What is a mortgage servicer?

A mortgage servicer is a company that collects mortgage payments from borrowers on behalf of the lender. In South Carolina, mortgage servicers are typically banks, loan companies, or other financial institutions. Generally, when a borrower takes out a loan, the lender hires a third-party servicer to manage the loan. The mortgage servicer is responsible for accepting and recording payments from the borrower, and then transferring those payments to the lender. The servicer also ensures that the loan is being paid on time. When payments are missed or delinquent, the servicer will contact the borrower to arrange for payment or discuss options. Mortgage servicers also handle the day-to-day administration of the loan, including loan modifications, loan transfers, and other related tasks. In South Carolina, mortgage servicers are also responsible for providing notices to the borrower about foreclosure proceedings. It is important that borrowers understand the role of the mortgage servicer. If you have any questions or concerns about your loan, you should contact your mortgage servicer for answers.

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