Servicing

The management of an existing loan agreement. This usually includes collecting mortgage payments, securing escrow funds and disbursing all necessary funds. Note that although conforming loans may be sold to Fannie Mae or Freddie Mac, the servicing of those loans remain with the originating lender. However, that originating lender may and often do sell those servicing rights to other lenders. Such transfers are common and legal, and the applicant will receive several disclosure of this fact and its probability. For more information, see the "Servicing & Sale of Your Loan" article in the "Mortgage Industry" section.

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