Fay Servicing Mortgage Rates, Fees & Info

DOVER, DE

LEI: 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.

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 7.04% 6/9/24
30 Year Conventional Refi 6.88% 6/9/24
30 Year Cash-out Refi 7.07% 6/9/24
30 Year FHA Purchase 7.54% 6/9/24
30 Year FHA Refi 7.30% 6/9/24
30 Year VA Refi 6.27% 6/9/24
15 Year Conventional Refi 6.39% 6/9/24
15 Year Cash-out Refi 6.39% 6/9/24
15 Year FHA Refi 7.26% 6/9/24
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






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Fay Servicing. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

146

Origination Dollar Volume (All Markets)

$42,250,000

Relative 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%
Fay Servicing's top markets include Phoenix, Richmond, Los Angeles, Virginia Beach, and San Francisco among others.

Their top states include:
  • California (FHA|USDA|VA)
  • Virginia (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Oregon (FHA|USDA|VA)
  • Nevada (FHA|USDA|VA)
  • 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.

    First Savings Bank of Hegewisch
    Similarity Rank: 46
    Los Angeles Federal Credit Union
    Similarity Rank: 72
    N C P D Federal Credit Union
    Similarity Rank: 126
    Columbia Bank
    Similarity Rank: 156
    GREATER ALLIANCE
    Similarity Rank: 168
    Blue Foundry Bank
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    PCSB Bank
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    LBS FINANCIAL
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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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 69 $10,445,000 $151,377 $0 8.11%
    $200k-400k 38 $10,500,000 $276,316 $0 8.14%
    $100,000 or less 14 $1,090,000 $77,857 $0 8.30%
    $400k-600k 14 $6,940,000 $495,714 $0 8.83%
    $1MM+ 7 $9,855,000 $1,407,857 $0 9.27%
    $600k-1MM 4 $3,420,000 $855,000 $0 8.84%

    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

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 113 $33,875,000 $299,779 $0 8.28%
    Not provided 12 $2,900,000 $241,667 $0 9.13%
    Black 13 $2,825,000 $217,308 $0 7.89%
    White 8 $2,650,000 $331,250 $0 7.69%

    Approval Rates

    Total approvals of all applications
    95.85%

    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 origination
    58.22%

    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

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    146 $42,250,000 $289,384

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 2 $260,000 $130,000 $0 7.00%
    40-60% 12 $2,090,000 $174,167 $0 7.94%
    60-80% 124 $35,940,000 $289,839 $0 8.29%
    80-100% 7 $2,925,000 $417,857 $0 8.77%
    Over 100% 1 $1,035,000 $1,035,000 $0 9.75%