Fay Servicing Mortgage Rates, Fees & Info

DOVER, DE

LEI: 549300D0H09HSURFXA20

Tax ID: 41-2277737

1 stars - out of 5 stars, based on 30 reviews

Latest/2021 | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • SimulatedRates™
  • Review & Overview

    Fay Servicing is a smaller mortgage company specializing in Cash Out Refi and Refi loans. Fay Servicing has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: New York, Los Angeles, Phoenix, Dallas, and Washington among others. We have data for 159 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Fay Servicing has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Fay Servicing is typically an average fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have relatively high rates.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.


    SimulatedRates™

    Mortgage Type
    Simulated Rate Simulation Date
    30 Year Conventional Purchase 7.23% 12/4/22
    30 Year Conventional Refi 6.86% 12/4/22
    30 Year Cash-out Refi 7.07% 12/4/22
    30 Year FHA Purchase 7.76% 12/4/22
    30 Year FHA Refi 7.45% 12/4/22
    15 Year Conventional Refi 6.21% 12/4/22
    15 Year Cash-out Refi 6.21% 12/4/22
    15 Year FHA Purchase 5.76% 12/4/22
    15 Year FHA Refi 7.28% 12/4/22
    These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.


    Originations

    892

    Origination Dollar Volume (All Markets)

    $256,000,000

    Relative Rate

    Fay Servicing's average 30 year fixed mortgage rate was 4.41%.

    The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.

    This yields a difference of 1.26%.

    Relative Fees (Closing Costs)

    Fay Servicing's average total fees/closing costs for a 30 year fixed rate mortgage were $5,313.

    The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $4,750.

    Top Markets

    Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

    Market Originations Total Value Average Loan Average Fees Average Rate
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 106 $43,460,000 $410,000 $3,542 4.71%
    Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 26 $19,330,000 $743,462 $5,931 4.18%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 52 $13,840,000 $266,154 $0 4.91%
    Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 25 $13,725,000 $549,000 $6,123 4.62%
    Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 36 $12,420,000 $345,000 $6,365 3.74%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 79 $11,825,000 $149,684 $5,445 4.68%
    SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 14 $9,920,000 $708,571 $5,512 3.85%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 25 $9,205,000 $368,200 $5,092 3.53%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 43 $9,115,000 $211,977 $3,994 3.61%
    RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 18 $6,850,000 $380,556 $4,104 4.88%
    Pinehurst-Southern Pines, NC (FHA|USDA|VA) 13 $5,565,000 $428,077 $0 5.53%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 23 $4,105,000 $178,478 $5,255 4.23%
    OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 6 $3,940,000 $656,667 $6,103 4.98%
    SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) 4 $3,830,000 $957,500 $0 6.37%
    ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 19 $3,605,000 $189,737 $6,045 3.57%
    PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 6 $3,540,000 $590,000 $7,006 3.73%
    SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 9 $3,195,000 $355,000 $5,998 4.24%
    San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 9 $3,115,000 $346,111 $4,246 3.50%
    SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 5 $2,815,000 $563,000 $3,911 4.45%
    HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 17 $2,575,000 $151,471 $4,937 4.53%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 15 $2,505,000 $167,000 $4,656 3.78%
    LOUISVILLE/JEFFERSON COUNTY, KY-IN (FHA|USDA|VA) 2 $2,450,000 $1,225,000 $3,934 4.38%
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 7 $2,305,000 $329,286 $4,741 4.66%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 16 $2,180,000 $136,250 $5,098 4.25%
    SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 4 $2,050,000 $512,500 $6,117 3.44%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 6 $2,050,000 $341,667 $4,627 3.35%
    DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 12 $1,990,000 $165,833 $5,287 4.11%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 6 $1,910,000 $318,333 $5,305 4.19%
    Outside of Metro Areas 8 $1,700,000 $212,500 $3,708 3.81%
    FLAGSTAFF, AZ (FHA|USDA|VA) 3 $1,645,000 $548,333 $0 5.25%
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 14 $1,640,000 $117,143 $3,461 4.71%
    Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 4 $1,610,000 $402,500 $5,150 3.22%
    FRESNO, CA (FHA|USDA|VA) 3 $1,535,000 $511,667 $3,266 3.71%
    MEMPHIS, TN-MS-AR (FHA|USDA|VA) 6 $1,410,000 $235,000 $3,244 4.06%
    TUCSON, AZ (FHA|USDA|VA) 5 $1,265,000 $253,000 $0 6.10%
    BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 8 $1,260,000 $157,500 $3,867 4.13%
    ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 9 $1,255,000 $139,444 $4,202 5.32%
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 8 $1,170,000 $146,250 $4,638 4.42%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 6 $1,140,000 $190,000 $4,318 3.00%
    SAVANNAH, GA (FHA|USDA|VA) 9 $1,135,000 $126,111 $5,212 5.28%
    TRENTON-PRINCETON, NJ (FHA|USDA|VA) 7 $1,135,000 $162,143 $0 5.11%
    RICHMOND, VA (FHA|USDA|VA) 7 $1,105,000 $157,857 $6,345 4.89%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 3 $905,000 $301,667 $2,580 4.21%
    Scottsburg, IN (FHA|USDA|VA) 1 $845,000 $845,000 $0 6.00%
    PITTSBURGH, PA (FHA|USDA|VA) 5 $805,000 $161,000 $4,994 3.80%
    ST. LOUIS, MO-IL (FHA|USDA|VA) 6 $800,000 $133,333 $4,304 3.02%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 3 $795,000 $265,000 $0 4.88%
    JACKSONVILLE, FL (FHA|USDA|VA) 5 $785,000 $157,000 $4,675 3.55%
    POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 3 $765,000 $255,000 $0 4.42%
    DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 3 $745,000 $248,333 $5,113 3.88%
    BELLINGHAM, WA (FHA|USDA|VA) 2 $710,000 $355,000 $7,667 4.69%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 3 $705,000 $235,000 $5,503 3.50%
    SALINAS, CA (FHA|USDA|VA) 1 $685,000 $685,000 $3,228 3.00%
    Roseburg, OR (FHA|USDA|VA) 1 $665,000 $665,000 $0 5.25%
    Key West, FL (FHA|USDA|VA) 2 $640,000 $320,000 $7,484 3.81%
    COLUMBUS, OH (FHA|USDA|VA) 4 $610,000 $152,500 $5,497 4.84%
    NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) 4 $590,000 $147,500 $5,089 3.47%
    STOCKTON, CA (FHA|USDA|VA) 4 $580,000 $145,000 $2,582 3.94%
    LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 5 $575,000 $115,000 $6,823 4.43%
    MODESTO, CA (FHA|USDA|VA) 2 $560,000 $280,000 $3,366 2.88%
    NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) 4 $550,000 $137,500 $3,413 2.72%
    KANSAS CITY, MO-KS (FHA|USDA|VA) 4 $510,000 $127,500 $3,760 3.59%
    SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) 1 $495,000 $495,000 $3,025 2.88%
    DAYTON-KETTERING, OH (FHA|USDA|VA) 6 $480,000 $80,000 $5,348 5.56%
    MONTGOMERY, AL (FHA|USDA|VA) 4 $450,000 $112,500 $3,946 4.72%
    DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 2 $400,000 $200,000 $4,140 3.31%
    BAKERSFIELD, CA (FHA|USDA|VA) 2 $400,000 $200,000 $4,661 3.13%
    SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) 1 $395,000 $395,000 $2,500 2.88%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 1 $395,000 $395,000 $0 5.25%
    HATTIESBURG, MS (FHA|USDA|VA) 2 $390,000 $195,000 $6,634 2.75%
    PORT ST. LUCIE, FL (FHA|USDA|VA) 3 $385,000 $128,333 $4,081 3.50%
    ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 2 $380,000 $190,000 $3,408 4.69%
    ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 1 $375,000 $375,000 $0 6.13%
    VALLEJO, CA (FHA|USDA|VA) 1 $375,000 $375,000 $0 4.50%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 2 $360,000 $180,000 $0 5.63%
    TYLER, TX (FHA|USDA|VA) 2 $360,000 $180,000 $7,424 2.81%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 1 $325,000 $325,000 $0 4.50%
    GRAND JUNCTION, CO (FHA|USDA|VA) 1 $325,000 $325,000 $0 4.00%
    Brainerd, MN (FHA|USDA|VA) 1 $315,000 $315,000 $5,348 2.75%
    WORCESTER, MA-CT (FHA|USDA|VA) 1 $315,000 $315,000 $0 6.13%
    OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) 1 $305,000 $305,000 $10,071 3.00%
    TALLAHASSEE, FL (FHA|USDA|VA) 1 $305,000 $305,000 $2,712 2.75%
    Grand Rapids, MN (FHA|USDA|VA) 1 $305,000 $305,000 $0 5.63%
    BATON ROUGE, LA (FHA|USDA|VA) 2 $300,000 $150,000 $6,544 2.94%
    CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 2 $300,000 $150,000 $6,461 3.19%
    SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) 1 $295,000 $295,000 $7,268 3.38%
    KINGSTON, NY (FHA|USDA|VA) 2 $290,000 $145,000 $0 4.94%
    SPRINGFIELD, MA (FHA|USDA|VA) 3 $285,000 $95,000 $0 6.13%
    DULUTH, MN-WI (FHA|USDA|VA) 1 $285,000 $285,000 $0 5.38%
    MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 3 $285,000 $95,000 $3,269 3.96%
    LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 1 $285,000 $285,000 $3,150 3.00%
    WINSTON-SALEM, NC (FHA|USDA|VA) 2 $270,000 $135,000 $4,474 3.38%
    Breckenridge, CO (FHA|USDA|VA) 1 $265,000 $265,000 $0 4.13%
    BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) 1 $255,000 $255,000 $0 8.99%
    FORT COLLINS, CO (FHA|USDA|VA) 1 $255,000 $255,000 $5,871 4.00%
    BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 3 $245,000 $81,667 $2,383 3.21%
    FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) 1 $245,000 $245,000 $0 4.75%
    LANCASTER, PA (FHA|USDA|VA) 1 $225,000 $225,000 $8,531 2.75%
    PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) 1 $225,000 $225,000 $0 4.50%
    CHATTANOOGA, TN-GA (FHA|USDA|VA) 2 $210,000 $105,000 $4,745 2.81%
    WARNER ROBINS, GA (FHA|USDA|VA) 2 $210,000 $105,000 $0 5.13%
    GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 1 $205,000 $205,000 $7,283 2.88%
    SIERRA VISTA-DOUGLAS, AZ (FHA|USDA|VA) 1 $205,000 $205,000 $0 4.75%
    CORPUS CHRISTI, TX (FHA|USDA|VA) 1 $195,000 $195,000 $4,155 3.00%
    Milledgeville, GA (FHA|USDA|VA) 2 $190,000 $95,000 $4,264 2.94%
    GREELEY, CO (FHA|USDA|VA) 1 $185,000 $185,000 $2,546 3.00%
    PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $185,000 $185,000 $6,187 3.38%
    READING, PA (FHA|USDA|VA) 1 $185,000 $185,000 $0 5.25%
    DALTON, GA (FHA|USDA|VA) 1 $185,000 $185,000 $4,333 2.88%
    SPARTANBURG, SC (FHA|USDA|VA) 1 $185,000 $185,000 $3,566 2.88%
    SHREVEPORT-BOSSIER CITY, LA (FHA|USDA|VA) 1 $175,000 $175,000 $4,344 2.63%
    YUBA CITY, CA (FHA|USDA|VA) 1 $175,000 $175,000 $0 4.75%
    KANKAKEE, IL (FHA|USDA|VA) 1 $175,000 $175,000 $5,724 2.75%
    BATTLE CREEK, MI (FHA|USDA|VA) 2 $170,000 $85,000 $3,433 2.75%
    HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 1 $165,000 $165,000 $5,142 2.75%
    GREENVILLE, NC (FHA|USDA|VA) 1 $165,000 $165,000 $0 5.25%
    EAST STROUDSBURG, PA (FHA|USDA|VA) 1 $155,000 $155,000 $0 6.00%
    SALISBURY, MD-DE (FHA|USDA|VA) 1 $145,000 $145,000 $4,520 2.88%
    LONGVIEW, TX (FHA|USDA|VA) 1 $145,000 $145,000 $0 5.13%
    FORT WAYNE, IN (FHA|USDA|VA) 1 $135,000 $135,000 $0 4.75%
    CLARKSVILLE, TN-KY (FHA|USDA|VA) 1 $135,000 $135,000 $3,759 3.00%
    Danville, VA (FHA|USDA|VA) 1 $135,000 $135,000 $0 4.50%
    OCEAN CITY, NJ (FHA|USDA|VA) 1 $135,000 $135,000 $3,506 2.88%
    WINCHESTER, VA-WV (FHA|USDA|VA) 1 $135,000 $135,000 $0 5.25%
    ELKHART-GOSHEN, IN (FHA|USDA|VA) 1 $135,000 $135,000 $1,849 3.13%
    WILMINGTON, NC (FHA|USDA|VA) 1 $135,000 $135,000 $0 5.13%
    Talladega-Sylacauga, AL (FHA|USDA|VA) 1 $125,000 $125,000 $5,472 2.88%
    BRUNSWICK, GA (FHA|USDA|VA) 1 $125,000 $125,000 $5,153 2.75%
    Sebastian-Vero Beach, FL (FHA|USDA|VA) 1 $125,000 $125,000 $2,490 2.25%
    SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 1 $115,000 $115,000 $2,999 3.13%
    GULFPORT-BILOXI, MS (FHA|USDA|VA) 1 $115,000 $115,000 $0 5.75%
    New Castle, IN (FHA|USDA|VA) 1 $105,000 $105,000 $2,709 3.00%
    MONROE, MI (FHA|USDA|VA) 1 $105,000 $105,000 $3,867 2.63%
    BINGHAMTON, NY (FHA|USDA|VA) 1 $105,000 $105,000 $0 6.00%
    NEW BERN, NC (FHA|USDA|VA) 1 $105,000 $105,000 $3,130 2.88%
    COLUMBUS, GA-AL (FHA|USDA|VA) 1 $95,000 $95,000 $3,201 3.25%
    OCALA, FL (FHA|USDA|VA) 1 $95,000 $95,000 $0 6.50%
    Fergus Falls, MN (FHA|USDA|VA) 1 $95,000 $95,000 $3,200 2.50%
    CHARLESTON, WV (FHA|USDA|VA) 1 $95,000 $95,000 $0 5.50%
    DECATUR, AL (FHA|USDA|VA) 1 $95,000 $95,000 $2,676 3.38%
    MANKATO, MN (FHA|USDA|VA) 1 $95,000 $95,000 $4,721 2.75%
    NILES, MI (FHA|USDA|VA) 1 $95,000 $95,000 $3,532 2.63%
    WICHITA, KS (FHA|USDA|VA) 1 $95,000 $95,000 $4,916 2.63%
    LAREDO, TX (FHA|USDA|VA) 1 $85,000 $85,000 $3,276 2.63%
    LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) 1 $85,000 $85,000 $0 5.63%
    SPRINGFIELD, OH (FHA|USDA|VA) 1 $85,000 $85,000 $4,799 3.13%
    Sikeston, MO (FHA|USDA|VA) 1 $85,000 $85,000 $2,955 3.50%
    RACINE, WI (FHA|USDA|VA) 1 $85,000 $85,000 $0 5.88%
    ALBUQUERQUE, NM (FHA|USDA|VA) 1 $85,000 $85,000 $3,105 3.00%
    JACKSON, MI (FHA|USDA|VA) 1 $85,000 $85,000 $3,558 2.88%
    Cullman, AL (FHA|USDA|VA) 1 $85,000 $85,000 $2,793 2.63%
    JACKSONVILLE, NC (FHA|USDA|VA) 1 $85,000 $85,000 $0 5.88%
    MUSKEGON, MI (FHA|USDA|VA) 1 $85,000 $85,000 $471 2.75%
    AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 1 $85,000 $85,000 $4,993 2.75%
    Albertville, AL (FHA|USDA|VA) 1 $75,000 $75,000 $3,952 2.75%
    Warren, PA (FHA|USDA|VA) 1 $75,000 $75,000 $4,827 2.75%
    TEXARKANA, TX-AR (FHA|USDA|VA) 1 $65,000 $65,000 $2,846 2.63%
    ANNISTON-OXFORD, AL (FHA|USDA|VA) 1 $65,000 $65,000 $2,090 2.75%
    HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) 1 $55,000 $55,000 $0 6.00%
    Fay Servicing's top markets include New York, Los Angeles, Phoenix, Dallas, and Washington among others.

    Their top states include:
  • California (FHA|USDA|VA)
  • New Jersey (FHA|USDA|VA)
  • New York (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 790 $236,730,000 $299,658 $4,196 4.45%
    FHA 102 $19,270,000 $188,922 $6,400 3.03%

    For 2021, Fay Servicing's most frequently originated type of loan was Conventional, with 790 originations. Their 2nd most popular type was FHA, with 102 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 461 $145,665,000 $315,976 $5,439 4.31%
    Refi 269 $65,655,000 $244,071 $4,207 3.62%
    Home Purchase 162 $44,680,000 $275,802 $6,077 5.30%

    For 2021, Fay Servicing's most frequently cited loan purpose was Cash Out Refi, with 461 originations. The 2nd most popular reason was Refi, with 269 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 745 $221,445,000 $297,242 $5,313 4.41%
    15 Year 83 $14,625,000 $176,205 $4,226 2.68%
    1 Year 22 $11,520,000 $523,636 $0 8.09%
    20 Year 19 $3,535,000 $186,053 $3,346 3.09%
    Other 17 $4,355,000 $256,176 $3,739 3.48%
    10 Year 6 $520,000 $86,667 $3,075 2.85%

    For 2021, Fay Servicing's most frequently cited loan duration was 30 Year, with 745 originations. The 2nd most popular length was 15 Year, with 83 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 214 $41,630,000 $194,533
    $2k-3k 51 $10,325,000 $202,451
    $3k-4k 30 $7,630,000 $254,333
    $<1k 29 $4,985,000 $171,897
    $5k+ 16 $5,800,000 $362,500
    $4k-5k 11 $3,695,000 $335,909

    Fay Servicing's average total fees were $5,313, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 214 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 263 $84,725,000 $322,148
    3-4% 198 $62,660,000 $316,465
    5-6% 191 $52,525,000 $275,000
    2.5-3% 151 $29,485,000 $195,265
    <2.5% 34 $6,440,000 $189,412
    6-7% 32 $7,920,000 $247,500
    7-8% 15 $4,825,000 $321,667
    Over 8% 8 $7,420,000 $927,500

    During 2021, Fay Servicing's average interest rate for loans was 4.41%, while their most frequently originated rate bucket for loans was 4-5%, with 263 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 355 $53,125,000 $149,648 $4,475 4.24%
    $200k-400k 257 $72,295,000 $281,304 $5,396 4.04%
    $100,000 or less 137 $11,015,000 $80,401 $3,401 4.44%
    $400k-600k 74 $35,770,000 $483,378 $7,339 4.41%
    $600k-1MM 40 $29,240,000 $731,000 $3,826 4.78%
    $1MM+ 29 $54,555,000 $1,881,207 $0 5.34%

    2021 saw Fay Servicing place emphasis on $100k-200k loans with 355 originations, totaling $53,125,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 89 $17,185,000 $193,090 $4,376 3.61%
    $50k-75k 86 $15,420,000 $179,302 $5,020 3.08%
    $75k-100k 76 $16,220,000 $213,421 $4,929 3.00%
    $100k-150k 73 $18,695,000 $256,096 $5,039 3.05%
    $150k-250k 31 $11,225,000 $362,097 $5,543 3.01%
    $250k+ 4 $990,000 $247,500 $3,375 3.38%

    Fay Servicing lent most frequently to those with incomes in the $50k or less range, with 89 originations. The second most popular income band? $50k-75k, with 86 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    <20% 104 $18,160,000 $174,615 $4,459 3.02%
    20-30% 93 $22,635,000 $243,387 $4,965 3.12%
    30-36% 41 $10,065,000 $245,488 $5,078 3.05%
    44% 12 $2,710,000 $225,833 $4,399 3.18%
    40% 11 $2,025,000 $184,091 $5,447 2.75%
    39% 11 $2,305,000 $209,545 $5,088 3.01%
    45% 9 $1,565,000 $173,889 $3,747 3.06%
    38% 9 $1,965,000 $218,333 $5,140 3.04%
    36% 8 $2,020,000 $252,500 $6,042 2.91%
    42% 8 $1,670,000 $208,750 $5,036 2.80%
    37% 7 $825,000 $117,857 $3,827 2.89%
    41% 6 $1,680,000 $280,000 $6,054 3.10%
    43% 6 $1,350,000 $225,000 $5,453 3.06%
    46% 5 $1,345,000 $269,000 $7,678 2.95%
    50-60% 4 $1,100,000 $275,000 $7,881 2.94%
    47% 3 $425,000 $141,667 $5,702 2.88%
    48% 1 $255,000 $255,000 $7,576 2.75%

    Fay Servicing lent most frequently to those with DTI ratios of <20%, with 104 originations. The next most common DTI ratio? 20-30%, with 93 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 443 $151,125,000 $341,140 $0 5.13%
    White 250 $56,260,000 $225,040 $4,667 3.42%
    Black 98 $21,010,000 $214,388 $4,820 3.25%
    Not provided 73 $18,475,000 $253,082 $5,377 3.62%
    Asian 20 $6,210,000 $310,500 $5,490 3.77%
    American Indian 6 $2,340,000 $390,000 $4,492 4.46%
    Native Hawaiian or Islander 2 $580,000 $290,000 $6,595 3.00%

    Approval Rates

    Total approvals of all applications
    81.01%

    Fay Servicing has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    31.61%

    Fay Servicing has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 892 $256,000,000 $286,996

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    892 $256,000,000 $286,996

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 46 $10,620,000 $230,870 $4,173 3.19%
    40-60% 144 $35,600,000 $247,222 $4,398 3.65%
    60-80% 597 $179,685,000 $300,980 $4,987 4.51%
    80-100% 85 $21,915,000 $257,824 $5,491 3.72%
    Over 100% 16 $7,690,000 $480,625 $0 8.00%
    Under 20% 3 $405,000 $135,000 $4,127 3.04%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    Fay Servicing, LLC Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 11 3.5%
    Fay Servicing, LLC Conventional home mortgage Closing on a mortgage 9 2.9%
    Fay Servicing, LLC Conventional home mortgage Incorrect information on your report 4 1.3%
    Fay Servicing, LLC Conventional home mortgage Problem with a credit reporting company's investigation into an existing problem 1 0.3%
    Fay Servicing, LLC Conventional home mortgage Struggling to pay mortgage 145 46.8%
    Fay Servicing, LLC Conventional home mortgage Trouble during payment process 91 29.4%
    Fay Servicing, LLC FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 0.3%
    Fay Servicing, LLC FHA mortgage Closing on a mortgage 2 0.6%
    Fay Servicing, LLC FHA mortgage Struggling to pay mortgage 10 3.2%
    Fay Servicing, LLC FHA mortgage Trouble during payment process 5 1.6%
    Fay Servicing, LLC Home equity loan or line of credit (HELOC) Trouble during payment process 1 0.3%
    Fay Servicing, LLC Other type of mortgage Closing on a mortgage 1 0.3%
    Fay Servicing, LLC Other type of mortgage Struggling to pay mortgage 7 2.3%
    Fay Servicing, LLC Other type of mortgage Trouble during payment process 21 6.8%
    Fay Servicing, LLC VA mortgage Struggling to pay mortgage 1 0.3%