mortgage servicer
Mortgage servicers manage a mortgage after being granted by a lender. The lending institution that grants the mortgage may service it, or that institution may sell or otherwise transfer the mortgage to another company for servicing. Loan servicing often includes managing payments, sending notifications, managing escrow, restructuring loans, and foreclosing on mortgages. Mortgage servicers also must periodically update borrowers on the details of their loans and their rights, as required by consumer protection laws.
Many of the major mortgage servicers are banks, including:
- Wells Fargo
- PNC Bank
- Chase Home Finance
- U.S. Bank
Major non-bank servicers include:
- Rocket Mortgage
- LoanDepot
- United Wholesale Mortgage
- PennyMac
[Last reviewed in August of 2026 by the Wex Definitions Team]
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