Your mortgage servicer is the company that manages the day-to-day administration of your home loan. Check your latest mortgage statement or payment coupon to find its name; it may be different from both the lender that originated your loan and the company that owns it.
What does a mortgage servicer do?
A mortgage servicer handles routine tasks for your loan. Depending on your mortgage, that can include collecting principal and interest payments, managing an escrow account for property taxes and insurance, tracking account balances, sending statements, and responding to questions.
The Consumer Financial Protection Bureau (CFPB) describes servicing as collecting principal, interest, and any escrow payments, sending statements, tracking balances, and handling other aspects of the loan. See the Regulation X model disclosure.
Your servicer is generally your practical contact for payment and account questions. If you think you may have trouble making a payment, the CFPB recommends contacting the servicer as soon as possible to ask what assistance options may apply. A housing counselor may also be able to help; the available options depend on your loan and circumstances. The CFPB explains how to work with your mortgage servicer.
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Is the servicer the same as the lender or loan owner?
Not necessarily. “Lender,” “owner,” and “servicer” describe different relationships to a mortgage. One company may fill more than one role, but do not assume the payment recipient is also the lender or owner.
| Role | Relationship to the loan | What it means for you |
|---|---|---|
| Lender | The institution that originally lent the money. | It set up the original loan; it may or may not handle your payments now. |
| Owner | The company or entity that owns the mortgage debt. | It may be different from the company that collects your payments. |
| Servicer | The company that administers the loan. | It handles routine payment and account servicing and is usually your contact for those matters. |
The CFPB explains the distinction between a mortgage lender and a mortgage servicer. Its mortgage key terms page also defines common mortgage terms.
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How to find your current mortgage servicer
- Check your latest mortgage statement or payment coupon. Look for the company name and its contact details. The CFPB identifies these documents as the first place to check.
- If you cannot find a statement, try MERS. The CFPB points borrowers to the MERS Servicer Identification System as another lookup option and lists its toll-free number as 888-679-6377. MERS is a private company; confirm its current lookup and contact options directly.
- If your servicing recently changed, use the transfer notice. Find the new servicer’s contact information and the date it begins accepting payments. Update bank bill-pay instructions as needed, then check a later statement to make sure payments were credited correctly.
For more on identifying a servicer, see the CFPB’s guidance on the difference between a lender and a servicer.
How to find out who owns your mortgage
Finding the servicer does not necessarily tell you who owns the loan. You can ask your servicer for the owner’s name, address, and telephone number. The CFPB says the servicer must provide that information to the best of its knowledge. Depending on the loan, the CFPB also describes online lookup tools and the option of making a written request. See how to tell who owns your mortgage.
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What to do if your mortgage servicing transfers
A transfer means a different company takes over servicing; it does not necessarily mean the loan itself has changed. The CFPB says the former servicer generally sends notice at least 15 days before the transfer, and the new servicer generally sends notice within 15 days after it, unless the notices are combined. The notices provide key dates, new contact information, and instructions for redirecting payments. Rules may have exceptions, so follow the dates and directions in your own notice.
- Note when the new servicer begins accepting payments and where to send them.
- Update automatic payments or bank bill-pay instructions if needed.
- Review subsequent statements to confirm payments were credited to your account.
For 60 days after a transfer, the new servicer generally cannot charge a late fee or treat a payment as late if you sent it on time—or within the applicable grace period—to the former servicer. This limited protection is not a reason to ignore the notice or delay switching your payment instructions. Read the CFPB’s explanation of what happens when your mortgage payment company changes.
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- SPEAKS YOUR LANGUAGE: Keys clearly labeled in residential mortgage finance terms like Loan Amt, Int, Term, Pmt; this industry-standard calculator is super easy to use on all realty financing matters from finding a loan that works for your client to considering trust deeds investments, or finding remaining balances or balloon payments and more
- CONFIDENTLY AND EASILY SOLVE: Clients' financial questions whether they're buyers, sellers, investors or renters. Increase your perceived professionalism as a new agent, experienced broker or seasoned loan officer. Close more home sales and impress your clients with fast, accurate answers to all their real estate finance questions from PITI Payments to IRR, NPV and Cashflows
- DEDICATED BUYER QUALIFYING KEYS: Enter client's income, debt and expenses to pre-qualify them to only show properties they can afford. Include tax, insurance and mortgage insurance then compare loan options and payment solutions to give your client choices before they make an offer to buy
- FIGURE OUT THE RIGHT LOAN: For your client at the press of a button for jumbo, conventional, FHA/VA, or even 80:10:10 or 80:15:5 combo loans; check to see if ARMs or bi-weekly loans, quarterly payments or if interest-only payments are the answer; giving your client more choices; easily perform what if loan or TVM calculations find loan amount, term, interest or PITI or PI payments
- BECOME AN INVALUABLE RESOURCE: To your clients by reducing their confusion and uncertainty; ensuring they are able to make a purchase offer; knowing they can afford the down payment; and determining which is the right loan for them. Date-math for listings and contracts too. Comes with a protective slide cover, quick reference guide, pocket user's guide, and long-life battery
When to contact the servicer
Contact your current servicer about routine payment or account questions, including questions about statements or escrow. If you may miss a payment, get in touch promptly and ask what assistance options apply to your loan and situation. The CFPB’s page on federal rules for mortgage servicers explains some protections and requirements; the rules can depend on the loan and circumstances.
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