WASHINGTON--(EON: Enhanced Online News)--Fay Servicing, a special servicer that manages distressed and at-risk residential mortgages, now provides enhanced special servicing training to new staff working with homeowners who are facing foreclosure.
“Fay Servicing’s enhanced special servicing training takes people with experience within the mortgage industry and provides the additional skills they need to enable them to guide homeowners through the challenging process of avoiding foreclosure”
The training course is designed to further hone the customer management skills of Fay Servicing’s staff, who are often selected because of their previous mortgage origination experience. Training focuses on the state of the servicing industry and helps participants develop additional knowledge of compliance procedures, bankrupcy code and CFPB regulations. Servicers also learn how to calculate yield and ROI so that they can have a first-hand understanding of what refinancing a loan or other resolution strategy means to both the borrower and the investor. Additionally, a critical piece of the training process is teaching staff advanced and innovative techniques to build rapport, credibility and trust to maximize borrower engagement. As a final part of the program, students are paired with veteran employees, shadow their peers and are guided and evaluated by a manager. This training develops servicing staff so they can serve distressed borrowers as true single point-of-contact capable of solving a wide range of challenges, ultimately simplifying and accelerating the loan resolution process for each party involved.
“Fay Servicing’s enhanced special servicing training takes people with experience within the mortgage industry and provides the additional skills they need to enable them to guide homeowners through the challenging process of avoiding foreclosure,” said Ed Fay, chief executive officer.
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 banking institutions and alternative real estate investors. For more information, please visit www.fayservicing.com.