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 Refi and Cash Out 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: Atlanta, Los Angeles, New York, Chicago, and Miami among others. We have data for 149 markets. (Some data included below & more in-depth data is available with an active subscription.)Fay Servicing has a below 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 7.04% | 11/21/24 |
| 30 Year Conventional Refi | 6.88% | 11/21/24 |
| 30 Year Cash-out Refi | 7.07% | 11/21/24 |
| 30 Year FHA Purchase | 7.54% | 11/21/24 |
| 30 Year FHA Refi | 7.30% | 11/21/24 |
| 30 Year VA Refi | 6.27% | 11/21/24 |
| 15 Year Conventional Refi | 6.39% | 11/21/24 |
| 15 Year Cash-out Refi | 6.39% | 11/21/24 |
| 15 Year FHA Refi | 7.26% | 11/21/24 |
| 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
442Origination Dollar Volume (All Markets)
$75,180,000Awards
FAY SERVICING - 2018
FAY SERVICING is a 2018 , due to their low .
For 2018, less than of lenders were eligible for this award.
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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 |
|---|---|---|---|---|---|
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 41 | $6,205,000 | $151,341 | $4,190 | 5.34% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 17 | $5,425,000 | $319,118 | $6,513 | 4.87% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 17 | $4,245,000 | $249,706 | $4,967 | 5.22% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 20 | $3,870,000 | $193,500 | $5,420 | 5.04% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 11 | $2,435,000 | $221,364 | $5,487 | 5.05% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 15 | $2,415,000 | $161,000 | $4,445 | 5.08% |
| Outside of Metro Areas | 23 | $2,385,000 | $103,696 | $4,057 | 5.12% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 6 | $2,020,000 | $336,667 | $8,611 | 5.17% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 9 | $1,665,000 | $185,000 | $6,418 | 5.14% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 8 | $1,650,000 | $206,250 | $5,450 | 5.47% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 6 | $1,640,000 | $273,333 | $8,587 | 4.77% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 5 | $1,575,000 | $315,000 | $7,676 | 5.18% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 9 | $1,565,000 | $173,889 | $3,865 | 4.67% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 10 | $1,520,000 | $152,000 | $5,500 | 5.53% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 5 | $1,135,000 | $227,000 | $5,280 | 4.60% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 3 | $1,105,000 | $368,333 | $7,792 | 5.21% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 4 | $1,020,000 | $255,000 | $4,601 | 5.31% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 4 | $990,000 | $247,500 | $6,526 | 5.69% |
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 5 | $965,000 | $193,000 | $8,020 | 5.90% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 8 | $940,000 | $117,500 | $4,435 | 5.28% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 3 | $885,000 | $295,000 | $5,362 | 5.58% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 4 | $880,000 | $220,000 | $5,010 | 4.63% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 4 | $850,000 | $212,500 | $5,435 | 5.06% |
| LOUISVILLE, KY (FHA|USDA|VA) | 6 | $780,000 | $130,000 | $5,195 | 5.31% |
| MEMPHIS, TN-MS-AR (FHA|USDA|VA) | 5 | $705,000 | $141,000 | $4,835 | 4.73% |
| STOCKTON, CA (FHA|USDA|VA) | 2 | $680,000 | $340,000 | $11,910 | 5.63% |
| RICHMOND, VA (FHA|USDA|VA) | 3 | $675,000 | $225,000 | $7,439 | 5.17% |
| SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) | 2 | $650,000 | $325,000 | $6,666 | 5.99% |
| COLUMBUS, OH (FHA|USDA|VA) | 5 | $645,000 | $129,000 | $3,899 | 5.08% |
| AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) | 7 | $615,000 | $87,857 | $2,745 | 5.38% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 3 | $595,000 | $198,333 | $7,913 | 5.21% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 3 | $545,000 | $181,667 | $5,712 | 5.29% |
| BATON ROUGE, LA (FHA|USDA|VA) | 2 | $530,000 | $265,000 | $5,085 | 5.75% |
| BOULDER, CO (FHA|USDA|VA) | 3 | $515,000 | $171,667 | $3,553 | 5.67% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 5 | $495,000 | $99,000 | $3,694 | 5.25% |
| SAVANNAH, GA (FHA|USDA|VA) | 3 | $485,000 | $161,667 | $3,418 | 5.38% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 3 | $485,000 | $161,667 | $4,733 | 4.75% |
| PITTSBURGH, PA (FHA|USDA|VA) | 4 | $470,000 | $117,500 | $5,532 | 4.72% |
| SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) | 5 | $465,000 | $93,000 | $4,168 | 5.15% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 2 | $460,000 | $230,000 | $5,125 | 4.25% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 2 | $420,000 | $210,000 | $7,935 | 5.00% |
| YAKIMA, WA (FHA|USDA|VA) | 2 | $370,000 | $185,000 | $7,211 | 4.81% |
| MIDLAND, TX (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $6,023 | 4.63% |
| NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) | 2 | $340,000 | $170,000 | $3,326 | 6.06% |
| VALLEJO, CA (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $5,486 | 4.38% |
| FLINT, MI (FHA|USDA|VA) | 3 | $335,000 | $111,667 | $4,171 | 5.54% |
| DALTON, GA (FHA|USDA|VA) | 2 | $330,000 | $165,000 | $2,900 | 5.00% |
| CHATTANOOGA, TN-GA (FHA|USDA|VA) | 4 | $330,000 | $82,500 | $2,609 | 5.06% |
| KANSAS CITY, MO-KS (FHA|USDA|VA) | 3 | $325,000 | $108,333 | $4,301 | 5.25% |
| ROANOKE, VA (FHA|USDA|VA) | 2 | $320,000 | $160,000 | $6,797 | 5.75% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 2 | $310,000 | $155,000 | $5,946 | 4.56% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 2 | $300,000 | $150,000 | $4,185 | 5.06% |
| WINSTON-SALEM, NC (FHA|USDA|VA) | 3 | $285,000 | $95,000 | $3,181 | 5.63% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 2 | $280,000 | $140,000 | $5,142 | 5.13% |
| KNOXVILLE, TN (FHA|USDA|VA) | 2 | $280,000 | $140,000 | $6,407 | 5.94% |
| ROCHESTER, MN (FHA|USDA|VA) | 2 | $270,000 | $135,000 | $3,421 | 5.13% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 2 | $270,000 | $135,000 | $3,432 | 4.56% |
| ASHEVILLE, NC (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $3,237 | 5.88% |
| GREELEY, CO (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $9,211 | 3.75% |
| Key West, FL (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $11,661 | 4.88% |
| BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) | 2 | $260,000 | $130,000 | $4,154 | 4.69% |
| ST. LOUIS, MO-IL (FHA|USDA|VA) | 2 | $260,000 | $130,000 | $3,663 | 6.06% |
| SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $3,296 | 4.63% |
| COLORADO SPRINGS, CO (FHA|USDA|VA) | 2 | $250,000 | $125,000 | $4,414 | 5.19% |
| WICHITA, KS (FHA|USDA|VA) | 2 | $250,000 | $125,000 | $6,069 | 5.38% |
| TOLEDO, OH (FHA|USDA|VA) | 2 | $250,000 | $125,000 | $5,178 | 5.69% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $5,215 | 5.25% |
| GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) | 2 | $240,000 | $120,000 | $2,853 | 5.38% |
| GREENVILLE-ANDERSON, SC (FHA|USDA|VA) | 2 | $230,000 | $115,000 | $3,260 | 4.69% |
| ELKHART-GOSHEN, IN (FHA|USDA|VA) | 2 | $230,000 | $115,000 | $3,522 | 5.44% |
| VALDOSTA, GA (FHA|USDA|VA) | 2 | $220,000 | $110,000 | $2,629 | 5.00% |
| SANTA FE, NM (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $12,255 | 4.00% |
| DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $4,106 | 4.75% |
| SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $6,373 | 4.88% |
| SALINAS, CA (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $4,027 | 4.38% |
| Hutchinson, MN (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $2,560 | 5.38% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $9,986 | 4.88% |
| Clearlake, CA (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $3,481 | 5.88% |
| MCALLEN-EDINBURG-MISSION, TX (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $0 | 6.50% |
| Portsmouth, OH (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $3,174 | 5.00% |
| MOBILE, AL (FHA|USDA|VA) | 2 | $180,000 | $90,000 | $4,180 | 5.50% |
| BLOOMINGTON, IN (FHA|USDA|VA) | 2 | $170,000 | $85,000 | $3,791 | 5.63% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $5,286 | 4.88% |
| COLUMBUS, GA-AL (FHA|USDA|VA) | 2 | $160,000 | $80,000 | $3,357 | 4.38% |
| BURLINGTON, NC (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $8,681 | 5.25% |
| GAINESVILLE, GA (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $2,703 | 5.00% |
| COLUMBIA, SC (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $6,058 | 5.38% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $7,700 | 4.88% |
| OCALA, FL (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $5,989 | 4.88% |
| North Vernon, IN (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $7,712 | 6.75% |
| LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) | 2 | $140,000 | $70,000 | $2,472 | 5.63% |
| FRESNO, CA (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $7,290 | 4.50% |
| Stillwater, OK (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $5,166 | 5.75% |
| LONGVIEW, WA (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $4,078 | 4.50% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $4,282 | 4.50% |
| PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $6,032 | 4.50% |
| Hutchinson, KS (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $4,840 | 4.75% |
| Gaffney, SC (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $7,826 | 7.00% |
| PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $2,960 | 4.38% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $2,893 | 5.50% |
| Fort Morgan, CO (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $3,566 | 5.25% |
| Sebastian-Vero Beach, FL (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $4,036 | 4.50% |
| BRUNSWICK, GA (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $2,720 | 5.00% |
| DULUTH, MN-WI (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $3,165 | 4.75% |
| ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $4,315 | 5.25% |
| SHERMAN-DENISON, TX (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $4,895 | 5.50% |
| Sterling, CO (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $4,779 | 3.88% |
| OKLAHOMA CITY, OK (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $4,332 | 4.63% |
| OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $8,058 | 4.88% |
| LaGrange, GA-AL (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $2,778 | 5.00% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $6,906 | 6.25% |
| Brookhaven, MS (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $5,173 | 5.13% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $5,640 | 4.75% |
| JACKSONVILLE, NC (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $2,744 | 5.25% |
| KINGSPORT-BRISTOL, TN-VA (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $2,570 | 5.00% |
| LAFAYETTE, LA (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $2,426 | 5.25% |
| MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $6,248 | 5.38% |
| CLEVELAND-ELYRIA, OH (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $3,835 | 4.25% |
| CHAMBERSBURG-WAYNESBORO, PA (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $5,273 | 5.63% |
| ST. JOSEPH, MO-KS (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $3,214 | 4.50% |
| WILLIAMSPORT, PA (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $7,617 | 7.00% |
| COLUMBUS, IN (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $2,743 | 4.88% |
| SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $4,848 | 5.63% |
| Oak Harbor, WA (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $3,502 | 4.75% |
| Sandusky, OH (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $3,135 | 4.50% |
| ALBANY, GA (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $2,536 | 5.00% |
| Jesup, GA (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $5,316 | 5.75% |
| KOKOMO, IN (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $2,191 | 3.88% |
| Marion, NC (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $2,876 | 4.63% |
| OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $4,014 | 4.50% |
| ATHENS-CLARKE COUNTY, GA (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $2,240 | 5.00% |
| Cornelia, GA (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $1,250 | 5.25% |
| CORPUS CHRISTI, TX (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $2,907 | 4.75% |
| EAU CLAIRE, WI (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $4,729 | 4.50% |
| MACON-BIBB COUNTY, GA (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $2,614 | 4.75% |
| LEXINGTON-FAYETTE, KY (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $2,542 | 4.75% |
| HINESVILLE, GA (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $2,512 | 4.38% |
| Duncan, OK (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $4,432 | 4.88% |
| TULSA, OK (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $3,604 | 5.38% |
| Jasper, AL (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $2,682 | 5.63% |
| Cleveland, MS (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $3,572 | 4.38% |
| MONTGOMERY, AL (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $2,380 | 4.75% |
| EL PASO, TX (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $1,625 | 5.25% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $3,763 | 4.88% |
| Mount Airy, NC (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $2,846 | 5.00% |
| GULFPORT-BILOXI, MS (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $4,636 | 7.00% |
| Hillsdale, MI (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $2,551 | 5.00% |
| JACKSON, TN (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $3,986 | 5.88% |
| TUSCALOOSA, AL (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $2,144 | 4.63% |
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 | 340 | $57,900,000 | $170,294 | $4,310 | 5.03% |
| FHA | 102 | $17,280,000 | $169,412 | $6,942 | 5.59% |
For 2018, Fay Servicing's most frequently originated type of loan was Conventional, with 340 originations. Their 2nd most popular type was FHA, with 102 originations.
Loan Reason
For 2018, Fay Servicing's most frequently cited loan purpose was Refi, with 216 originations. The 2nd most popular reason was Cash Out Refi, with 180 originations.
Loan Duration/Length
For 2018, Fay Servicing's most frequently cited loan duration was 30 Year, with 326 originations. The 2nd most popular length was 15 Year, with 68 originations.
Origination Fees/Closing Costs
Fay Servicing's average total fees were $5,195, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 149 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 239 | $40,565,000 | $169,728 |
| 5-6% | 141 | $25,405,000 | $180,177 |
| 6-7% | 41 | $5,945,000 | $145,000 |
| 3-4% | 17 | $2,515,000 | $147,941 |
| 7-8% | 4 | $750,000 | $187,500 |
During 2018, Fay Servicing's average interest rate for loans was 5.33%, while their most frequently originated rate bucket for loans was 4-5%, with 239 originations.
Loan Sizing
2018 saw Fay Servicing place emphasis on $100k-200k loans with 212 originations, totaling $29,820,000 in origination value.
Applicant Income
Fay Servicing lent most frequently to those with incomes in the $50k or less range, with 123 originations. The second most popular income band? $50k-75k, with 101 originations.
Applicant Debt to Income Ratio
Fay Servicing lent most frequently to those with DTI ratios of 20-30%, with 97 originations. The next most common DTI ratio? 30-36%, with 70 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications59.25%
Fay Servicing has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination-204.75%
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 | 442 | $75,180,000 | $170,090 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 4 | $450,000 | $112,500 |
| Single Family (1-4 Units):Site-Built | 438 | $74,730,000 | $170,616 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Fay Servicing, LLC | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 3 | 1.3% |
| Fay Servicing, LLC | Conventional home mortgage | Closing on a mortgage | 2 | 0.9% |
| Fay Servicing, LLC | Conventional home mortgage | Incorrect information on your report | 3 | 1.3% |
| Fay Servicing, LLC | Conventional home mortgage | Problem with a credit reporting company's investigation into an existing problem | 1 | 0.4% |
| Fay Servicing, LLC | Conventional home mortgage | Struggling to pay mortgage | 106 | 45.1% |
| Fay Servicing, LLC | Conventional home mortgage | Trouble during payment process | 59 | 25.1% |
| Fay Servicing, LLC | FHA mortgage | Applying for a mortgage or refinancing an existing mortgage | 2 | 0.9% |
| Fay Servicing, LLC | FHA mortgage | Struggling to pay mortgage | 14 | 6.0% |
| Fay Servicing, LLC | FHA mortgage | Trouble during payment process | 6 | 2.6% |
| Fay Servicing, LLC | Home equity loan or line of credit (HELOC) | Struggling to pay mortgage | 3 | 1.3% |
| Fay Servicing, LLC | Home equity loan or line of credit (HELOC) | Trouble during payment process | 5 | 2.1% |
| Fay Servicing, LLC | Other type of mortgage | Struggling to pay mortgage | 10 | 4.3% |
| Fay Servicing, LLC | Other type of mortgage | Trouble during payment process | 19 | 8.1% |
| Fay Servicing, LLC | VA mortgage | Struggling to pay mortgage | 1 | 0.4% |
| Fay Servicing, LLC | VA mortgage | Trouble during payment process | 1 | 0.4% |