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Definition of «servicer»

A servicer is a company that services or maintains mortgage loans. This can include collecting monthly payments, managing escrow accounts, handling insurance claims and processing tax and insurance payments on behalf of homeowners. A servicer may also handle the foreclosure process if necessary.

Usage examples

  1. The mortgage servicer is responsible for collecting monthly mortgage payments from borrowers and distributing those funds to the lender.
  2. The student loan servicer manages the repayment of student loans, including processing payments and providing customer support.
  3. In the insurance industry, a servicer is the company that processes claims and provides customer assistance to policyholders.
  4. The servicer of a car loan handles the administration of the loan, such as collecting payments and providing account information to the borrower.
  5. A loan servicer may offer foreclosure prevention assistance to homeowners who are struggling to make their mortgage payments.

Phrases with «servicer»

Sentences with «servicer»

  • If you are still unsure if you should switch to an income - driven repayment plan, speak to your student loan servicer for more advice on your personal situation. (lendedu.com)
  • Often the bank your loan is sold to will stay on as the mortgage servicer of your loan and will continue to collect your payments even though your loan was sold to an investor. (valoancaptain.com)
  • Ask your student loan servicer for the income - driven repayment plan form. (studentloanhero.com)
  • (see all sentences)

See also

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