Fay Servicing Mortgage Rates, Fees & Info

DOVER, DE

LEI: 549300D0H09HSURFXA20

Tax ID: 41-2277737

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

2021 Data | 2020 Data | 2019 Data | 2018 Data


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 include New York, Los Angeles, Phoenix, Dallas, and Washington among others. Fay Servicing has a below average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Fay Servicing is typically an average fee lendor.


Originations

892

Origination Dollar Volume (All Markets)

$256,000,000

Relative Rate

Fay Servicing 's average 30 year fixed rate mortgage of loans were 4.41%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 1.26%.

Relative Fees

Fay Servicing 's average total fees for a 30 year fixed rate mortgage are $5,313.

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

Top Markets

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.

Product Mix

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

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

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average 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 the 2021, Fay Servicing 's most frequently cited loan purpose of loans were Cash Out Refi, with 461 originations. The 2nd most popular reason of loans were 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 the 2021, Fay Servicing 's most frequently cited loan length of loans were 30 Year, with 745 originations. The 2nd most popular length of loans were 15 Year, with 83 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 214 $41,630,000 $194,533
$2k-3k 51 $10,325,000 $202,451
$3k-4k 41 $11,325,000 $276,220
$<1k 29 $4,985,000 $171,897
$5k+ 16 $5,800,000 $362,500

$5,313 of loans were Fay Servicing 's average total fees, while their most frequently occuring range of origination fees 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 of loans were 4.41%, while their most frequently originated rate bucket of loans were 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 2 $580,000 $290,000 $6,595 3.00%

Approval Rates

Total approvals of all applications
67.86%

Fay Servicing has a low approval rate. They may have poor market targeting or stringent lending standards.

Pick Rate

Approvals leading to origination
-88.51%

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%