1.11- What is a Mortgage Servicer?

A Mortgage Servicer can either be the Mortgage lender itself or an outside company. Typically, a Mortgage Servicer is an outside company. A Mortgage Servicer helps with processing the loan, to assure that the loan is awarded to the borrower and the borrower applies the loan to the specific intended purpose. A Servicer tracks loan payments, sends reminders for missed payments and  files foreclosure documents in the event of a default. If a mortgage is sold, the servicing rights are transferred to the new service provider and they must notify and provide the borrower of their new address to send payments within 30 days.