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Loan servicing is the process by which a company (mortgage bank, servicing firm, etc.) collects interest, principal, and escrow payments from a borrower. In the United States, the vast majority of mortgages are backed by the government or government-sponsored entities (GSEs) through purchase by Fannie Mae, Freddie Mac, or Ginnie Mae (which purchases loans insured by the Federal Housing ...
Key takeaways. Mortgage lenders fund a home loan, while mortgage servicers handle the ongoing administration of the loan after funding, including repayment and loss mitigation, or payment relief ...
Parent. Fairbanks Holding (1989-2004) SPS Holding Corp. (2004-2005) Credit Suisse First Boston (2005-2006) Credit Suisse (since 2006) Website. spservicing .com. Select Portfolio Servicing, Inc. (SPS) is a loan servicing company founded in 1989 as Fairbanks Capital Corp. with operations in Salt Lake City, Utah and Jacksonville, Florida .
Ditech Financial LLC (rebranded from “ditech Mortgage” and "Green Tree Servicing" in 2015) was a provider of home loan, loan servicing and refinance products to consumers and institutional partners in the U.S.
Mortgage servicing rights (MSR) allow a third party to perform the day-to-day mortgage servicing duties in exchange for a flat fee, paid by the loan originator. This can and often does happen ...
Mortgage origination is the process through which the lender creates your loan. Steps in the mortgage origination process include getting preapproval, applying for the loan, waiting for loan ...
Mortgage servicer. A mortgage servicer is a company to which some borrowers pay their mortgage loan payments and which performs other services in connection with mortgages and mortgage-backed securities. The mortgage servicer may be the entity that originated the mortgage, or it may have purchased the mortgage servicing rights from the original ...
Reverse mortgage: A reverse mortgage is a loan taken out against your current home, in which a lender pays you monthly installments; these must be repaid, or the home surrendered to the lender ...