Definition: The word "mortgage servicing rights" refers to a specific legal right that an individual, known as the servicer, has in relation to a mortgage loan made by another person, known as the borrower, over a certain period of time. In this context, the servicer is responsible for providing maintenance and servicing services to the property being mortgaged. These include things like maintaining the roof, fixing minor issues like leaks, or repairing damage caused during the course of the loan. The rights that the servicer has in relation to the borrower's mortgage can be categorized into two main types: traditional rights and non-traditional rights. Traditional rights allow the servicer to foreclose on a property for non-payment of a loan, while non-traditional rights are rights that are granted by law or court order. The "mortgage servicing rights" is often used in legal contexts when an individual is trying to enforce their rights as a borrower over a mortgage loan. For example, if the borrower wishes to sell or repossess the property after a period of non-payment, they may need to obtain the servicer's permission to do so. Understanding these specific terms will help ensure that you have understood your legal rights and responsibilities when it comes to servicing mortgages.
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