Mortgage loan servicing is a process that involves collecting payments from borrowers and distributing them to lenders. Mortgage loan servicers also handle customer service, changes in loan terms, and foreclosures. As the industry has become more complex, servicers have increasingly relied on technology to automate processes and improve efficiency.
Servicing companies typically purchase loans from lenders, and then they service the loans for a fee. In some cases, servicing companies also originate loans. Mortgage loan servicing is a stable and predictable business, which makes it an attractive option for investors.
There are a few things to keep in mind if you're interested in entering the mortgage loan servicing industry. First, you'll need to have a good understanding of the servicing process and the relevant regulations. Second, you'll need to invest in technology to automate your servicing processes. And finally, you'll need to build strong relationships with lenders and borrowers.