The servicer is YOUR mortgage company. It is the company that handles the day-to-day tasks associated with managing your loan. Their duties include but are not limited to:

  • Collecting and remitting loan payments
  • Responding to borrower inquiries
  • Making advances when required
  • Accounting for principal and interest
  • Holding funds for payment of property taxes and hazard insurance (also called Managing your escrow account)
  • Making any physical inspections of the property
  • Counseling delinquent mortgagors
  • Supervising foreclosures and property dispositions in case of defaults

After your mortgage loan closed, your lender more than likely outsourced the job of managing your loan to another company called a SERVICER. This is the company you call when you have questions about your loan.

MERS, Mortgage Servicers, The Players