Posted on: 06th Nov, 2012 12:10 am
My husband and I are going to buy our 1st house in Fairfax County. It would be great of someone could help us. We close on 1st Dec. I read about mortgage servicers vs. mortgage owners. Can some one elaborate?
Hi Killy,
A mortgage servicer is a company to which some of the borrowers pay their mortgage payments. This can be done only when it has bought the mortgage servicing rights from the original mortgage lender. However, a mortgage owner may be the lender who gives you the loan.
Thanks,
Jerry
A mortgage servicer is a company to which some of the borrowers pay their mortgage payments. This can be done only when it has bought the mortgage servicing rights from the original mortgage lender. However, a mortgage owner may be the lender who gives you the loan.
Thanks,
Jerry
I am completely agree with Jerry. A mortgage owner is the person or institution who is offering you the loan. The mortgage owner is responsible for the origination of the loan. Again, mortgage servicing is the repayment of the mortgage loan. You can directly repay the loan. You can also take the help of a mortgage servicer, who is responsible for repaying the loan to the lender on behalf of you.