Fay Servicing, a nationwide, diversified mortgage servicer, and its partner SpringFour, a social fintech platform, work to provide financial resources for struggling homeowners. The two have been working together over the last year to support new homeowners facing challenges exacerbated by inflation, student debt, and other expenses.
“Nothing is more important to us than helping people sustain homeownership and building stronger communities, which begins when homeowners feel financially stable and secure,” Fay Servicing President Kimberly Hare said in a release. “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.”
This assistance has provided borrowers with access to concrete assistance via nonprofit and government programs. SpringFour also provides information on local grants and community resources at no cost.
Fay Servicing stated it has referred thousands of homebuyers to SpringFour to assist with childcare, student loans, employment services, utility bills, home repairs, food support, and prescription services. This list, it noted, was non-exhaustive.
“We are proud of our long-standing partnership with Fay Servicing to help consumers in need access critical financial health resources,” SpringFour co-founder and CEO Rochelle Gorey said. “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.”
Fay Servicing customers have access to more than 22,000 vetted local, government, and nonprofit resources located in over 665 cities through SpringFour. In 2022, SpringFour delivered 4.4 million financial health referrals to individuals. The largest area of assistance was related to food access. More than 22 percent of users requested and received access to free or discounted food resources.