10-year relationship provides free assistance to borrowers who are financially stretched by inflation, student debt and other expenses
CHICAGO, Aug. 17, 2023 - Fay Servicing, a full-service mortgage company servicing loans for more than 150,000 U.S. homeowners, recently celebrated the 10th anniversary of its partnership with SpringFour, a social impact fintech platform which provides thousands of financial assistance resources to borrowers struggling to find their financial footing while maintaining homeownership.
Over the past year, Fay Servicing's partnership with SpringFour has proven crucial to the growing number of new homeowners facing financial challenges due to the economy and rising costs for goods and services. According to a survey of 1,000 recent homebuyers by Clever Real Estate, more than half "felt in over their heads financially since purchasing their home" and nearly two-thirds were struggling to make their mortgage payments.
Through SpringFour, Fay Servicing borrowers have been able to access concrete assistance like nonprofit and government programs, local grants, and community resources at no cost to them. Over the past decade, Fay Servicing has delivered thousands of referrals for financial assistance to SpringFour for assistance with childcare, student loans, employment services, utility bills, home repairs, food support, prescription services, and more.
"Nothing is more important to us than helping people sustain homeownership and building stronger communities, which begins when homeowners feel financially stable and secure," said Fay Servicing President Kimberly Hare. "Our decade-long partnership with SpringFour has enabled our customers to access a wide range of resources and assistance unique to their specific needs, so they are able to stay on track financially during challenging times."
Currently, all Fay Servicing customers have access to SpringFour's platform of more than 22,000 vetted local, government, and nonprofit resources located in over 665 cities nationwide.
In 2022, SpringFour delivered 4.4 million financial health referrals to individuals across the U.S., based on their geographic location and specific needs. Food assistance was the largest area of assistance, with more than 22% of SpringFour users requesting and receiving access to free or discounted food resources.
"We are proud of our long-standing partnership with Fay Servicing to help consumers in need access critical financial health resources," said SpringFour Co-Founder and CEO Rochelle Gorey. "Long before today's challenging economic climate, our mutual commitment to prioritize consumers' financial health has helped thousands of homeowners access crucial assistance when they needed it most. Like us, Fay Servicing understands that when consumers do well, we all do well."
About Fay Servicing
Fay Servicing is a nationwide, diversified mortgage servicer that provides a full spectrum of services, including loan underwriting, managing payments, and providing loss mitigation services for loans in default. The company employs more than 550 individuals nationwide and is known for its talented staff and uncommonly strong relationships with its 150,000 residential and commercial customers. Fay Servicing is based in Tampa, Florida and has offices in Chicago, Ill.; Charlotte, N.C.; and Farmers Branch, Texas. For more information, visit www.fayservicing.com.
About SpringFour
SpringFour, the social impact fintech, empowers banks, credit unions, fintech lenders, employers, mortgage servicers, nonprofits, and more to connect consumers with vetted, local nonprofit and government financial health resources — increasing payment performance, driving ESG impact, and powering consumer financial health, knowledge and capability. Trusted by Capital One, BMO, M&T Bank, OppFi, Key Bank, Avant, Enova, Oportun, Mission Lane, and more, SpringFour is a Certified B Corporation, WBE, and the only woman-led, social impact fintech that provides value for origination, servicing, and collections, creating opportunities for enterprise-wide innovation. SpringFour's product suite includes an innovative contact center tool, digital self-service models, and API. SpringFour delivered 4.4 million financial health resource referrals to consumers in 2022 in categories including food savings, rental resources, and more. To learn how SpringFour can benefit your organization, visit www.springfour.com.
SOURCE Fay Servicing, LLC
