A company that manages mortgage for a fee. If a bank or other holder of mortgages does not have the staff / resources to manage mortgages, they may have a mortgage servicer. The servicer collects mortgage payments, tracks the mortgages and handles other day-to-day details of the mortgage.
Definition from Nolo’s Plain-English Law Dictionary
A business that mortgage issuers pay to administer their mortgages. The servicer typically accepts and records mortgage payments, handles workout negotiations if the homeowner defaults, and may supervise the foreclosure process if negotiations fail.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:20 pm