Definition: The mortgage servicing job, also known as a loan servicing agent or loan service staff, is a professional who helps lenders in managing the payments received from borrowers on loans they make to them. A mortgage servicer typically works with both consumers (i.e., individuals) and small businesses, such as banks or thrifts. They may also work for other entities, like property management companies or credit unions, which require help with servicing mortgages. In addition to managing the payments received from borrowers, a mortgage servicer must fulfill several duties: - Review mortgage files to identify outstanding loans - Contact lenders to inform them of any issues or changes in payment status - Monitor borrower accounts to ensure they are on schedule for payments - Provide documentation to lenders if a borrower makes an unanticipated repayment - Offer advice and assistance with financial planning, budgeting, and other areas related to debt management - Represent borrowers when faced with non-payment, default, or breach of contract issues
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