Mortgage Servicing-An Introduction Part 2
The Federal Trade Commission has a useful link that describes the "nuts and bolts" of what a mortgage servicer does. As this link makes clear, a mortgage servicer has wide-ranging responsibilities, which may include: (1) properly receiving and posting your mortgage payments; (2) paying property taxes and insurance using proceeds in a escrow account; and (3) collecting delinquent payments and commencing foreclosure proceedings if necessary.