ser·vic·er
ser·vic·er/ˈsərvəsər/
noun
- a person or organization that services something."you will have to go to your car servicer for this"
- an organization that collects debt payments on behalf of a lender.
People also ask
What does a servicer do?
What is the difference between a lender and a servicer?
What is a mortgage loan subservicer?
What qualifies a servicer as a small servicer?
The term “servicer” means the person responsible for servicing of a loan (including the person who makes or holds a loan if such person also services the loan).
Sep 4, 2020 · Your mortgage lender is the financial institution that loaned you the money. Your mortgage servicer is the company that sends you your mortgage statements.
The mortgage servicer may be the entity that originated the mortgage, or it may have purchased the mortgage servicing rights from the original mortgage lender.
Someone who services.... Click for pronunciations, examples sentences, video.
Definition. An organization that collects mortgage payments from borrowers and manages borrowers' escrow accounts. The servicer often services mortgages ...
servicer (plural servicers). (law, finance) One who services a loan or other obligation, by collecting receivables and carrying out related actions such as ...
A loan servicer or mortgage servicer is the company that handles your loan account. The mortgage servicing company might be the loan owner or another company.
noun (law, finance) One who services a loan or other obligation, by collecting receivables and carrying out related actions such as enforcement.
noun (1) · 1. a. : the occupation or function of serving · 2. a. : the work performed by one that serves · 3. a. : a form followed in worship or in a religious ...
Loan servicing refers to the administrative aspects of a loan from the time the proceeds are dispersed to the borrower until the loan is paid off.