mortgage servicing

mortgage servicing definition - business

mortgage servicing

Administering a loan, including recordkeeping, payment collection, releasing liens, making certain insurance and taxes are paid, and initiating foreclosure proceedings for loans that are in default. Mortgage servicing is done by lenders and by businesses that receive fee income.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

Comments
Improve this definition.
Do you have more to add? Share your linguistic knowledge or observation.
/Register to save your comments.