Consumer complaint received 2024-04-12
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — Trying to communicate with the company to fix an issue while managing or servicing your loan
Company: Fay Servicing, LLC (WV)

Reference complaint XXXX. 

Now my repairs are complete. I was told that the company had to their inspector come out to verify the work was done before they could release the rest of my insurance payment for damage to my home from escrow. Their " inspector '' sent me a list of pictures to take myself and send to him. Again, I was told once the inspector is done, it takes 8-10 days. I swear, everything with them is " 8-10 days '' and never is in actuality. After 10 days without a check I called in. The inspector waited a week to submit " his '' report. Rest the clock to 8-10 days since he submitted the report. Still no check. Called the company and asked about the delay. They had not yet approved the release of funds but said I would have them in " 8-10 days ''. On the 8th day, I called to check. On that day, I was told they had not yet approved the release of funds. I told them I was sick of this. Nine weeks to get my first check, delaying repairs over the winter and into early spring. I should have been able to pay my contractors off within 3 weeks ( " 8-10 days x 2 ). I told them on that day, a Monday, I wanted a check by the end of the week. The customer service agent swore she would get management to call me. She put me on hold, tried to reach any member of management and said she would just have them call me. I have been promised three times a call back from a manager over this 10 month long saga and never received one. This would be the fourth. Still, no call, so on Thursday ( yesterday ), I called them again. The customer service agent told me that the authorization to cut the check had not been received but since I had already had to wait too long she would escalate it to management. She came back and gave me a XXXX tracking number. I asked her if the check would be cut that night or Friday? Do they only cut checks once a week? She could tell me nothing. So today, I look up the tracking number she gave me. The label has been created but no pickup. The XXXX ticket is for XXXX air. Obviously, I am not going to have a check in hand this week either. 

The people in their call center are all polite and understanding, but, they have absolutely no authority to help the customer. Everything goes to a totally nonresponsive management team. If this goes on much longer, I'm going to be stuck getting a loan because these people will not release MY money. 

This is on top of the fact that they STILL have done nothing to address the interior damage mentioned in the first claim that was a result of the delayed repairs, that delay being purely because of Fay Servicing. 

I honestly believe this company is nothing more than a debt collector that " bought '' into the mortgage business and now think they can handle home owners ' issues like the large loss I suffered. Instead of helping to expedite repairs to the property on which they have a lien, they have done nothing but added delay after delay. Do they not understand that delaying the repairs means that the property that they have an interest in is reduced in value? 

If I could refinance now, I would, just to get away from this horrible " service '' company. I've asked them to sell the debt to someone else and they refused. It seems the only way to get the management team to respond is to file these complaints, and then all I got was the same explanation that everything takes " 8-10 days ''.