Founded in early 2008, Fay Servicing is committed to providing innovative servicing solutions for both performing and non-performing mortgage loans. As a specialty mortgage servicer who sees the customer behind every loan, we understand that our customers aren’t loan numbers — they’re homeowners.
Before founding our company, we conducted an exhaustive analysis of the mortgage servicing industry and gained valuable insight into the problems facing mortgage servicers and their customers. With that insight, we set out to build a different kind of servicing company from the ground up.Come join us on our journey to serve our customers and be the leader in our industry! We are currently looking for a
Business Purpose Loans
SPOC to join our team!Reporting to AVP, Commercial, this position will be responsible for establishing and maintaining consistent communication with borrowers and guarantors within our Business Purpose/ RTL (Fix & Flip) portfolios. The role will foster ongoing customer relationships, conduct thorough financial assessments, propose viable solutions, and successfully advocate these solutions to clients. This position requires proactive monitoring, risk identification and escalation, governance adherence, and decision-making aligned with the business unit's risk appetite.Additionally, the role will support collections activities and other Fay initiatives by monitoring loan level details, including interest reserves, non-escrowed taxes, maturity extensions, draw management, and non-retention opportunities.
What you will do for Fay:
- Primary contact point for clients and internal departments, managing and monitoring all aspects associated with assigned assets, including financial, legal, and operational tasks
- Primary liaison between customers and core servicing departments, leveraging emails, inbound and outbound calls to facilitate effective communication and resolution
- Deliver exceptional customer service by maintaining daily interaction with clients and internal partners, addressing inquiries, and providing necessary assistance
- Master and proficiently use our loan servicing software for comprehensive asset management, ensuring data accuracy and integrity
- Engage with borrowers, developers, general partners, investors, and various internal and external stakeholders to address inquiries and concerns promptly and effectively
- Conduct challenging conversations, utilizing direct and targeted questions to explore options, prevent foreclosure, and offer alternatives like extensions
- Conduct in-depth analysis of loan histories and account balances, providing insights to inform decision-making and client recommendations
- Monitor customer delinquency on payments and diligently follow up to collect payments, addressing cases ranging from early-stage delinquencies to pre-foreclosure
- Monitor, review, and engage with borrowers with maturing loans to assess their exit strategy and provide appropriate guidance
- Identify, analyze, and strategize for potential issues, devising actionable remediation and passive mitigation strategies for timely implementation
- Evaluate loan documents, including escrow analyses, financial statements, tax forms, credit reports, and collateral appraisals, to determine the most suitable solutions for clients
- Review documents submitted from clients for accuracy and completeness, ensuring discrepancies are addressed timely to provide high-quality service for clients
- Maintain meticulous and detailed records within the servicing system to ensure compliance and transparency in all dealings
- Collaborate with cross-functional teams to streamline processes, enhance efficiency, and contribute to continuous improvement initiatives within the business unit
- Stay updated with industry trends, regulations, and best practices related to loan servicing and business purpose loans, applying this knowledge to enhance performance and optimize strategies
- Develop domain knowledge of Fay’s business to include an understanding of short-term goals and long-term strategies for the organization.
- Develop productive relationships across the organization
- Ensure compliance with Fay’s policies, processes, and practices
- Maintain a current working knowledge of federal, state, and local regulatory requirements; ensure compliance with regulatory requirements
- Role model ethical standards, professionalism, and code of conduct
- Ensure demonstrated behaviors align with Fay's Values and Operating Principles
- Perform other duties and responsibilities as assigned
What you will bring to Fay:
- Bachelor’s degree in Business or related field (or equivalent combination of years of experience with High School diploma/ GED) required
- 2+ years ‘experience in customer service preferred
- 1+ years’ experience in the mortgage industry and collections preferred
- 2+ years' experience in asset management, commercial servicing, or similar industry-preferred
- 1+ years working in a fast-paced workplace preferred
- Proficient in Servicing Systems
- Strong verbal and written communication skills
- Strong interpersonal skills
- Collaborative work style; high team-orientation
- Open to change; agile; high learning agility
- Strong analytical skills coupled with sound judgment
- Good judgment with the ability to evaluate a loan’s status and decide on a feasible and effective solution to resolve outstanding issues.
- Strong problem-solving abilities
- Strong attention to detail; strong compliance orientation; high quality of work product
- Ability to prioritize; effective time management
- Self-directed; ability to proactively ask questions and surface issues/ concerns
- Professional maturity, integrity, ability to maintain confidential data and information
- Strong skills in MS Word, Excel, and PowerPoint
Equity and Inclusion are embedded into our way of working at Fay. We believe that the best ideas come from having a team that is diverse in backgrounds, experiences, and perspectives. We strive to ensure each of our employees feels valued, respected, and included and is presented with equal opportunities to be successful here at Fay. We are proud to be an equal opportunity workplace. The Fay Group and affiliated companies participate in E-Verify. For more information go to www.dhs.gov/E-Verify. E-Verify is a registered trademark of the U.S.
Department of Homeland Security.
