Fay Servicing Mortgage Rates, Fees & Info
DOVER, DELEI: 549300D0H09HSURFXA20
Tax ID: 41-2277737
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Mortgage Data
Review & Overview
Fay Servicing is a smaller mortgage company specializing in Cash Out Refi, Refi, and Home Purchase loans. Fay Servicing has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Phoenix, Richmond, Los Angeles, Virginia Beach, and San Francisco among others. We have data for 32 markets. (Some data included below & more in-depth data is available with an active subscription.)Fay Servicing has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 7.04% | 12/16/24 |
| 30 Year Conventional Refi | 6.88% | 12/16/24 |
| 30 Year Cash-out Refi | 7.07% | 12/16/24 |
| 30 Year FHA Purchase | 7.54% | 12/16/24 |
| 30 Year FHA Refi | 7.30% | 12/16/24 |
| 30 Year VA Refi | 6.27% | 12/16/24 |
| 15 Year Conventional Refi | 6.39% | 12/16/24 |
| 15 Year Cash-out Refi | 6.39% | 12/16/24 |
| 15 Year FHA Refi | 7.26% | 12/16/24 |
| 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. | ||
Fay Servicing Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
146Origination Dollar Volume (All Markets)
$42,250,000Relative Rate
Fay Servicing's average 30 year fixed mortgage rate was
8.1%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 1.62%.
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 |
|---|---|---|---|---|---|
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 24 | $7,480,000 | $311,667 | $0 | 8.00% |
| RICHMOND, VA (FHA|USDA|VA) | 30 | $5,370,000 | $179,000 | $0 | 8.14% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 4 | $5,000,000 | $1,250,000 | $0 | 8.84% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 31 | $4,955,000 | $159,839 | $0 | 8.12% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 2 | $2,790,000 | $1,395,000 | $0 | 9.44% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 5 | $2,635,000 | $527,000 | $0 | 9.56% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 3 | $2,265,000 | $755,000 | $0 | 9.66% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 2 | $1,220,000 | $610,000 | $0 | 8.75% |
| SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) | 1 | $1,115,000 | $1,115,000 | $0 | 11.49% |
| LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) | 4 | $1,080,000 | $270,000 | $0 | 7.78% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 4 | $1,050,000 | $262,500 | $0 | 8.13% |
| ROANOKE, VA (FHA|USDA|VA) | 3 | $735,000 | $245,000 | $0 | 8.50% |
| SALEM, OR (FHA|USDA|VA) | 3 | $715,000 | $238,333 | $0 | 8.88% |
| SALT LAKE CITY, UT (FHA|USDA|VA) | 2 | $650,000 | $325,000 | $0 | 8.44% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 2 | $510,000 | $255,000 | $0 | 7.81% |
| LYNCHBURG, VA (FHA|USDA|VA) | 3 | $485,000 | $161,667 | $0 | 8.67% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 2 | $470,000 | $235,000 | $0 | 8.00% |
| TUCSON, AZ (FHA|USDA|VA) | 2 | $430,000 | $215,000 | $0 | 7.94% |
| CHICO, CA (FHA|USDA|VA) | 2 | $420,000 | $210,000 | $0 | 8.19% |
| PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) | 2 | $410,000 | $205,000 | $0 | 7.38% |
| ALBANY-LEBANON, OR (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $0 | 7.50% |
| EL CENTRO, CA (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $0 | 8.75% |
| CHARLOTTESVILLE, VA (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $0 | 8.13% |
| Martinsville, VA (FHA|USDA|VA) | 3 | $275,000 | $91,667 | $0 | 8.13% |
| Outside of Metro Areas | 2 | $210,000 | $105,000 | $0 | 7.81% |
| FRESNO, CA (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 9.25% |
| VISALIA, CA (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $0 | 7.50% |
| BAKERSFIELD, CA (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $0 | 11.99% |
| YUMA, AZ (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 7.88% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 6.75% |
| Danville, VA (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 8.88% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 7.13% |
Similar Lenders
We use machine learning to identify the top lenders compared against FAY SERVICING based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 143 | $41,835,000 | $292,552 | $0 | 8.31% |
| FHA | 3 | $415,000 | $138,333 | $0 | 6.71% |
For 2023, Fay Servicing's most frequently originated type of loan was Conventional, with 143 originations. Their 2nd most popular type was FHA, with 3 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Cash Out Refi | 75 | $19,175,000 | $255,667 | $0 | 8.30% |
| Refi | 41 | $11,795,000 | $287,683 | $0 | 7.94% |
| Home Purchase | 30 | $11,280,000 | $376,000 | $0 | 8.70% |
For 2023, Fay Servicing's most frequently cited loan purpose was Cash Out Refi, with 75 originations. The 2nd most popular reason was Refi, with 41 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 137 | $35,775,000 | $261,131 | $0 | 8.10% |
| 1 Year | 8 | $5,990,000 | $748,750 | $0 | 10.78% |
| Other | 1 | $485,000 | $485,000 | $0 | 12.49% |
For 2023, Fay Servicing's most frequently cited loan duration was 30 Year, with 137 originations. The 2nd most popular length was 1 Year, with 8 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 73 | $26,355,000 | $361,027 |
| 7-8% | 68 | $15,130,000 | $222,500 |
| 6-7% | 5 | $765,000 | $153,000 |
During 2023, Fay Servicing's average interest rate for loans was 8.10%, while their most frequently originated rate bucket for loans was Over 8%, with 73 originations.
Loan Sizing
2023 saw Fay Servicing place emphasis on $100k-200k loans with 69 originations, totaling $10,445,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $50k or less | 28 | $7,790,000 | $278,214 | $0 | 8.57% |
| $250k+ | 5 | $585,000 | $117,000 | $0 | 6.78% |
Fay Servicing lent most frequently to those with incomes in the $50k or less range, with 28 originations. The second most popular income band? $250k+, with 5 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 43% | 2 | $250,000 | $125,000 | $0 | 6.88% |
| 44% | 2 | $220,000 | $110,000 | $0 | 6.69% |
| 50-60% | 1 | $115,000 | $115,000 | $0 | 6.75% |
Fay Servicing lent most frequently to those with DTI ratios of 43%, with 2 originations. The next most common DTI ratio? 44%, with 2 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.85%
Fay Servicing has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination58.22%
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 |
|---|---|---|---|
| 1245.0 | 1 | $195,000 | $195,000 |
| NA | 145 | $42,055,000 | $290,034 |