The phrase "new servicer" refers to a company or organization that takes over the responsibility of providing services or performing tasks from a previous entity. Full definition
You will need to create an account with the new servicer to make payments through them. (studentloanhero.com)
The new servicer of the loan will manage the collection and billing for your loan payments. (mortgageequitypartners.com)
If the borrower doesn't like the new servicer, the only options are to refinance with another lender or pay off the debt in full.» (studentloanhero.com)