Throughout the life of your mortgage, you will be making payments each month to the company that services your mortgage.
Responsibilities of a mortgage servicer
- Collect and process your monthly mortgage payments.
- Pay your property tax and homeowners insurance from your escrow account.
- Send you mortgage statements that detail what portions of your mortgage payments were applied to principal, interest, taxes and insurance.
- Notify you of any adjustments in your escrow payments to cover taxes and insurance in the coming year.