Joyce Torelli - Broker, Real Estate Consultant, ERA Real Estate Phone: (508) 380-5229
Email: [email protected]
Email: [email protected]
Mortgage servicers are companies responsible for the logistical aspects of servicing a loan. Things like processing and tracking payments, sending payment reminders and filing foreclosure documents are some of the tasks they perform.
Your mortgage servicer helps handle your loan, but also satisfies certain federal requirements. For example, your servicer sends a report each year describing your accounts balances, property tax payments, homeowners insurance and other pertinent account activity.
Sometimes, your loan servicer might change financial institutions. When this happens, servicers are required to notify you within 30 days of your mortgage transfer.
The mortgage loan industry involves three key players: mortgage lenders, investors and servicers.
The lenders, or originators, are banks or mortgage firms that give you the money when a home loan was approved for you.
A mortgage investor is a person or organization - often a government-sponsored entity - that buys the entire mortgage from the originator. This allows the lender to sell additional mortgages.
Finally, the servicers are companies handling your loan account. In some cases, the loan owner - whether a lender or investor - can also be a servicer. However, borrowers are usually connected with a third-party company to help manage repayment.
Having a quality loan servicer can make a huge difference in your borrowing experience. An excellent company maintains accurate information, is quick to contact and offers good customer service. Their important duties include canceling mortgage insurance, assisting in avoiding foreclosure or answering general queries.
Unfortunately, you have no control over who can buy and service your loan. The lender’s right to sell to an external company is included in the terms of service you have to agree to when signing up for the loan.
These are only a few of the important aspects of mortgage servicing to know. However, the more you understand about the parties involved, the better borrowing experience you’ll have.
Joyce Torelli, Broker - Realtor Consultant 508-380-5229 [email protected]
CRB, ASR(Accredited Seller Representative), CBR, SRES www.JoyceTorelli.com Please see a few of the Google reviews that recent and past clients have been thoughtful to leave, as well as some written testimonials attached. Top 3% of 375 Professionals – 15 ERA Key Realty Offices.
“I am currently a longtime resident of over 30 years in Marlborough, MA, but mainly grew up in Hudson MA. Later, I had the opportunity to live in various towns in and around the Middlesex County area (Acton, Bolton, Framingham, Hopkinton,) as well as in the Netherlands, Europe. Bringing understanding, insight, and strategy on the home sale marketing and sale process is critical. With over 30 years of experience, I have helped hundreds of homeowners get their home sold for the very best price and terms with the least inconvenience, with skill, caring, and a marketing plan tailored to their needs and their home! My buyer clients benefit from the same 30 years plus of experience of positioning their offers to meet with success in getting accepted, which has resulted in many happy home buyers.
