The full explanation
After closing, it is common for another company, the loan servicer, to collect your payments and keep track of the loan; it may be the same company that lent you the money or a different one. On the Loan Estimate, the lender's name appears on the first page, and the last page lists it as "Lender" with its NMLS or license number.
An example
Mario asked three lenders for a Loan Estimate: a bank, a credit union and a mortgage company. He compared the three offers before choosing.
You will see it in…
- The Loan Estimate, page 1 (lender name) and page 3 (“Lender”)
- The Closing Disclosure and the promissory note
- Our loan comparison tool
