The new servicer of the loan will manage the collection and billing for your loan payments. (mortgageequitypartners.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)
Once the loan is closed the lender or servicer of the loan generally will charge a servicing fee, which can not exceed $ 30 or $ 35 a month for HECM loans depending on if the interest adjusts yearly or monthly. (truitycu.balancepro.org)