A public or private entity that is responsible for collecting, monitoring, and reporting loan payments. In the context of this report, a loan servicer would also assist in originating the loan.
An organization, working on behalf of a lender, responsible for collecting payments, processing deferment/forbearance forms and other correspondence, and providing customer support to borrowers.
The company that collects monthly mortgage payments and disperses property taxes and insurance payments. Loan servicers also monitor nonperforming loans, contact delinquent borrowers, and notify insurers and investors of potential problems. Loan servicers may be the lender or a specialized company that just handles loan servicing under contract with the lender or the investor who owns the loan.
Once a loan has been approved and disbursed, by the lender or the guarantee agency, it is usually transferred to a servicing company. This is a company that is responsible for managing your account while you are in school and during repayment. You will repay the servicing company until the loan is paid in full. Any questions or repayment issue should be addressed to the servicing company. However, if you are having problems with the servicer, you should contact your lender for additional assistance.
Organizations that administer and collect loans, either the holder of the loan or an agent acting on behalf of the holder. The Federal government is the loan servicer for Federal Direct loans.
a company hired by your lender to process loan repayments
an organization that helps to administer the student loan program
After the loan closes, the loan servicer collects your payments and manages late payments. Lenders often release servicing to another organization, which means you won't necessarily send your mortgage payments to the company that made your initial or original loan.
Loan servicers are contracted by lenders and secondary market loan holders to manage the day-to-day bill collection and payment processing of the loan on their behalf. These services typically include billing, receipt of payments, follow-up of missed payments and negotiation of deferments and forbearances.
A loan servicer is a company or institution that is administers the loan and collects loan payments. May be either the loan holder or an agent acting on behalf of the holder.
The agent designated to track and collect a loan on behalf of a lending institution.
A loan servicer is a corporation that administers and collects loans and loan payments for the lender.