Fay Servicing Increases Annual Revenue by 250%
Chicago-based special servicer Fay Servicing reported a 250% increase in revenue for 2012 due to a “meaningful increase” in business volume from existing customers and incentive fees from pay-for-performance deal structures.
The core workout strategy and focus was on nonforeclosure resolutions, executives said, as well as “the improving supply of residential whole loans for sale.”
Also, as some other special servicers exited the market, part of the demand came from new clients, which is why Ed Fay, CEO of Fay Servicing, expects further growth in 2013.
During 2012 the special servicer helped avoid foreclosures on more than 50% of the seriously delinquent homeowners who used the firm’s servicing platform after being 90 or more days late on their mortgage payment.