Fay Servicing Empowers Homeowners with Financial Assistance Through SpringFour Partnership

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Oct 29, 2024, 09:00 ET

Innovative partnership provides over 96,000 essential resource referrals, strengthening financial stability for homeowners nationwide

CHICAGO, Oct. 29, 2024 /PRNewswire/ -- Fay Servicing, a full-service mortgage company servicing loans for more than 170,000 U.S. homeowners, is making a significant impact by providing access to financial assistance and relief to thousands of borrowers facing personal and financial challenges. Through its longstanding partnership with SpringFour, the leading social impact fintech platform, Fay Servicing has facilitated over 6,000 referrals in the past year alone, helping homeowners navigate financial difficulties and maintain homeownership.

SpringFour has enabled Fay Servicing borrowers who were struggling to save money and reduce their living expenses to access essential services at no cost, including vetted nonprofit and government programs, local grants, and other community resources. In July 2024, Fay Servicing borrowers received 14% more referrals for utility cost assistance, a 13% rise in employment service referrals, and a 50% boost in financial counseling and child-care service referrals. These numbers reflect Fay Servicing's dedication to not only helping borrowers manage their immediate financial needs but also to fostering long-term stability for families across the country.

Since the partnership began in 2014, Fay Servicing has facilitated over 96,000 financial health referrals through SpringFour. In the second quarter of 2024 alone, borrowers conducted 23,504 searches for assistance, with the highest demand for help with heating, utility bills, food support, and employment services.

"At Fay Servicing, our priority is ensuring that borrowers can stay in their homes and manage their financial well-being effectively," said Kimberly Hare, President of Fay Servicing. "Our partnership with SpringFour plays a crucial role in this mission, providing our borrowers with the resources they need to overcome financial challenges and achieve lasting stability."

Fay Servicing is committed to delivering innovative, borrower-focused solutions that support financial health and homeownership. All of Fay Servicing's customers have access to SpringFour's extensive network of more than 23,500 vetted resources across 700 cities nationwide.

About Fay Servicing
Fay Servicing is a nationwide, diversified mortgage servicer that provides a full spectrum of services, including 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 170,000 residential and commercial customers. Fay Servicing is based in Tampa, Florida and has offices in Chicago, Ill.; and Farmers Branch, Texas. For more information, visit www.fayservicing.com.

About SpringFour
Founded in 2005, SpringFour is the first-of-its-kind, leading social impact fintech that empowers banks, credit unions, fintech lenders, employers, loan servicers, mortgage insurers, nonprofits, and organizations across all industries to connect consumers with vetted, local nonprofit and government financial health resources. Trusted by leading organizations including Capital One, BMO, Fifth Third Bank, MSUFCU, M&T Bank, OppFi, KeyBank, Patelco Credit Union, Avant, Enova, Oportun, Mission Lane, and more, SpringFour's product suite includes an innovative contact center tool, digital self-service products, and APIs that increase payment performance, add brand value, strengthen customer relationships, drive ESG and social impact, support consumer financial health, and improve bottom lines. SpringFour has received many prestigious awards including American Banker's Most Influential Women in Fintech, Inc. Magazine's Female Founders 250, Real Leaders' Top Impact Companies, Fast Company's Brands that Matter, Finovate's Innovator of the Year, and more. SpringFour was recently acquired by C&R Software, a CORA Group company and subsidiary of Constellation Software, Inc., the 23rd largest software company in the world with an $80B market cap. To learn how SpringFour can benefit your organization, visit www.springfour.com.

Corporate Contact:
Thomas Bowman
VP, Corporate Communications
Fay Servicing
[email protected]
312.508.4021

Media Contact:
Mike Murray
Strategic Vantage Marketing & Public Relations
[email protected]
(240) 498-0863

SOURCE Fay Servicing