Related Definitions

Loan Servicing

  • Updated on

Loan servicing is the process by which a company such as a mortgage bank or any servicing firm collects principal, interest, as well as escrow payments from a borrower.

Loan servicing involves collecting monthly payments and sending the same, maintaining records of balances and payments, taxes and insurance payment and collection, remitting assets to the note owner, and following up on delinquencies.

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