Lender vs. Servicer

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

Your mortgage company will be the financial institution that loaned you the money. Your mortgage servicer will be the organization that sends you your reverse mortgage statements. Your servicer additionally addresses the day-to-day tasks for managing your loan.

Your loan servicer usually processes your loan payments, responds to borrower questions, tracks principal and interest paid, manages your escrow account (if you have one). The loan servicer could commence foreclosure under certain situations. Your servicer might be the very same company that actually provided you the loan.

TIP:

To determine just who your servicer is, look at the monthly mortgage statement or payment coupon book. In the event you can not locate a statement or coupon, you can try the MERS® Servicer Identification System toll-free at 888-679-6377 or check out the MERS® website. MERS is a private company that maintains details about mortgage loans and servicers. Your loan servicer’s id can be listed in the MERS system.

[ssvideo keyword=”reverse mortgage servicing” title=””]