Simple English definitions for legal terms
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Mortgage servicing refers to the management of a mortgage loan. This includes collecting payments from the borrower, making sure property taxes and insurance are paid, and releasing liens on the property. The lender or their representative usually handles mortgage servicing and charges a fee for their services.
Mortgage servicing refers to the management and administration of a mortgage loan. This includes tasks such as collecting payments, releasing liens, and paying property insurance and taxes.
Typically, the lender or their agent will perform mortgage servicing for a fee.
These examples illustrate how mortgage servicing involves managing the various aspects of a mortgage loan, from collecting payments to releasing liens. It is an important part of the mortgage process that helps ensure that borrowers and lenders are able to work together effectively.