What's the difference between a mortgage lender and a mortgage servicer?

Tip

To find out who your servicer is, check your monthly mortgage statement or payment coupon book. If you can’t find a statement or coupon, you can try the MERS® Servicer Identification System toll-free at (888) 679-6377 or visit the MERS® website . MERS® is a private company that maintains information about mortgage loans and servicers. Your loan servicer’s identity may be listed in the MERS® system.

After you’ve taken out a loan from a mortgage lender, it’s common for a different company to take over your loan as the mortgage servicer.

Your loan servicer typically processes your loan payments, responds to your inquiries, keeps track of principal and interest paid, and manages your tax and insurance escrow account (if you have one). The loan servicer can offer options if you are falling behind on payments as well as initiate foreclosure under certain circumstances.

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