We are all under pressure each and every day to be the best that we can be. And with all this new regulation, that goes double for lenders and servicers. I just heard that Fay Servicing, a special servicer that manages performing, at-risk and distressed residential mortgages, has been evaluated and rated by agencies Fitch Ratings and S&P, independent research firms which provide ratings, commentary and analysis to organizations across the financial industry. Their technology played a hefty role in the rating agencys’ verdicts. Here’s what happened:
These ratings were partially determined based on the company’s use of a robust single point of contact (SPOC) system as well as the level of advanced servicing technology integrated into its operations. The results reflect the firm’s innovative relationship-based servicing approach which is driven by the staff’s extensive mortgage industry experience and highly developed borrower management skills. The ratings incorporate the general condition of the U.S. residential servicing industry, as well as the degree of difficulty in maintaining high performance standards given the rising cost of servicing and more demanding regulatory requirements. These ratings also highlight Fay Servicing’s business model, which facilitiates a high rate of positive resolutions for homeowners, while maintaining profitability for investors, banks and lenders.
The Fitch Residential Subprime and Special Servicer Ratings were RPS3 and RSS3, respectively, with “Outlook Stable” (proficient in overall servicing ability). The S&P Residential Mortgage Subprime and Special Servicer Rating was AVERAGE with a “Stable Outlook.”
“We are proud to have received these ratings especially at a time when the U.S. servicing industry continues to evolve in order to successfully face a variety of challenges associated with added regulations and changing market conditions,” said Ed Fay, chief executive officer of Fay Servicing. “These results validate that we’ve built a strong foundation for future growth, including securitizations, and that we will continue to responsibility and effectively serve homeowners, lenders and investors for years to come.”
Having heard that, you should be recognized as well for all the good things that you’ve done for the mortgage space this year. Now is your chance. Apply for free to be named a Top Innovation by PROGRESS in Lending HERE.
About The Author
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 firstname.lastname@example.org.