*Training Is Very Important*
**New Policy Emerges**
***The servicing space isn’t for the un-educated. It takes industry knowledge to do this kind of work. To this end, Fay Servicing, a special servicer that manages distressed and at-risk residential mortgages, introduced its new employee training program for its recent hires, which focuses on how to foster closer relationships with borrowers, staying in compliance and leverages the knowledge and skills new-hires possess given their previous loan origination experience.
****The program occurs at the company’s corporate headquarters in Chicago and offers instruction on a variety of key skills, such as managing the initial call with borrowers, refining listening skills, meeting all applicable compliance requirements and conducting a Personal Budget Analysis (PBA) for borrowers which helps to engage the borrower and establish affordability.
****Fay Servicing employs servicing professionals with prior loan origination experience, which enables the company to quickly begin more advanced training in distressed servicing. Each training class is kept relatively small and new account managers are trained by staff who have already successfully completed the transition from originator to servicer.
****“By selecting employees with previous experience in the mortgage industry, we are able to focus our time on the necessary skills that will make them special servicing experts,” said Ed Fay, chief executive officer. “Experienced and well-trained staff have fueled our growth during the past several years.”