Mortgage servicer Fay Servicing reports that it has helped thousands of homeowners who are struggling financially through its partnership with SpringFour, a 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.
Fay Servicing says it 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, Fay Servicing has facilitated over 6,000 referrals in the past year alone, helping homeowners navigate financial difficulties and maintain homeownership, the company says in a release.
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, 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 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 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,” says 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.”
Photo: Aaron Doucett
