![]() Serving as the main point of contact/interfacing with the borrower Sending out late notices and acceleration/demand lettersĬollecting escrow for taxes and insurance Keeping track of loan balances, amortization schedules, and records of payments Depending on your need and/or terms agreed to at closing you may expect your loan servicer to keep track of the following: Accepting borrower payments Your servicer is there to make sure nothing is missed. Some are very specific on the types of loans they can service while others are a one-stop shop.Īs a lender there are many things you must stay on top of for things to run smoothly. Remember that not all servicing agents are created equal. ![]() If you operate nationwide, be sure to find a servicer that does, too. Always read the fine print and be sure to have a clear understanding of your servicing agreement. Often the fee associated with the management of the loan is written into the closing documents and passed on to the borrower.įinding a loan servicer you can trust, and one that fits your needs is imperative. The type of loan you have, and the lenders needs, will determine what services are opted in to. There are many companies who specialize in servicing real estate loans, and they often offer an array of services. Surprisingly, many mortgage companies and owner finance lenders do not service their own loans but hire a third-party company to serve as a liaison between themselves and their borrower, ultimately managing the loan. ![]() A real estate loan servicer is a company/person that is tagged in after closing by the lender to handle the administrative aspects of a loan. ![]()
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