Fay Servicing Warning! Can Fay Servicing Validate Your Mortgage Debt? Probably Not!
Steve Dibert, CEO of internationally-renowned mortgage fraud investigation firm MFI-Miami, announced today that MFI-Miami has discovered serious flaws in the way Fay Servicing validates debt owed by homeowners. As a result, MFI-Miami has issued a Fay Servicing Warning to homeowners.
MFI-Miami CEO Steve Dibert:
Homeowners need to request their complete mortgage transaction histories from Fay Servicing and review them. If there is missing information or if something doesn’t look right, they need to contact a lawyer or a properly trained mortgage fraud expert immediately!
MFI-Miami has examined nearly 50 transaction histories from mortgage loans currently serviced by Fay Servicing since 2015. Nearly 30 of these contained serious accounting flaws in the transaction histories. These flaws would call into question the amount homeowners owe on their mortgages. Additionally, MFI-Miami’s team of Forensic CPAs have described Fay Servicing transaction histories as everything from a mess to a trainwreck.
These flaws also include 5-year and 10-year gaps in the transaction histories. They also include conflicting payoff figures on payoffs dated the same day. As well as transaction histories with fictitious and inflated payments made to local taxing authorities.
Steve Dibert also said:
There is a definite pattern of impropriety going on here. I find it odd that one of the largest mortgage servicers in the US can’t do the basic 5th-grade math required to calculate an accurate payoff on a mortgage.
Fay Servicing was fined $1.15 million in 2017 by the CFPB for violating servicing rules. The CFPB found Fay Servicing keeping borrowers in the dark about critical information about the process of applying for foreclosure relief. The CFPB also found Fasy illegally launched or moved forward with the foreclosure process against borrowers who were applying for help.
There’s More Than A Fay Serving Warning! Learn More About Fay Servicing Foreclosure Defense: