Whats the difference between a mortgage lender and a mortgage servicer?
A mortgage lender is the institution you work with to get a loan. A mortgage servicer is the financial institution that is responsible for the administration of your mortgage loan. Some institutions are both mortgage lenders and mortgage servicers. Other institutions are just mortgage lenders, and they sell the loan to a mortgage servicer who then manages it. Your mortgage servicer receives your payments, keeps track of the principal and interest on your loan, and might set up an escrow account for you. Borrowers can identify their mortgage servicer by reviewing their mortgage bills or coupons.
