Mortgage Servicing Financial Glossary

What is it? Performing the necessary duties of a mortgagee, such as collecting payments, releasing the lien upon payment in full, foreclosing if in default, and making sure the taxes are paid, insurance is in force, etc. Servicing may be done, for a fee, by the lender or by a company acting for the lender.

Finance Term Definition Added By: John

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We hope you now understand the meaning of Mortgage Servicing. If you need any more information on this term, please don't hesitate to contact us.

Other Similar Finance Terms:

Financial Term Deed of trust is Same or similar to mortgage. See deed of trust under mortgage.

Financial Term Individual Retirement Account Rollover is A special IRA that is established specifically for taxable funds distributing from a tax-qualified retirement plan. As in the case of a regular IRA, funds are not subject to tax until they are withdrawn from the account.

Financial Term Mortgage Insurance Premium is The consideration paid by a mortgagor for mortgage insurance either to FHA or a private mortgage insurance (PMI) company.

Financial Term Underwriting is The process of verifying data and approving a loan.

Financial Term Insurance Premium Tax is Tax imposed on most insurance policy premiums (it does not apply to life insurance policies).