Servicer

Description

Servicer

The company that handles the day-to-day management of the loan including making monthly payments to borrowers or processing draws from the line of credit, sending mortgage statements, responding to borrower inquiries, sending and collecting annual occupancy certifications, and keeping track of principal and interest paid. The loan servicer may handle foreclosure processing for the lender. Typically, the servicer is not the same company as the lender.