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Glite Dictionary
🏦 A loan manager 🔧 A repair worker
servicer

servicer

22 6.4
A company that handles loans and collects payments from people who borrowed money
  • noun
  • /ˈsɜrvɪsər/
  • Specialized
translation icon : gestor de préstamos
  • Specifically, special servicers are typically paid a fixed fee of 2 bps of the balance each month.
  • special servicers
  • mortgage servicers
  • loan servicers

If it's not, you're going to be subject to whatever mortgage forbearance options your loan servicer has.

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Examples

  • If a loan becomes current and is returned to the master servicer, the special servicer is rewarded 1% of the loan balance.

    Academic text (2016)

  • There are three types of servicers involved in CMBS deals: master servicers, subservicers, and special servicers.

    Academic text (2016)

  • Simon notes that information passed on to mortgage loan servicers often is incorrect.

    Academic text (2004)

  • The foreclosure issues identified in September 2010 are not related to servicer compliance with HAMP guidelines.

    Blog text (18)

  • Fitch projects a high rate of re-defaults unless servicers start focusing more on long-term ability to pay.

    Blog text (7)

  • Given their expertise in handling troubled loans, special servicers are responsible for reducing the probability of foreclosure and mitigating loan loss severity.

    Academic text (2016)

  • Lastly, we consider the role of special servicers (unique to the CMBS market) in the foreclosure or loan modification process.

    Academic text (2016)

  • Your loan servicer will provide you with all the details about your mortgage payments.

  • If you have questions about your loan, reach out to your servicer for assistance.

  • The servicer will send you monthly statements to help you keep track of your payments.

Synonyms

agent bank
vsservicer
  • Specialized
6.3

A bank that manages loan payments and communication for other banks

is a company that handles borrower payments, accounts, escrow, and customer service

Surface Forms

servicer singular
servicers plural

Morphology

servicer = service (transparent) = service + er

A regular agentive formation: someone who 'services' (repairs or manages) is naturally labelled 'servicer', so learners familiar with 'service' will infer the meaning.

Etymology

Servicer comes from the verb serve, from an old Latin word servire meaning 'to serve' or 'to take care of'. A helpful way to remember the loan-company sense is to think of a servicer as a company that 'serves' the loan by handling payments and records, so the name shows they 'take care of' the loan for others.