Loan Servicing

Loan Servicing – The process of handling a loan from its issuance through the end of the term. This consists of collecting payments, sending notices, and foreclosures. Most often, this function is not done by the same company who lent you the money.

  • Example: One of the big businesses that has boomed in recent years is loan servicing because that is the function of seeing a loan through the end of the term. Loan servicers collect monthly payments, and initiate foreclosure proceedings.
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