Servicing over the past year that continue to improve its customer service infrastructure by leveraging cloud technology and a robust borrower communications strategy featuring web, telephony, and mobile applications. A press release from the rating agency noted that Fay Servicing has also improved its ERM controls and processes, broadened the scope and frequency of its QC testing, and uses a robust compliance management system to monitor, track, and remediate issues.

A wholly owned subsidiary of Fay Financial, Fay Servicing is an approved Ginnie Mae issuer, Freddie Mac seller/servicer and Fannie Mae and HUD servicer. The company specializes in managing distressed, at-risk and non-conventional residential and business purpose assets and is licensed to service loans in all 50 states, the District of Columbia, and all U.S. Territories.

About Fay Servicing
Fay Servicing is a nationwide, diversified mortgage servicer that provides a full spectrum of services including payment processing, escrow management, and loss mitigation. The company employs more than 550 individuals nationwide and is known for its talented staff and uncommonly strong relationships with its 150,000 residential and commercial customers. Fay Servicing is based in Tampa, Florida and has offices in Chicago, Illinois, Charlotte, North Carolina, and Farmers Branch, Texas. For more information, visit www.fayservicing.com.

SOURCE Fay Servicing, LLC