What Are Mortgage Lenders and Mortgage Servicers?
Mortgage lenders and mortgage servicers are two different parts of the mortgage industry. On one hand, a mortgage lender is responsible for providing funds for a borrower to purchase a home. On the other hand, a mortgage servicer is an organization that is responsible for collecting payments from borrowers and ensuring that those payments are correctly applied to the loan balance.
Mortgage lenders originate loans and provide them to borrowers seeking to purchase real estate. They bear all of the risk associated with lending money, including any losses due to defaults or other problems related to repayment. Mortgage servicers take over once the loan has been originated by managing loan administration tasks such as collecting payments, processing escrow accounts, managing taxes and insurance payments on behalf of borrowers, handling customer service requests and more. Servicers also process borrower applications when they request changes in terms or want to refinance their loans.
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