What is a mortgage servicer?

A mortgage servicer is a company that handles the day-to-day management of a loan, including collecting and processing mortgage payments from borrowers. In the context of Virginia real estate law, a mortgage servicer is a party responsible for making payments to lenders on behalf of a borrower. The servicer is responsible for ensuring that the payments are made on time, and they may also collect payments from the borrower, handle escrow accounts and handle requests for foreclosure. The mortgage servicer also works with the borrower to resolve any discrepancies between payments and the loan terms. The servicer must provide accurate account information to the borrower, including timely payment notices, statements and information about the loan’s status. In addition, the servicer may be responsible for handling modifications to the loan or refinancing options. Ultimately, the mortgage servicer is a crucial part of the successful management and operation of a loan.

Related FAQs

What is the difference between a condo and a cooperative?
What is a ground lease?
What rights do I have when my land is taken by eminent domain?
What is a leasehold estate?
What is a right of first refusal?
What are the requirements for becoming a real estate broker?
What is a servitude?
What is real estate law?
What are the laws governing tenant screening and eviction?
What is a homeowners' association?

What is a mortgage servicer?

Related FAQs

Related Blog Posts