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DictionaryLoans
The loan servicer is the company that sends you your mortgage statements and handles the day-to-day tasks of the loan: it processes your payments, answers your questions, keeps track of principal and interest paid and manages your escrow account, if you have one. It can also offer options if you fall behind and, in certain cases, start a foreclosure.
In Spanish it is
Administrador del préstamo
Also written as: mortgage servicer · servicer
It may be the same company that lent you the money or a different one, and it is common for another company to take over the loan after closing.
A few months after closing, Rocío gets a letter: her loan is moving to another servicer. She reads the letter and her statement to find out who to pay next and where to send the payment.
You will rarely see this word alone. These are the ones that show up with it on the same papers.
A HUD-approved housing counselor can walk you through it. Agencies usually charge little or nothing, many work in Spanish, and they do not sell you anything.
We sum up what these official sources say, in plain words. We add no rules they do not state; when a rule changes, the definition and its date change.
