noun
definition
One who services a loan or other obligation, by collecting receivables and carrying out related actions such as enforcement
Examples of servicer in a Sentence
Whether or not the money in the escrow account earns any interest is up to your lender or servicer, but most mortgage companies that do pay interest only pay miniscule amounts.
These products, and the other insurance products offered through the partner companies, are optional and aren't required as a term of having Option One as a mortgage servicer.
You do not want to avoid your mortgage servicer when your payments are in danger of falling behind, and you may be pleasantly surprised by how much assistance you can actually get from these professionals.
A forbearance agreement was not followed by the servicer.
If a borrower loses the court action, the foreclosure action continues and the borrower usually has to pay any court costs incurred by the lender or servicer.
Homeowners continue to pay their mortgage payments through the original lender or a mortgage servicer.
If the homeowner falls behind in his or her mortgage payment Freddie Mac will direct the original lender or the servicer to initiate foreclosure on the property.
Borrowers who do not have their taxes and insurance withheld in an escrow account monthly by their mortgage servicer will not have the taxes and insurance portion as a consideration in the overall monthly payment.
Use HUD's Contact Your Mortgage Servicer tool to find the correct mailing address and fax numbers for your lender.
If you are interested in making bi-weekly payments, check with your mortgage lender or servicer instead of turning to a third party company that claims to be able to set up the process on your behalf.
Your lender or servicer may actually be in a situation to assist you, but you will never know if there may be a chance of a mortgage modification or other assistance unless you actually talk to your lender.
It is important to note that complaints are not uncommon for any mortgage servicer.
Mortgage loans are sometimes moved from one servicer to another, as was the case with mortgage loans previously serviced by Taylor, Bean & Whitaker Mortgage Corporation (TBW).
Problems can arise when mortgage loans are switched from one servicer to another, such as when payments are not promptly applied to balances or taxes are not paid on time.
Cenlar provides resources to customers who encounter any problems when mortgage loans are transferred to this servicer.
Find out the amount of money you owe on your mortgage by contacting your lender or servicer.