What Are Mortgage Lenders and Mortgage Servicers?
A mortgage lender is a bank or other financial institution that offers loans to borrowers to purchase property. Mortgage servicers are companies that collect loan payments on behalf of the lender and often handle customer service for the borrower.
Mortgage lenders typically offer a range of loan products, including fixed-rate and adjustable-rate mortgages, as well as government-backed loans like FHA and VA loans. Some lenders also offer portfolio loans, which are not sold to investors in the secondary market.
Mortgage servicers are responsible for collecting monthly loan payments from borrowers and remitting them to the lender. They also handle customer service inquiries from borrowers and can help with things like loan modifications or deferments.
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