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.