Founder and Chief Executive Officer
Ed Fay is the founder and chief executive officer of Chicago, Ill.-based Fay Servicing, a special servicer that manages distressed and at-risk residential mortgages for banking institutions and alternative real estate investors. In his position, Fay is responsible for leading the strategic direction of the firm and the executive management of all operations.
Fay has more than 13 years of experience in the financial industry, specializing in non-prime originations, servicing and borrower credit management. Fay founded Fay Servicing in 2007 based on his belief that after the housing crisis the special servicing industry would require a differentiated and more borrower-centric approach. Fay Servicing utilizes its deep non-prime credit and mortgage expertise to build uncommonly strong relationships with borrowers which it leverages to avoid foreclosures and maximize loan performance. Fay Servicing's ability to create innovative solutions for both clients and borrowers has driven its success and meaningful growth.
Prior to founding the company, Fay launched Countrywide's Midwest national call center for its Full Spectrum division as a regional vice president. There he hired and managed a team of sales, operations and managerial employees across four different specializations. Prior to Countrywide, Fay was an senior vice president at Household International (acquired by HSBC) where one of his key initiatives after coming out of the management training program was consolidating a national branch residential lending and servicing network into a centralized directly lending and servicing office.
Fay earned a Bachelor of Arts degree in economics and history from Duke University and a Masters of Business Administration with a certificate in international business from Clarkson University.
Read what he thinks about "The Psychology Behind Servicing".
Recent Stories From this Author
The Psychology Behind Servicing
February 27, 2013 Like bartenders and psychologists, distressed debt servicers spend the day listening to peoples problems.
Implementing Credit Education Strategies to Maximize Borrower Engagement and Loan Performance
January 23, 2013 Empowering troubled borrowers with practical knowledge regarding 1) how to maintain a personal budget and 2) how to improve...
- Mountain America tallies 500 e-closings on Pavaso Platform
- NTCs Collateral File Audit and Remediation Service Enhances Portfolio Value and Security
- NTC Executive Helps Lead Effort to Publish Best Practices Document Now Approved by PRIA Board
- Real Estate Investors Continue to Favor Flipping - by a Narrowing Margin - According to Latest Auction.com Real Estate Investor Activity Report
- Black Knight's March Mortgage Monitor: Negative Equity Population Shrinks to Just Over 4 Million; 77 Percent of Borrowers in Foreclosure Are Underwater