Try A New Business

*Try A New Business*
**By Tony Garritano**

TonyG***If your concerned that the rise in rates is going to negatively impact your bottom line, I have a suggestion. A lot of originators are looking to get into servicing to make up the difference, and there are companies out there interested in helping originators make this leap. For example, Fay Servicing, a special servicer that manages distressed and at-risk residential mortgages, has launched an initiative to create strategic partnerships with mortgage lenders to help train origination staff for a career in the servicing industry.

****The program provides training to hone key skills such as managing initial calls with borrowers, refining listening skills, meeting all applicable compliance requirements and conducting a Personal Budget Analysis (PBA) for borrowers.

****Fay Servicing has developed an employment model that seeks professionals with extensive mortgage expertise combined with borrower engagement skills, enabling them to successfully work with distressed homeowners to avoid foreclosure. Relationships with lenders that are downsizing origination staff allow the company to attract the next generation of special servicers.

****“These strategic alliances with mortgage lenders provide a new career option for origination staff who are seeking positions in the servicing industry,” said Ed Fay, chief executive officer of Fay Servicing. “And act as a way for the mortgage industry to shift its collective resources to related sectors where there is substantial growth.”

****Mortgage originators interested in learning more about opportunities at Fay Servicing should contact them at

Tony Garritano

Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at