What Type of Entities Are Mortgage Servicing Companies?
Mortgage servicers can be lenders themselves or can be non-bank specialty servicing companies. The main difference between these entities is that the latter does not loan you funds and is only allowed to manage the operational aspects of the loan, whereas the former is able to loan funds and can also manage the loan itself.
The growing prominence of non-bank specialty servicing companies should not be underestimated: as of today, nearly half of loan servicing companies are not banks.
- 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?
- Is There Any Difference Between a Bank and a Non-Bank Mortgage Servicer?
- What Are the Differences Between a Mortgage Lender and a 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?