ComplaintsforFay Servicing LLC

• Initial Complaint

  11/28/2022

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I paid November, 2022 mortgage mailed on ***** and it was cleared/cashed by Fay Servicing, LLC on ***** by check number **** to my ***********, ** home. I paid it early since I was going out of town. I provided a copy of the cleared/cashed check to *** on ***** and called on ***** to follow up to be advised that the matter was unresolved and to be escalated by *******. I just called and spoke with ****** who confirmed that this matter is still unresolved and she was sending an e-mail to her supervisor to escalate (again). *** is illegally holding my $3,500.00 since ***** when the funds cleared (with proof provided, front and back of the check) and has now applied late charge assessment of $96.92 for their own wrongdoing. I mailed December's payment on ***** and am now concerned since today is *****. Based upon their ratings on-line, I cannot understand how they are still in business and I will be filing a personal lawsuit, a formal case with the Attorney General and a case with the ************************************ if this matter is not resolved with the reversal of the late charge assessment of $96.92 immediately.

  Business response

  12/06/2022

  December 6, 2022
  
  ***********************
  Sent via BBB Portal
  
  RE:                          Account Number:                            0000269994
                                  Property Address:                           ********************************************************** 28787
                                  BBB Complaint Number:               18470955
  
  Dear ***********************:
  
  Fay Servicing, LLC (***) has received and reviewed the complaint that you submitted to the Better Business Bureau (BBB) portal on November 28, 2022,regarding your above-referenced mortgage loan. Fays responses to the specific concerns raised in your complaint are provided below.
  
  In your complaint, you state that you mailed the November 1, 2022 payment on October 19, 2022, which was cleared and cashed by us on October 31, 2022, however, the funds have not been applied to the account. You further assert that a late charge of $96.62 has been assessed to the account due to the unaccounted payment.
  
  After conducting a reasonable investigation, *** has determined that an error occurred. We received the payment in the amount of $3,500.00 on October 31, 2022, however, the funds were misapplied to the incorrect loan number. On November 28, 2022, we located the funds which were applied to the correct loan. Of the $3,500.00 payment received, $2,520.03 was applied to the November 1, 2022 payment and the remaining $979.97 was applied to principal. Unfortunately, the payments were posted with the incorrect effective date. As of the date of this letter we have reversed the funds and requested to reapply the funds with the correct effective date of October 31, 2022. Furthermore, the paid late fee of $96.92 has been reversed and waived. We will be issuing a refund check to you for the amount of the paid late fee. We apologize for the inconvenience this has caused.
  
  Fay Servicing, LLC can be reached at ************ Monday Thursday 8:00 A.M. 7:00 P.M., Friday 8:00 A.M. 5:00 P.M., and Saturday 9:00 A.M. 12:00 P.M. CST.
  
  Sincerely,
  
  Fay Servicing, LLC 

  Customer response

  12/14/2022

   
  Complaint: 18470955
  
  I am rejecting this response because:

  The incorrect amount of $2,520.03 was applied.  Correct amount per their own statement each month is: $2,423.11.  I am also rejecting the "additional principal" payment of $979.97.  Correct and accurate amount is: $1,076.89.  In addition, they posted payment to my account as if it were received late and the check was cashed on 10-31-2022.  It appears as if I made the payment late, but it was admittedly their error.

   

  Please see attached payoff statement from *** stating that I owe $217,590.85 effective tomorrow, 12-15-2022 if I chose to pay the loan off, which I am preparing the wire, and please see below online, which states a discrepancy that I owe $219,361.90.  What is going on here?  I am not accepting to close this claim until 1) this information is corrected to reflect accurate, and; 2) *** resolves the loan balance to match their own payoff statement received 12-06-2022.  Please amend immediately on behalf of my account so that this matter may be resolved.  What is the suspense balance of $3,500.04?  It still appears that this matter is NOT RESOLVED and payment of NOVEMBER admittedly received by *** is NOT RESOLVED.  Thank you, ***********************

  Your Loan balance is $219,361.90

  Loan Number: ****9994
  How your recent payments were applied
  64% of your principal and interest payments Year to Date were applied towards principal. Making additional payments to your principal balance will reduce the amount of interest you will pay over the life of the loan.
  6.500% Rate | Conventional | 30 Year Term
  36%
  Interest
  
  
  Select a period of time. 
  
  
  
  
  64%
  Principal
  
  
  Your Loan Started
  Jul 2007
  Your Loan Ends
  Aug 2037
  
  Prepaid Principal
  $14,112.02
  Prior Year Principal Paid
  $24,730.97
  Prior Year Interest Paid
  $16,769.03
  Suspense Balance 
  $3,500.40
  You can own your home faster Learn more
  Some Things To Consider 
  How do I build my equity faster?
  
  Make biweekly mortgage payments
  
  Round up your monthly payments
  
  Put your windfalls into your mortgage
  
  Make one extra payment a year
  
  Refinance into a shorter loan
  
  Payment history
  
  Show All
  Mortgage
  Escrow
  Advances
  Reversals
  Other
  Principal Only Payment 
  Applied:Dec 9, 2022
  $979.57
  
  
  
  
  
  
  
  
  
  
  
  
  Mortgage Payment 
  Applied:Dec 9, 2022
  $2,423.11
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  Late Charge Adjustment 
  Dec 9, 2022 
  -$96.92
  View Additional Activity
  
  Loan information
  
  
  Contact Information for loan *9994.
  
  Address
  Mailing Address
  758 **********
  ****** ** 34110 
  
  
  Phone Number
  Primary
  **************
  

  
  Sincerely,
  
  ***********************

  Business response

  12/22/2022

  December 22, 2022
  
  ***********************
  Sent via BBB Portal
  
  RE:                          Account Number:                            0000269994
                                  Property Address:                           ********************************************************** 28787
                                  BBB Complaint Number:               18470955
  
  Dear ***********************:
  
  Fay Servicing, LLC (***) has received and reviewed the complaint that you submitted to the Better Business Bureau (BBB) portal on December 15, 2022,regarding your above-referenced mortgage loan. Fays responses to the specific concerns raised in your complaint are provided below.
  
  In your complaint, you state that you are rejecting our previous response due to the incorrect amount of $2,520.03 was applied. You further assert that the payment was posted to the account as if it were received late; however, the check was cashed by us on October 31, 2022.
  

  After review of the loan, we have determined that an additional error has been found with the application of the payment in the amount of $3,500.00, which was initially received on October 31, 2022. As stated in our previous response letter, the funds were misapplied to the incorrect loan number. On November 28, 2022, we located the funds which were then applied to the correct loan; however, the funds were applied with the incorrect effective date. Additionally, in our previous response letter, we incorrectly explained that $2,520.03 of the $3,500.00 payment was applied to the November 1, 2022 payment. The correct amount applied to the November 1, 2022 payment was $2,423.11. There was $979.97 applied to principal, and the remaining $96.92 was applied to the late fee. In our previous response letter, we explained that the paid late fee of $96.92 was reversed and waived. On December 6, 2022, we issued an escrow refund to you via check in the amount of $96.92. Because you have confirmed to us that the intent of the $3,500.00 payment was to have $2,423.11 applied to the November 1, 2022 payment, and the remaining $1,076.89 applied as a principal payment, we have placed a stop payment on the escrow refund check in order to have the funds reapplied to the loan as an additional principal payment. Please note, we are actively working on correcting the error(s)promptly, and will provide a detailed explanation confirming the corrections made shortly. We sincerely apologize for the inconvenience this has caused.

  
  Fay Servicing, LLC can be reached at ************ Monday Thursday 8:00 A.M. 7:00 P.M., Friday 8:00 A.M. 5:00 P.M., and Saturday 9:00 A.M. 12:00 P.M. CST.
  
  Sincerely,
  
  Fay Servicing, LLC 

  Customer response

  01/04/2023

   
  Complaint: 18470955
  
  I am rejecting this response because:

  Unfortunately, I was out on vacation and logged on today to read the response.  The check was deposited yesterday, just saw the stop payment to the check, or I would not have deposited the check that you issued as a reverse to the late payment fee in ***** error since I paid November payment in October before I left for vacation at that time.

   

  I am still disputing the pay off amount, which I received as: ********** a new statement with a Loan Due Date of 12/01/2022 with an outstanding balance of **********.  Again, to reiterate under a new BBB claim with ***, I paid $3,500.00 in December in advance, and the check was cashed and now it's stating I owe $1,345.82 for 12/1.  What is going on here?  This is a complete mess on ***** behalf and I would like this matter resolved so I may close this case and also I have requested the mortgage calculated by ***, still no response by e-mail. I do not have PMI, why are my monthly principal and interest on what I owe so significant and not using the 6.5% interest rate with the remaining years left?  I am waiting on the receipt of confirmation of the actual calculation of my actual loan, balance due, months remaining (years) and rate of 6.5%.  Thank you for your attention to this urgent and important matter by a very concerned consumer after investigating ***** ratings and complaints. 

  
  Sincerely,
  
  ***********************

  Business response

  01/17/2023

  Please see attached response.

• Initial Complaint

  11/10/2022

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  Made a house payment October 19, 2022 of $1966.42 by phone. That night we notice that our online banking was not correct. Called back the next morning and made the company aware that they drafted the amount twice from our account. They said, that this was a mistake on their end and they would take care of it. It should take ***** hours to post. As of today, November 11th 2022, there has not been a single post of the mistake. We have called on a daily basis after the initial 48 hours and nothing has been done. The company keeps saying it pending! A complete run around from the company! This has affected our back account tremendously and had put a huge burden in our daily lives.

  Business response

  11/14/2022

  Please see the attached response. 

• Initial Complaint

  11/10/2022

  Complaint Type:

  Billing Issues

  Status:

  Resolved

  More info

  My mortgage was transferred from the originator, Guaranteed Rate, to Fay Servicing, LLC (hereafter known as FS) with an effective date of Aug. 25, 2022. Since then, FS has not paid any of my tax bills from my Escrow account, which currently has a balance of $11,333.88. FS has neglected to pay my property tax bills in the amounts of $3,688.68 (from accrued daily interest) and $3,304.00, which are the third and fourth quarter property taxes that had been due on Aug. 1, 2022 and Nov. 1, 2022, respectively. I was informed of the late third quarter taxes on Oct. 21, 2022 from receipt of a Tax Delinquent Notice bill from the Princeton Tax Collector. I called the tax collector and they let me know that the amount owed accrues interest on a daily basis, but that the amounts owed would not go to collections. I called FS on Oct. 24 to notify them that I had received a Tax Delinquent Notice. During that phone call, FS informed me that they had to conduct an Escrow analysis on my account before they could pay the tax bill. They also requested that I email them a copy of the Tax Deliquent Notice bill, which I did. I made further calls to FS on Oct. 27, Oct. 28, and Oct. 31 to check on the status of the Escrow analysis, which they had stated would take 3-5 business days. This was to no avail, as FS claims that the Escrow analysis is still ongoing, and the analysis has taken much longer than the stated 3-5 business day timeline. I called FS again on Nov. 3. This time, FS informed me that an Escrow analysis would not take place since it was too early in the year, and that they would pay the tax bills but could not tell me when this would happen, and that I should merely call them again on Nov. 10 to check to see whether the bills were paid. I sent FS a "Notice of Error" on Nov. 2, 2022 via certified mail to notify them of the escrow error on my account, and they received this on Nov. 5, 2022. I have not yet received a response to my notice. Please advise.

  Business response

  11/18/2022

  November 18, 2022
  
  Feng-*************
  Sent via BBB Portal
  
  RE:                          Account Number:                            0000334456
                                  Property Address:                           ************************************************ 08540
                                  BBB Complaint Number:               18385731
  
  Dear ******************:
  
  Fay Servicing, LLC (***) has received and reviewed the complaint that you submitted to the Better Business Bureau (BBB) portal on November 10, 2022,regarding your above-referenced mortgage loan. Fays responses to the specific concerns raised in your complaint are provided below.
  
  In your complaint, you state that *** has not paid the property taxes in a timely manner. You are requesting that *** pay the third and fourth quarter property taxes, including the interest accrued.
  
  After conducting a reasonable investigation, we have determined that additional research is required. *** will follow-up with an updated response as soon as we have completed a thorough review and are able to provide a detailed robust response. We apologize for any inconvenience this may have caused.
  
  Fay Servicing, LLC can be reached at ************ Monday Thursday 8:00 A.M. 7:00 P.M., Friday 8:00 A.M. 5:00 P.M., and Saturday 9:00 A.M. 12:00 P.M. CST.
  
  Sincerely,
  
  Fay Servicing, LLC 

  Customer response

  11/18/2022

   
  Better Business Bureau:
  
  In response to complaint ID ********, ********************** has paid my third and fourth quarter property taxes including the interest.  The resolution is satisfactory.
  
  Best Regards,
  ******************

• Initial Complaint

  11/02/2022

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  They took over my mortgage over, the last three years they have been putting me behind on my payments every start of the year. I get put into foreclosure and my payments are raised for no good reason.

  Business response

  11/11/2022

  November 11, 2022
  
  **************************************
  Sent via BBB Portal
  
  RE:                          Account Number:                            0000225172
                                  Property Address:                           ********************************************************* 45729
                                  BBB Complaint Number:               18349875
  
  Dear *************************************:
  
  Fay Servicing, LLC (***) has received and reviewed the complaint that you submitted to the Better Business Bureau (BBB) portal on November 2, 2022,regarding your above-referenced mortgage loan. Fays responses to the specific concerns raised in your complaint are provided below.
  
  In your complaint, you state that the loan has been in a delinquent status in each of the last three (3) years. You state that there has been an increase to the monthly mortgage payment with no reasonable explanation.
  
  After conducting a reasonable investigation, we have determined that the monthly mortgage payment amount was most recently $735.87 under the previous servicer, Planet Home Lending. Please find attached the Planet Home Lending escrow analysis statement dated February 4, 2019 and the mortgage loan statement dated May 20, 2019. The monthly mortgage payment of $735.87 consisted of the interest payment of $705.82 and the escrow payment of $30.05. Further review of the escrow amounts collected by the previous servicer indicates that the loan was only escrowed for insurance and you assumed the responsibility of paying property taxes out of pocket.
  
  On June 17, 2019 *** sent the first warning letter advising that your hazard insurance policy has expired and we have not received evidence that you have obtained new coverage. On July 17,2019 *** sent the second and final notice advising that we will purchase the necessary hazard insurance if evidence of coverage is not provided. We have enclosed copies of the hazard insurance warning letters for your records. *** conducted an escrow analysis on July 27, 2019. Please find the attached escrow analysis statement. The monthly mortgage payment increased from $735.87 to $951.68 due to the escrow payment as *** updated the account to escrow for both taxes and insurance. The monthly payment amount of $951.68 consisted of the interest payment of $705.82, the escrow payment of $130.58, and the monthly escrow shortage payment of $115.28. To expound on the escrow shortage, it was determined based on the escrow projections that there was an existing escrow shortage of $1,383.38 which was spread over twelve (12) months. On August 20,2019 *** deducted $734.00 from the escrow account to disburse payment towards the lender-placed insurance policy. *** sent the enclosed notice of lender-placed hazard insurance on August 26, 2019 advising that we paid the insurance premium due for the hazard insurance required for the property. *** conducted an updated escrow analysis on September 21, 2019. Please find the attached escrow analysis statement. The new monthly mortgage payment was $983.99 effective with the November 10, 2019 payment.
  
  In 2020, *** sent the attached hazard insurance pre-renewal letter dated April 17, 2020. We were requesting for you to provide us with your insurance information as the previous lender-placed insurance policy we bought was scheduled to expire, and to maintain insurance on your property we were planning to renew or replace the insurance we bought. Our records reflect that evidence of insurance was not provided. On June 4, 2020 *** deducted $743.00 from the escrow account to be disbursed towards the lender-placed insurance policy. *** sent the enclosed notice of lender-placed hazard insurance on June 10, 2020 advising that we paid the insurance premium due for the hazard insurance required for the property. *** conducted an escrow analysis on September 21, 2020. Please find the attached escrow analysis statement. The new monthly mortgage payment was $907.91 effective with the November 10, 2020 payment.
  
  In 2021, *** sent the attached hazard insurance pre-renewal letter dated April 19, 2021. We were requesting for you to provide us with your insurance information as the previous lender-placed insurance policy we bought was scheduled to expire, and to maintain insurance on your property we were planning to renew or replace the insurance we bought.Our records reflect that evidence of insurance was not provided. On June 8,2021 *** deducted $749.00 from the escrow account to be disbursed towards the lender-placed insurance policy. *** sent the enclosed notice of lender-placed hazard insurance on June 14, 2021 advising that we paid the insurance premium due for the hazard insurance required for the property. *** conducted an escrow analysis on September 28, 2021. Please find the attached escrow analysis statement. The monthly mortgage payment slightly decreased from $907.91 to $906.88 effective with the November 10, 2021 payment.
  
  In 2022, *** sent the attached hazard insurance pre-renewal letter dated April 18, 2022. We were requesting for you to provide us with your insurance information as the previous lender-placed insurance policy we bought was scheduled to expire, and to maintain insurance on your property we were planning to renew or replace the insurance we bought.Our records reflect that evidence of insurance was not provided. On June 7,2022 *** deducted $781.00 from the escrow account to be disbursed towards the lender-placed insurance policy. *** sent the enclosed notice of lender-placed hazard insurance on June 13, 2022 advising that we paid the insurance premium due for the hazard insurance required for the property. *** conducted the most recent escrow analysis on September 29, 2022. Please find the attached escrow analysis statement. The monthly mortgage payment slightly increased from $906.88 to $911.75 effective with the November 10, 2022 payment.
  
  As of the date of this letter the loan is due for the February 10, 2022 payment, and all subsequent payments. The loan was referred to foreclosure on June 29, 2022, however, no foreclosure sale date has been scheduled at this time. We have attached a copy of the account history for your records.
  
  If you have any questions, please contact your Account Manager, ************************* at **************. Fay Servicing, LLC can be reached at ************ Monday Thursday 8:00 A.M. 7:00 P.M., Friday 8:00 A.M. 5:00 P.M., and Saturday 9:00 A.M. 12:00 P.M. CST.
  
  Sincerely,
  
  Fay Servicing, LLC
  
  Enclosures (17)

• Initial Complaint

  11/01/2022

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  Fay Servicing Loan # ********** My mortgage loan was sold twice within a four month period. The current servicer is Fay Servicing. The first two monthly payments (Aug. and Sept) were inadvertently made to the previous company but were then correctly forwarded by them to Fay Servicing. By the time the third payment was due (on Oct. 11), we had arranged for Fay Servicing to automatically withdraw the payment, which they did. However, that months payment was also inadvertently paid by my credit union to the previous lender. I didnt realize this until I was notified by the credit union that my account was overdrawn.The previous lender said they had wired the payment to Fay Servicing. I contacted Fay Servicing, who denied receiving it and required proof of payment before they could proceed. They further stated they cant do a refund but would apply it to my next months (November) payment. This is unacceptable because it doesnt solve the problem of being overdrawn in my credit union account. I need the money refunded to **** had the previous lender send proof of disbursement to Fay Servicing, who said they forwarded that information to the payments department for processing. I repeated that it should not be applied to the November payment and asked them to forward that request to the payments department and copy me. They did not. That was Friday, Oct. 21.On Monday, Oct. 24, I emailed the customer service rep and asked about the status. He responded, Kindly note your request will be serviced in 3 to 5 business days. Its now been 7 days and Ive not received a check nor have I heard anything from Fay Servicing.

  Business response

  11/08/2022

  Please see the attached response.

  Customer response

  11/08/2022

   
  Complaint: 18342385
  
  I am rejecting this response because: Fay Servicing indicates they applied the October 26 payment to the November 10 payment and can't refund that payment because "the account still being due for the current month's payment." In the next paragraph, they say "Please note the account is currently enrolled in the automatic drafting program (ACH) and your monthly mortgage payment will be drafted on the 10th of each month." So, Fay Servicing will receive TWO payments for November, which I assume means they will apply the extra payment to December. In other words, my account will always be one payment ahead. This seems unethical to me. The second payment for October was in error. Admittedly, it was my error, but I think it's understandable since my account was transferred TWICE in a four month period, through no fault of my own. Fay Servicing can correct this problem by simply refunding ONE payment. It's that easy.

  I was told earlier that I could stop payment by calling Fay Servicing three to four days before payment is due, but I'm worried that they then wouldn't reinstate the automatic drafting for the next and continuing payments. I truly believe they are over-complicating the issue by not simply refunding one payment as requested.
  
  Sincerely,
  
  *******************

  Business response

  11/14/2022

  Please see the attached response. 

  Customer response

  11/15/2022

   
  Complaint: 18342385
  
  I am rejecting this response because: the response indicates that "The last and most recent payment received was on November 10, 2022 in the amount of $537.78 which was applied to the December 1, 2022 payment. The account is now paid ahead with the next payment due on December 1, 2023 . . ." I'm assuming that's a typo; otherwise, you're saying that my account is paid up until next December, a year from now.

  The response further indicates "to inquire on the possibility of having the payment returned, please contact **************** at the number below and to provide proof of the payments clearing your bank account to determine if the payment can be returned." Since I already did that prior to posting the original complaint, I'm not going to do it again. It's apparent that Fay Servicing is inclined to keep making the customer jump through hoops, wasting inordinate amounts of time arguing a non-winnable argument. I refuse to keep playing that game.

  You're correct that I have cancelled ***** automatic drafting program (ACH). Otherwise, my account would continue being paid a month ahead. It makes more sense to set up bill pay through the credit union.
  
  Sincerely,
  
  *******************

• Initial Complaint

  10/28/2022

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  Fay Servicing puchased our mortgage, and somehow the deferred principle amount of $12430.99 that was written off by the previous company in 2009 is still showing on the loan. (Loan # **********) Copy of the 1099C is attached for proof.We were able to finally get them to agree that they would remove that amount from the loan. However, they still have not done what they promised.The property is currently under contract (for the second time., and we are due to close on the 11th of Nov 2022. We lost the first contract because of this matter). And, on the 26th of Oct, 2022, they sent the payoff to the title company, including that amount, that should have been removed. They are attempting to collect that debt illegally, according to my attorney.I have spoken with them several times, but cannot get this issue resolved. They give empty promises, and are way past the date that they gave us, that it would be taken care of by.I need this matter resolved by Nov 7th, 2022 in order to not lose this new contract.Please help.

  Business response

  11/05/2022

  November 5, 2022
  
  ***************************
  Sent via BBB Portal
  
  RE:                          Account Number:                            0000102288
                                  Property Address:                           ******************************** 74801
                                  BBB Complaint Number:               18328266
  
  Dear ***************************:
  
  Fay Servicing, LLC (***) has received and reviewed the complaint that you submitted to the Better Business Bureau (BBB) portal on October 28, 2022,regarding your above-referenced mortgage loan. Fays responses to the specific concerns raised in your complaint are provided below.
  
  In your complaint, you are requesting removal of the deferred balance as the balance was to be written off by the previous servicer according to the attached 2009 1099-C.
  After conducting a reasonable investigation, we have confirmed that as of the date of this letter the deferred balance has been removed from the account. We have attached a copy of the account history for your records.We apologize for any inconvenience this may have caused.
  Fay Servicing, LLC can be reached at ************ Monday Thursday 8:00 A.M. 7:00 P.M., Friday 8:00 A.M. 5:00 P.M., and Saturday 9:00 A.M. 12:00 P.M. CST.
  
  Sincerely,
  
  Fay Servicing, LLC
  
  Enclosures (1)

• Initial Complaint

  10/27/2022

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I accidentally sent my July 2022 mortgage payment to the old mortgage servicer. In August I called ********** my old mortgage servicer and requested the money be returned. ********** stated my July mortgage payment was wired to the new mortgage servicer Fay Servicing on July 19, 2022. August 10, I called Fay servicing and enquired about my July 2022 mortgage payment which was wired to them. ****** stated they never received any wire payment, and asked if I had a payment history. I demanded to speak to a manager, only to be told the only wire transfer they received from ********** was my escrow balance of $1,008.96. I called ********** and requested my payment history be emailed and also mailed to me On 8/23/2022 I emailed ********************************* my payment history. The very first page of that document showed that on July19, 2022 the amount of $725.00 was wired to Fay servicing and on July12, 2022 my escrow balance of $1,008.96 was also wired.As of October 25, 2022 Fay servicing continues to deny receiving a wire transfer in the amount of $725.00 from ********** which was my July 2022 mortgage payment.They used my AUGUST 2022 payment to coverJuly 2022 They used my September 2022 payment to cover August 2022 They used my October 2022 payment to cover September 2022 They are sending me statements with late charges and claiming I am 2 months behind on my mortgage payments. Which is a lie. They are reckless, irresponsible and unethical

  Business response

  11/03/2022

  November 3, 2022
  
  ***************************
  Sent via BBB Portal
  
  RE:                          Account Number:                            0000330003
                                  Property Address:                           ******************************************* 77586
                                  BBB Complaint Number:               18314427
  
  Dear ***************************:
  
  Fay Servicing, LLC (***) has received and reviewed the complaint that you submitted to the Better Business Bureau (BBB) portal on October 27, 2022,regarding your above-referenced mortgage loan. Fays responses to the specific concerns raised in your complaint are provided below.
  
  In your complaint, you state that the July 1, 2022 payment was sent to the prior servicer, **********, by accident. You state that you have provided evidence of ********** wiring the funds to **, however, we have not applied the funds to the account.
  After conducting a reasonable investigation, we previously requested for you to send us the full wire confirmation in order for us to further research the missing payment. As of the date of this letter we have not received the requested information.

  
  Fay Servicing, LLC can be reached at ************ Monday Thursday 8:00 A.M. 7:00 P.M., Friday 8:00 A.M. 5:00 P.M., and Saturday 9:00 A.M. 12:00 P.M. CST.
  
  Sincerely,
  
  Fay Servicing, LLC 

• Initial Complaint

  10/19/2022

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I received a letter from Fay Servicing dated September 30th regarding a recast of my loan. I received the letter on October 14th. When I called on October 17th to gain a better understanding of what a recast was and how it would benefit me, all I got was the run around. The first time I called I spoke to an account manager who stated the letter I received was not in their files and implied it was a fake. He put in a request to research the letter to determine it's authenticity. I emailed the letter to the account manager and he was supposed to follow up the next business day. He did not. I called again on 10/18, hoping another account manager could provide information about the letter. I emailed the letter I received while I was on the phone with the account manager. He briefly reviewed it, confirmed it was not in their database and took down my questions while he consulted with his supervisor. The phone mysteriously was disconnected in which I called back and left a message with the first account manager I spoke with. The deadline to return all paperwork regarding the recast is November 1st. I have about a week to make a decision with no information available to me from the lender. This is the type of unprofessional behavior I am used to since they bought my loan. A lot of questions with no one willing to take the time to answer them. Everyone around plays deaf, dumb and blind. The worst mortgage lender ever!!

  Business response

  10/28/2022

  October 28, 2022
  
  *****************************
  Sent via BBB Portal
  
  RE:                          Account Number:                            0000173258
                                  Property Address:                           ******************************************************************** 20781
                                  BBB Complaint Number:               18242766
  
  ****************************************:
  
  Fay Servicing, LLC (***) has received and reviewed the complaint that you submitted to the Better Business Bureau (BBB) portal on October 18, 2022,regarding your above-referenced mortgage loan. Fays responses to the specific concerns raised in your complaint are provided below.
  
  In your complaint, you state that you received the **** Recast eligibility letter, however, when you contacted *** for an explanation, there was no record of the letter and no one was able to discuss the terms.
  
  *** records confirm that the enclosed Recast Notice was mailed to you on September 30, 2022 and has been officially uploaded to the account as of the date of this letter. On October 17, 2022 you called *** and spoke with a representative regarding the Recast Notice, however,the notice was not available to the Account Managers at the time. We apologize for any inconvenience this may have caused.
  
  *** records confirm that a **** Modification was completed in December 2016. A copy of the modification agreement has been attached for your records. By remaining current on your **** modification for the last six (6) years, the notice states that you may have earned up to $10,000 in pay for performance incentives which may be applied to the unpaid principal balance. Please note, with the recast (or re-amortization)your scheduled interest rate(s) will increase, but your principal and interest payment will decrease based on the lower unpaid balance (after all incentives are applied) that will be paid over the remaining term of your loan. On September 27, 2022, **** funds in the amount of $5,000.00 were received and applied to the account. We have attached a copy of the account history for your records.
  
  On October 24, 2022 *** attempted to reach you via an outbound call to explain the terms of the Recast Notice as requested, however, we were unable to make contact with you. On October 25,2022, we received an inbound call from you with a representative from HUD on the line. The *** representative discussed the terms of the Recast Notice with you in further detail.
  
  If you have any questions, Fay Servicing, LLC can be reached at ************ Monday Thursday 8:00 A.M. 7:00 P.M., Friday 8:00 A.M. 5:00 P.M., and Saturday 9:00 A.M. 12:00 P.M. CST.
  
  Sincerely,
  
  Fay Servicing, LLC
  
  Enclosures (3)

  Customer response

  01/20/2023

   
  Complaint: ********
  
  I am rejecting this response because:

  This is a follow up to BBB Complaint #******** filed in late October 2022. At that time I filed a complaint regarding recast paperwork that was sent to me . However, no account manager knew about the paperwork and could not advise about the options outlined in the letter. In Fay Servicing's response back to me through the BBB, they acknowledged the paperwork and that I spoke with one of their account managers with a HUD representative on a three way call. The recast paperwork was sent that day to the email address that the representative advised. The recast was effective January 1, 2023. As of January 19, 2023, the recast agreement has not been applied to my account. I called Fay Servicing and spoke to account manager *****. He was really rude and advised me that he had no knowledge of recast. He said it several times, until I was going to call back the next day with my HUD representative, then he found the letter in my account. I want to be able to deal with this company without having to get another party involved to solve the problems they create. They contact me via email when they have fixed my account, because they always lie about their representatives contacting me via phone.
  
  Sincerely,
  
  *****************************

  Business response

  01/27/2023

  
  January 27, 2023
  
  ********************************
  Sent via BBB Portal
  
  RE:                          Account Number:                            0000173258
                                  Property Address:                           ********************************************************************** 20781
                                  BBB Complaint Number:               18242766
  
  *******************************************:
  
  Fay Servicing, LLC (***) has received and reviewed the complaint that you submitted to the Better Business Bureau (BBB) portal on January 23, 2023,regarding your above-referenced mortgage loan. Fays responses to the specific concerns raised in your complaint are provided below.
  In your complaint, you state that you were offered a **** recast which was effective January 2023 however, it has not been implemented.
  
  *** records reflect that the **** recast was implemented on January 24, 2023. Effective with the recast, the monthly mortgage payment became $901.97 with an interest rate of 3.62500%.
  In your complaint, you state that you have received poor customer service.
  
  Customer Service is of the utmost importance to us and we regret you did not receive the excellent level of service for which our firm is known for. Please be assured that this is not typical of our operating procedures and we apologize for any inconvenience and/or frustration that this matter has caused.
  Fay Servicing, LLC can be reached at ************ Monday Thursday 8:00 A.M. 7:00 P.M., Friday 8:00 A.M. 5:00 P.M., and Saturday 9:00 A.M. 12:00 P.M.CST.
  
  Sincerely,
  
  Fay Servicing, LLC
  
  Enclosures (1)
  

  Customer response

  01/27/2023

   
  Complaint: 18242766
  
  I am rejecting this response because: You fixed my account 24 days later. It should have been updated January 1st per the terms of the agreement I signed. The only reason it was fixed was due to the hard work of **************. He got the ball rolling on my account. Give him a raise for his hard work. **************** needs to do better. You had two months to get this right. If I paid on the 1st of January you would have owed me money. I should not have to file complaints with the BBB in order to get customer service. No need to respond. Do Better!!
  
  Sincerely,
  
  *****************************

• Initial Complaint

  10/18/2022

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  Continual and ongoing harassment by Fay Servicing through different means and for different reasons. Received letter with deadline of Nov 1st to respond to an escrow account and property tax issue that should not exist with my mortgage or anywhere on my account. *** lived in my home and have been paying mortgage since ****. During the entire time at my residence, *** consistently paid for my own property taxes separate from my mortgage. Ive never missed a payment and have proof of my property tax payments dating back to ****-present. I pay $346.89 each and every month for my mortgage payment. Principal $219.02 + Interest $127.87 =$346.89. Ive never missed a mortgage payment, homeowners insurance or property tax payment. There should be NO escrow account and no taxes and insurance are ever listed on my monthly statements. Fay Servicing has demanded monies that I dont owe for several years. They also recently charged me $10 fee for a canceled mortgage check. In ***** or May, they suddenly changed where my mortgage payments were supposed to be sent, so two payments were accidentally sent to two different addresses via my bank bill pay. One of the payments was cancelled by my bank because it was an error. My bank did not charge me but Fay Servicing did. They charged me after they received my normal mortgage payment that month. Apparently, they expected to receive a double payment. One of the payments were simply sent to the wrong address and that was the payment that was canceled. They received their regular mortgage payment but still added the fee and wont remove it. The fee appears every month on my statement. Now, theyre interfering with my property taxes which have nothing to do with them and never have. Theyre demanding letter by Nov 1st deadline or are threatening to pay my taxes. I dont want this company threatening me and using intimidation. Correct ************ errors. Send email address for me to send them tax documents. Remove $10 charge.

  Business response

  10/27/2022

  Please see the attached response.

  Customer response

  10/27/2022

   
  Complaint: 18237595
  
  I am rejecting this response because: 
  Complaint: 18237595
  
  I am rejecting this response because: I did receive a letter from Fay Servicing which I have attached but *** denies that they have sent it. I never should have been charged a fee for a canceled check in the first place that Fay Servicing never should have received at all. It was not my mortgage check that was canceled, it was a duplicate. Fay Servicing has charged me for a double mortgage check that was sent in error and wanted to keep both mortgage checks. All parties affiliated with Fay Servicing will be notified of the errors, requests, complaints and my effort for resolution through the appropriate chain of command for resolution. 
  
  Sincerely,
  
  ***************************
  
  Sincerely,
  
  ***************************

  Business response

  11/01/2022

  Please see the attached response.

  Customer response

  11/07/2022

   
  Complaint: 18237595
  
  I am rejecting this response because:

  Please see attached. 
  
  Sincerely,
  
  ***************************

• Initial Complaint

  10/17/2022

  Complaint Type:

  Product Issues

  Status:

  Resolved

  More info

  I'm complaining about Fay Servicing's escrow handling for loan number **********. Specifically, there are two problems - First, *** and StateAuto, my insurance provider, are in disagreement about how I pay for the insurance. StateAuto bills me directly each year (and I've always paid directly, too); at the same time though *** sends them checks (that end up returned). Second, *** sent a check in the amount of $572.82 to StateAuto in April. Per StateAuto, it was received on Apr 4 and returned on Apr 12. However, that money seems to have gone nowhere. Last time I contacted ***, they insist no returned check was received. But they didn't bother verify if it was cashed, either. I request Fay Servicing to do the following: 1) verify if the $572.82 check has been cashed. It not, they should credit my escrow account accordingly. 2) update the escrow details to exclude StateAuto payments, so they won't send checks to StateAuto and cause similar issues in the future.

  Business response

  10/26/2022

  Please see the attached response. 

  Customer response

  10/26/2022

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  Sincerely,
  
  *****************

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩