Understanding Mortgage Servicing After Closing
Closing day marks the end of the home-buying transaction, but it also begins the long-term process of managing your mortgage. After closing, a mortgage servicer becomes responsible for collecting payments, maintaining account records, managing escrow when applicable, and answering questions about your loan. Understanding the servicer's role can help you avoid confusion and manage your mortgage with confidence. Know the Difference Between a Lender and a Servicer The company that originated your mortgage may not be the company that manages it afterward. Your lender provided the financing, while your servicer handles the day-to-day administration of the loan. In some cases…