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July 31, 2015 11:35 PM ET

Thrifts and Mortgage Finance

Company Overview of Fay Servicing, LLC

Company Overview

Fay Servicing, LLC operates as a specialty mortgage debt management company. It provides servicing solutions for performing and non-performing mortgages. The company was founded in 2008 and is based in Springfield, Illinois. Fay Servicing, LLC operates as a subsidiary of Fay Financial, LLC.

901 South 2nd Street

Suite 201

Springfield, IL 62704

United States

Founded in 2008



Key Executives for Fay Servicing, LLC

Chief Executive Officer
Chief Operating Officer
Chief Compliance Officer, Executive Vice President and General Counsel
Senior Vice President of Operational Risk
Senior Vice President of REO Division
Compensation as of Fiscal Year 2015.

Fay Servicing, LLC Key Developments

Altisource Residential Corporation Enters into Servicing Agreement with Fay Servicing, LLC

On January 24, 2015, Altisource Residential Corporation entered into a servicing agreement with Fay Servicing, LLC. Under the servicing agreement, Fay Servicing will subservice and provide certain administration, management, modification and disposition services for residential mortgage loans and REO properties acquired by the Company and its subsidiaries from time to time. The servicing agreement will continue in force until termination upon the mutual consent of the parties, termination by the Company upon certain events of default or termination by the Company without cause upon 30 days prior written notice.

Fay Servicing Launches REO Division; Names Glenn Brooks as SVP to Lead New Business Unit

Fay Servicing has launched an REO division. The services provided by the company's REO division include: eviction attorney selection and oversight, access to a large preferred real estate agent network, 'cash for keys' negotiations, pre-marketing strategies, contractor selection and project oversight, listing and marketing properties, offer and contract negotiations and title and closing coordination. The company has selected Glenn Brooks as senior vice president to lead the new business unit. In his role leading the REO division, Brooks will provide its strategic direction and manage relationships with attorneys, agents and vendors. The addition of this business line within Fay Servicing will enable the firm to design optimal resolution and marketing strategies in order to maximize returns on each asset. Brooks has more than 20 years in the real estate, mortgage servicing, REO management, asset disposition and lending industries. Before joining Fay Servicing, he served as vice president of Quantum Servicing, where he oversaw the bankruptcy, foreclosure, real-estate owned, property preservation and valuations departments. In addition, Brooks was AVP/manager of REO for Accredited Home Lenders, where he lead a team of asset managers across the country to determine market value and the best marketing strategies on REO properties, including reviewing and approving marketing plans, repairs, list prices and offers presented.

Fay Servicing Launches Mortgage Origination Division; Appoints Steve Szpytek as President of Originations to Lead Mortgage Origination Division

Fay Servicing announced it has created a mortgage origination division, which will focus on retail and correspondent loans. The division will also work with lenders establishing correspondent relationships with Fay Servicing. The company also announced that it has selected Steve Szpytek as president of originations to lead the division. Szpytek has more than 25 years in the mortgage and financial services industry. He has previously held executive positions at numerous mortgage companies including director of strategic planning at Performance Home Loans, COO and director of lending at Elderlife Financial Services, COO and chief lending officer at ECC Capital Corporation/Encore Credit and EVP and chief credit officer at New Century Mortgage.

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