What Happened?
Springfield, IL-based Fay Servicing Appointed Dave Siegel as Chief Information Officer
About the Company
Founded in early 2008 to address challenges created by the growing housing crisis, our company is committed to providing innovative servicing solutions for both performing and non-performing mortgages. Until recently, the existing traditional mortgage servicers were adequately able to handle the mortgages under their care. The functioning premise of their servicing models was a high volume, low delinquency approach. However, in the last two years, due to many factors, residential mortgages have begun experiencing unprecedented levels of delinquency. As a direct result, many servicers quickly found themselves overwhelmed and unable to effectively manage the resulting complications. We conducted an exhaustive analysis of the existing mortgage servicing industry and gained valuable insight into the short-comings of current mortgage servicers. Realizing that even adapting an existing approach was wrought with immense challenges including legacy portfolio issues and unproductive corporate cultures, we decided to build a new model from the ground up, the focus of which would be to benefit both the homeowners and the lenders.
About the Person
Dave Siegel has more than 25 years of experience specializing in management, development and deployment in all phases of custom system implementation and business process improvement. Most recently, he led various architecture groups and contributed to departmental strategy, direction and resource planning as managing director of enterprise architecture at Blue Cross and Blue Shield Association. Prior to that, he served as both managing partner and chief executive officer at Siegel Data Management, a consulting firm focused on enterprise architecture, IT and business strategy, data modeling and operational efficiency engagements. Prior to running his consulting firm, Siegel led database development as the vice president of data management at Citadel Investment Group, a large asset management firm based in Chicago, Ill. In his new role, Siegel is responsible for developing and implementing plans for enterprise technology strategy, data architecture and business intelligence, application development and platform support, information security, infrastructure and program management.
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