Fay Servicing, LLC
Enforcement, Mortgage Servicing
In June 2017, the CFPB announced a consent decree they reached with “mortgage servicer Fay Servicing, LLC for alleged violations of the Bureau’s 2014 mortgage servicing rules.” Specifically, “the CFPB alleged that Fay Servicing failed to provide timely notices to delinquent borrowers” with regard to “foreclosure mitigation options available to them.” Fay Servicing even “proceeded with foreclosure actions against borrowers who had applied for loss mitigation options while their applications were under consideration … The order require[ed] Fay Servicing to set aside $1.15 million for the purpose of providing redress to affected borrowers.”
Inactive or Resolved
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