CFPB v. Fay Servicing, LLC
The Consumer Financial Protection Bureau (CFPB) took action against mortgage servicer Fay Servicing for failing to provide mortgage borrowers with the protections against foreclosure required by law.
The CFPB found that Fay violated the CFPB's servicing rules by keeping borrowers in the dark about critical information about the process of applying for foreclosure relief. The CFPB also found instances where the servicer illegally launched or moved forward with the foreclosure process while borrowers actively sought help to save their homes.
Victim compensation
In February 2022, the CFPB began mailing checks to eligible consumers:
- Call: 1 (866) 403-1824 (Toll-Free)
- Email: FayServicing_info@rustcfpbconsumerprotection.org
- Write: Third Party Administrator - 7395, CFPB v Fay Servicing, P.O. Box 2561, Faribault, MN 55021-9561
Important dates
February 2022 – Ongoing: Distribution