What is Loan Servicing?

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After being granted a mortgage/loan, the lender (the financial institution/company you are paying the loans to) is said to be ‘servicing’ your loan. Duties include, but are not limited to: processing your payments, issuing paper/e-statements, managing the impound and escrow accounts, attempting to solicit payments for delinquent accounts, checking that property tax is paid, proper insurance is on the property.