Servicing

The duties of the mortgage lender as a loan correspondent as specified in the servicing agreement for which a fee is received. The collection for an investor of payments, interest, principal, and trust items, such as hazard insurance and taxes, on a note by the borrower in accordance with the terms of the note. Servicing also consists of operational procedures covering accounting, bookkeeping, insurance, tax records, loan payment follow-up, and loan analysis.