Difference Between Servicer and Lender?

What are the differences between a mortgage company and a servicer in Salem Oregon?

Your mortgage broker will be the financial institution that loaned the money. Your mortgage servicer would be the company that supplies you with your loan statements. Your servicer also manages the day-to-day tasks for taking care of the loan.

Your loan servicer generally processes the loan payments, responds to borrower requests, keeps track of principal and interest paid, manages your escrow account (if you’ve got one). The loan servicer could trigger foreclosure under specific situations. Your servicer may or may not be the very same company that initially provided you your loan.

TIP:

To see who your servicer is, look at the monthly mortgage statement or payment coupon book. In the event you can not find a statement or coupon, you may try the MERS® Servicer Identification System toll-free at 888-679-6377 or check out the MERS® web site. MERS is a private company that retains specifics about mortgages and servicers. The loan servicer’s identification could be indexed by the MERS system.