Fay Servicing, a Chicago-based servicer of at-risk residential mortgages, announced Thursday that it started a new loan origination division to focus on retail and correspondent loans.
The origination branch will be headed by Steve Szpytek, who previously held senior positions at Performance Home Loans and Elderlife Financial Services.
Launching the new division is a "key step in becoming a more diversified mortgage company that is well-positioned for long-term growth," said CEO Ed Fay in a press release.
The new business will focus on developing a sales platform, as well as establishing a network of call centers and retail branches.
Fay Servicing was founded in 2008 "to address challenges created by the growing housing crisis," according to the company website.