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Finance Dictionary and Glossary of Investment Terms
Mortgage servicing
Definition 1.
e collection of monthly payments and penalties, record keeping, payment of insurance and taxes, and possible settlement of default, involved with a mortgage loan.
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Definition 2.
Administering a mortgage. Includes calculating principal and interest, collecting payments from the mortgagor, acting as an escrow agent, and foreclosing in the event of a default.
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