Loan Servicing

Loan servicing refers to the administrative management of a loan from the time it is disbursed until it is fully repaid. This process encompasses various crucial tasks performed by a loan servicer, typically a financial institution or a specialized company. These responsibilities include collecting monthly payments, maintaining payment records, managing escrow accounts for property taxes and insurance, providing customer service to borrowers, and handling loan modifications or forbearance requests when necessary. Loan servicers also monitor loan performance, issue periodic statements, and ensure compliance with applicable regulations.