What Is Mortgage Servicer?
Mortgage Servicer: The company that collects your payments, manages escrow and handles questions after closing.
A mortgage servicer is the company that manages your loan after closing. It may be your lender or another company hired by the loan's owner.
What a servicer does
- Collects monthly payments
- Manages your escrow account and pays taxes and insurance
- Sends statements and year-end tax forms
- Handles payoff requests, PMI removal and hardship options
Servicer vs. investor
Many loans are owned by investors such as Fannie Mae, Freddie Mac or Ginnie Mae pools, while a servicer handles the day-to-day work. You deal with the servicer.
Good to know
Your servicer can change. See servicing transfer.