What is a mortgage servicer?

A mortgage servicer is a company that handles the day-to-day management of a loan for a lender. This includes collecting payments from borrowers, processing those payments, and managing escrow accounts. In Washington, mortgage servicers are regulated by the Department of Financial Institutions, which requires that they have a license. Additionally, the Consumer Financial Protection Bureau (CFPB) oversees mortgage servicers and enforces laws to ensure they are performing their duties correctly. A mortgage servicer is responsible for managing the loan from the time of origination until it is paid in full. This includes collecting payments from the borrower, paying taxes and insurance on the loan, and managing escrow accounts. They also handle loan modifications, foreclosures, and other loan default proceedings. Mortgage Servicers play an important role in Real Estate Law in Washington, as they help ensure that lenders get their payments on time and offer assistance to borrowers who are having difficulty making their payments.

Related FAQs

What is a leasehold estate?
What is a mortgage loan?
What is a right of first refusal?
What is a broker-in-charge?
What is the difference between a lease and a rental agreement?
What is real estate law?
What are the laws governing real estate contracts?
What is reasonable wear and tear?
What types of mortgages are available?
What remedies are available to me if I am a victim of real estate fraud?

What is a mortgage servicer?

Related FAQs

Related Blog Posts