CHICAGO--(BUSINESS WIRE)--Fay Servicing, a special servicer that manages distressed and at-risk residential mortgages, announced the company experienced a 250 percent increase in revenue for 2012 and has grown its marketshare of the mortgage servicing business.
“We are committed to educating borrowers to help them make the best financial decisions and believe we will increase the number of borrowers that avoid foreclosure in 2013 with our mitigation efforts.”
In addition to its significant revenue increase, Fay Servicing successfully helped avoid foreclosures on more than half of the homeowners that began using its servicing platform after being 90 or more days late on their mortgage payment. Helping borrowers find non-foreclosure resolutions is one of the core strategies the company uses to boost profitability for lenders and alternative real estate investors.
Fay Servicing attributes its growth to the meaningful increase in volume of business from its existing customers, as well as achieving incentive fees from innovative pay-for-performance deal structures. The improving supply of residential whole loans for sale has also attracted new clients to the firm while other special servicers exited the market.
“Last year was an exciting year for us from a growth perspective and we pride ourselves on being able to maintain a strong business while also helping borrowers,” said Ed Fay, chief executive officer of Fay Servicing. “We are committed to educating borrowers to help them make the best financial decisions and believe we will increase the number of borrowers that avoid foreclosure in 2013 with our mitigation efforts.”
About Fay Servicing
Chicago, Ill.-based Fay Servicing is a special servicer which leverages its relationship-based servicing platform to maximize the value of distressed and at-risk residential loan portfolios for mortgage bankers and alternative real estate investors. For more information, please visit www.fayservicing.com.