There is sometimes confusion on the difference between the owner of a loan and a mortgage servicing company, also called a mortgage servicer or loan servicer.
- The Owner is the bank or mortgage company that originally lent you the money, or the entity that purchased the loan.
- The Servicer is the company that manages your loan. This might be the same company as the Owner, or it may be a different company. The mortgage Servicer collects your monthly mortgage payments, and initiates foreclosure proceedings when you stop making payments.