Applications / Mortgage Analytics / Lenders / Illinois / Fay Servicing
Chicago, IL · Independent non-bank lender · CFPB · 102 loans in 2025
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102
loans originated, 2025
613
applications, 2025
18
states and territories
0
gaps bigger than at similar lenders
Our analysis, 2025
Fay Servicing is a refinance lender, and a shrinking one: it made 102 loans in 2025, down from 892 in 2021.
Refinances made up 84.3% of its loans and home purchases the rest. Most were conventional, with a tenth insured by the Federal Housing Administration (FHA). That makes it a lender that mainly rewrites existing mortgages rather than financing purchases.
Its originations fell 38% in 2025, while similar lenders, independent non-bank lenders making between half and twice as many loans, slipped 2% at the middle of the group. It fell further than more than nine in ten of them. The slide is long: from 892 loans in 2021 to 146 in 2023. A refinance lender depends on rates, and its typical rate was 3.75% five years before, against 6.88% now, which may leave fewer borrowers with a reason to refinance.
It lends more in low- and moderate-income (LMI) neighborhoods than its peers: 35.3% of its loans, against 18.5%, a higher share than about nine in ten similar lenders. Some 47.1% went to majority-minority neighborhoods, against 25.0%.
Its loans reached 18 states and 47 metros, with Virginia its main state, yet wherever its market share is given, it rounds to 0.0%.
Similar lenders: same lender type, originations between half and twice the lender's in the data year. Written from the 2025 HMDA data and checked figure by figure against it.
FIG. 1 — LOANS ORIGINATED, 2018–2025
Originated means the loan was made: applications denied, withdrawn or not accepted are not counted. Fay Servicing took 613 applications in 2025.
SOURCE: FFIEC HMDA, LOANS ORIGINATED (ACTION TAKEN: LOAN ORIGINATED)
FIG. 2 — PRODUCT MIX, 2025
Refinance 84.3% · Purchase 15.7%
Conventional 85.3% · FHA 10.8% · VA 3.9% · of 102 loans. Purchase: buying a home. Refinance: replacing an existing mortgage, including cash-out. FHA: insured by the Federal Housing Administration. VA: guaranteed by the Department of Veterans Affairs. Conventional: neither.
SOURCE: FFIEC HMDA 2025, LOANS ORIGINATED
Where it lends, 2025
| State | Loans | Share |
|---|---|---|
| Virginia | 28 | 27.5% |
| California | 17 | 16.7% |
| Illinois | 8 | 7.8% |
| Texas | 8 | 7.8% |
| Florida | 7 | 6.9% |
| Georgia | 5 | 4.9% |
| Ohio | 5 | 4.9% |
| North Carolina | 4 | 3.9% |
| Michigan | 3 | 2.9% |
| Pennsylvania | 3 | 2.9% |
Largest metro areas, 2025
| Metro area | Loans |
|---|---|
| Richmond | 11 |
| Chicago-Naperville-Schaumburg | 7 |
| Sacramento-Roseville-Folsom | 7 |
| Virginia Beach-Chesapeake-Norfolk | 5 |
| Houston-Pasadena-The Woodlands | 4 |
| Arlington-Alexandria-Reston | 3 |
| Los Angeles-Long Beach-Glendale | 3 |
| Atlanta-Sandy Springs-Roswell | 2 |
| Birmingham | 2 |
| Charlottesville | 2 |
Identifiers
| LEI (Legal Entity Identifier, the global company code HMDA has used since 2018) | 549300D0H09HSURFXA20 | 2018–2025 |
| RSSD (the Federal Reserve's identifier for banks and their parents) | 5037122 | 2016–2023 |
| Respondent ID (the HMDA filer code before 2018) | 7412277737 |
Established 2 April 2008. Reported under HMDA 2015-2025.
Mergers, name changes, data editions and corrections: Fay Servicing's data.
Fay Servicing's data
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Fay Servicing and its peers, 2018–2025: every application in the HMDA data, cleaned and corrected, as Parquet files, with the Jenner programs that made these pages.
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