Servicing

The tasks a lenderThe lender providing funds for a mortgage. Lenders also manage the credit and financial information review, the property and the loan application process through closing. performs to protect the mortgageA loan using your home as collateral. In some states, the term mortgage is also used to describe the document you sign (to grant the lender a lien on your home). It also may be used to indicate the amount of money you borrow, with interest, to purchase your house. The amount of your mortgage often is the purchase price... investment, including the collection of mortgage payments, escrowAn item of value, money, or documents deposited with a third party to be delivered upon the fulfillment of a condition. For example, the deposit by a borrower with the lender of funds to pay taxes and insurance premiums when they become due, or the deposit of funds or documents with an attorney or escrow agent to be disbursed upon... administration, and delinquencyFailure to make a payment when it is due. The condition of a loan when a scheduled payment has not been received by the due date but generally used to refer to a loan for which payment is 30 or more days past due. management.