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Loan Servicing
MAKING YOUR MONTHLY PAYMENTS
After the loan closing, the lender designated to perform the loan
servicing will notify the borrower(s) of the mailing address for payments. The
lender who services your mortgage will perform the following:
- Escrow Analysis: If the borrower makes monthly payments that
include impounds for property taxes and hazard insurance, the loan
servicing agent will analyze the escrow account periodically to assure
adequate funds are available for payment. Generally, borrowers
receive this analysis once a year. If there is a shortfall or
surplus, the servicer will make adjustments to the monthly payment.
- Interest Payment Notification
(1098): In January of each year,
the loan servicer will notify borrowers of the total interest paid on
the mortgage for the previous year.
- Loan Payoffs and/or Loan Assumptions: The loan servicer will
provide information on loan payoffs and loan assumptions.
- Customer Service: The loan servicer is required to provide
information to borrowers on their mortgage loans. Generally, the loan
servicer has a toll free number that borrowers may call for
information on such items as loan balances, interest paid,
amortization schedules, escrow balances, etc.
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