Mortgage servicers are companies responsible for the logistical aspects of servicing a loan. Things like processing and tracking payments, sending payment reminders and filing foreclosure documents are some of the tasks they perform.
How loan servicing works
Your mortgage servicer helps handle your loan, but also satisfies certain federal requirements. For example, your servicer sends a report each year describing your accounts balances, property tax payments, homeowners insurance and other pertinent account activity.
Sometimes, your loan servicer might change financial institutions. When this happens, servicers are required to notify you within 30 days of your mortgage transfer.
Parties involved in the mortgage service industry
The mortgage loan industry involves three key players: mortgage lenders, investors and servicers.
Mortgage Lender
The lenders, or originators, are banks or mortgage firms that give you the money when a home loan was approved for you.
Mortgage Investor
A mortgage investor is a person or organization - often a government-sponsored entity - that buys the entire mortgage from the originator. This allows the lender to sell additional mortgages.
Loan Servicer
Finally, the servicers are companies handling your loan account. In some cases, the loan owner - whether a lender or investor - can also be a servicer. However, borrowers are usually connected with a third-party company to help manage repayment.
Having a quality loan servicer can make a huge difference in your borrowing experience. An excellent company maintains accurate information, is quick to contact and offers good customer service. Their important duties include canceling mortgage insurance, assisting in avoiding foreclosure or answering general queries.
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About the Author
Miriam McKinney
A true native to the Western North Carolina area with family roots dating back to 1810, I am a true ambassador for Western North Carolina with undergraduate degrees in education and music from Mars Hill University and an MBA from Western Carolina University. As a former teacher in the area my goal is to educate, whether a buyer or seller, by providing the most current, relevant information available and by giving expert guidance throughout. My professional goal is to exceed my client's expectations through a commitment to excellence with their success as the number one goal! Being a trusted advisor and creating lifelong relationships is an honor. The result is that I have been a top producing Realtor providing clients with successful outcomes for 20 years. I am licensed in both North and South Carolina.
Real Estate is my love and passion, and when I am not helping my clients achieve their real estate goals, I am working on my real estate investment portfolio. I am a seasoned investor who not only helps my clients buy and sell real estate, but I own investment real estate as well. My experience with different investments is extensive - from commercial investments, short-term rentals, single family homes and at times I am even the one with the power tools and getting my hands dirty, which is incredibly satisfying and rewarding!
“Real estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense, paid for in full, and managed with reasonable care, it is about the safest investment in the world.” Franklin D. Roosevelt
Giving back to the community and others is what this life is all about. I volunteer with Big Brother/Big Sisters, Conserving Carolina, travel abroad to help build houses for people without homes, give back to my profession as a past Secretary and Director for Land of the Sky Association of Realtors and serve on the Board of Equalization and Review for Buncombe County.
I love living in the mountains and enjoy the coast as well. This is the best of both worlds as North Carolina is an incredible state! I feel blessed to call the mountains of NC my home. One of my favorite activities is to hike with my Jack Russell, "Bella". Other favorites include cycling, mountain biking, kayaking, pilates, yoga, and paddle boarding. You will often find me participating in local and regional races. I love to travel the world but most of all I love coming home!
Experience matters. Real estate transactions are generally the largest transaction that most people ever do. I would be delighted to talk with you about your real estate goals and objectives and put my experience to work for you.
