Fay Servicing, a Chicago-based servicer of at-risk residential mortgages,
The origination branch will be headed by Steve Szpytek, who previously held senior positions at Performance Home Loans and Elderlife Financial Services.
Launching the new division is a "key step in becoming a more diversified mortgage company that is well-positioned for long-term growth," said CEO Ed Fay in a press release.
The new business will focus on developing a sales platform, as well as establishing a network of call centers and retail branches.
Fay Servicing was founded in 2008 "to address challenges created by the growing housing crisis," according to the company website.
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