Escrow analysis reviews and itemizes expenditures and contributions to an escrow account, primarily conducted at the end of a calendar year, to project the following year's required monthly payments.
An escrow payment is part of a borrower's monthly mortgage payment that is set aside in an account to cover property taxes and insurance when they become due.
Loan servicing encompasses the administrative aspects of a loan from the moment the proceeds are disbursed to the borrower until the loan is paid in full. This includes the collection of principal, interest, and escrow payments, as well as handling defaults and foreclosures, if necessary.
A mortgage correspondent services loans for a fee, managing various aspects such as collecting payments, paying real estate taxes, ensuring property insurance, and others.
MERS is a corporation created by financial institutions to serve as a private alternative to public registration systems for mortgages, aimed at reducing recording fees and providing efficient management of loan information.
A repayment plan is an agreement between a lender and a delinquent borrower in which the borrower agrees to make additional payments to pay down past due amounts while continuing to make regular scheduled payments.
Special Servicing refers to a specialized department within a lender’s organization tasked with managing loans that are in default or are at risk of default. The primary objective is to resolve the issues, either through collection strategies or by reworking the loans to bring them back into good standing.
