Define: Mortgage Servicer

A mortgage servicer is a company that collects mortgage payments from borrowers on behalf of the lender or investor who owns the mortgage loan.

Yes, your mortgage servicer can change without your consent. Mortgage servicing rights can be bought and sold by lenders, so it is common for borrowers to have their mortgage servicer change during the life of their loan.

No, as a borrower, you generally do not have the ability to choose your mortgage servicer. The lender or investor who owns your mortgage loan has the right to select the servicer.

The responsibilities of a mortgage servicer include collecting and processing mortgage payments, managing escrow accounts for property taxes and insurance, handling borrower inquiries and complaints, and initiating foreclosure proceedings if necessary.

Yes, mortgage servicers can charge borrowers additional fees for services such as late payment fees, property inspection fees, or document processing fees. However, these fees must be disclosed in the loan agreement or servicing agreement.

Yes, if you believe that a fee charged by your mortgage servicer is incorrect or unjustified, you have the right to dispute it. You should contact your servicer in writing to explain your concerns and request a review of the fee.

Yes, if you fail to make your mortgage payments as agreed, your mortgage servicer has the right to initiate foreclosure proceedings. However, they must follow the legal requirements and procedures for foreclosure in your jurisdiction.

No, as a borrower, you generally do not have the ability to switch your mortgage servicer. The decision to change servicers is made by the lender or investor who owns your mortgage loan.

Yes, if you have a complaint against your mortgage servicer, you can file a complaint with the appropriate regulatory agency or consumer protection organisation. They will investigate your complaint and take appropriate action if necessary.

Yes, in certain circumstances, your mortgage servicer may be able to modify your loan terms to make your payments more affordable. This could include reducing the interest rate, extending the loan term, or forgiving a portion of the principal balance. However, loan modifications are not guaranteed and are subject to the servicer’s discretion and the specific terms of your loan agreement.