Loan Servicers

Loan servicers are companies that manage loans on behalf of lenders. Their responsibilities include sending monthly statements, collecting payments, managing escrow accounts for taxes and insurance, and handling customer service inquiries. When you take out a mortgage or student loan, a loan servicer ensures you understand your payment schedule and provides assistance if you encounter issues. They act as the point of contact between you and the lender, but they do not originate loans. Essentially, they help ensure that the loan process runs smoothly for borrowers after the loan is initially approved.