What Are the Differences Between a Mortgage Lender and a Mortgage Servicer?
There are significant differences between a mortgage lender and a mortgage servicer; however, a single company may simultaneously act as both a mortgage lender and mortgage servicer, performing both roles. A mortgage lender is a financial institution that lends money for a home purchase to a borrower.
On the other hand, a mortgage servicer is a company that handles the operational aspects of managing a mortgage. As such, a mortgage servicer that oversees management of your mortgage and its payments may not necessarily be the same company that loaned you the funds.
A mortgage lender can also be a loan servicer, but most of the time a non-bank servicer cannot be a lender.
- What Is Loan Servicing?
- Which Servicing Companies Are Considered to Be the Best?
- What Happens After I Get the Loan?
- What Happens if My Mortgage Is Sold to a New Owner and the Mortgage Servicer Changes?
- What Does Loan Servicing Include?
- What Are the Parties Involved in the Loan Servicing Process?
- What Type of Entities Are Mortgage Servicing Companies?
- Is There Any Difference Between a Bank and a Non-Bank Mortgage Servicer?
- How Do Mortgage Servicers Make Money?
- What Is a Small Servicer and Why Does It Matter?
- How Is the Quality of Mortgage Servicing Overall?