Mortgage servicers are the companies that manage a mortgage after the mortgage has been granted. The lending institution granting the mortgage may be the servicer, or lending institution may pay or sell the mortgage to another company to service. Servicing the loan often includes managing payments, sending notifications, managing escrows, restructuring, and foreclosing on a mortgage. Mortgage servicers also must ensure that borrowers are periodically updated on the details of their loans and their rights as required by consumer protection laws.
[Last updated in May of 2022 by the Wex Definitions Team]