Getting to know your mortgage servicer

by Sandy Malbrue 11/19/2024

What is mortgage servicing featured image

Buying a home, you may find yourself working closely with a mortgage loan servicer to finance your home purchase. Knowing the basics of mortgage servicing can help you navigate the life of your loan and get a better handle on how to make changes in the future if needed. 

How do I find out who my mortgage servicer is?

After purchasing your home, you can make note of who your service provider is by viewing your monthly mortgage statement. 

Your mortgage servicer is responsible for the handling of the loan after you have closed on your home. This includes managing escrow, sending payment statements and receiving your monthly payments. 

Can you change your mortgage servicer?

You can’t change your mortgage servicer so it’s essential to do research before closing on your  home. If you’re having issues with your provider that haven't been resolved directly through the company, consider escalating your complaint to the Consumer Financial Protection Bureau. 

Tell me the difference between a lender & a servicer?

The terms mortgage lender and mortgage servicer may seem similar but they can differ based on the stage you’re in during the homebuying process. 

Prior to closing on a home, a lender gathers your info to make sure you qualify for a loan, handle loan approvals and disperse funds once the home is closed on. Afterward, the lender transfers the handling of the loan to a loan servicer, however in some cases the lender also acts as the loan servicer. 

Mortgage payments are a long term commitment so get to know your servicer and ask questions if you need clarity on your mortgage loan. 



About the Author
Author

Sandy Malbrue

Hi, I'm Sandy Malbrue and I'd love to assist you. Whether you're in the research phase at the beginning of your real estate search for representation or you know exactly what you're looking for, you'll benefit from having a real estate professional by your side. I'd be honored to put my 14 years real estate experience to work for you. Be it to gain wide exposure for your home with my marketing plan, negotiate offers or manage the transaction once you've accepted an offer, in a way that will get you the best price and cause the least amount of disruption to you life as possible.  

If you are a buyer, allow me put those skills to work for you to help with the pre-approval process, work with you to locate and arrange for you to view homes of interest to you , and negotiate your offer. Once you have an accepted offer, I will help you arrange inspections, I will manage the transaction for you, from helping to arrange for inspections to keeping you up to date on contingency removals and walking you through the process to a new set of keys.

Let's do this!