Loan Servicing
After you obtain a loan, the company you make the payments to is "servicing" your loan.
They process payments, send statements, manage the escrow/impound account, provide collection efforts on delinquent loans, ensure that insurance and property taxes are made on the property, handle pay-offs and assumptions, and provide a variety of other services.
Real Estate Glossary:
401K - E |
F - M |
N - V
