Loan Servicing
/ˈloʊn ˈsɜːrvɪsɪŋ/
Definitions
- (n.) The administration of a loan from disbursement until payoff, including collection of payments, escrow management, and customer service.
The loan servicing company ensured timely payment collection and proper record-keeping for all the mortgages.
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Commentary
Loan servicing is distinct from loan origination; accurate servicing is crucial to avoid borrower disputes and regulatory penalties.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.