What is a servicing fee?
A servicing fee is the percentage of each mortgage payment made by a borrower to a mortgage servicer as compensation for servicing a loan.
What is the role of a mortgage servicer?
This administration involved in mortgage servicing revolves around administering the loan from the time the loan proceeds are paid out all the way through the repayment of the loan in full. Besides the obvious tasks that a servicer will perform on a mortgage account, there are several other critically important ones.
What is loan servicing?
Loan servicing refers to the administrative aspects of a loan from the time the proceeds are dispersed until the loan is paid off.
What is’mortgage servicing’?
‘Mortgage Servicing’ is explained in detail and with examples in the Economics edition of the Herold Financial Dictionary, which you can get from Amazon in Ebook or Paperback edition. Mortgage servicing refers to the organization that handles the administration of a given mortgage loan.