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Your mortgage lender is the financial institution that loaned you the money. Your mortgage servicer handles the day-to-day tasks of managing your loan. Your loan servicer typically processes your loan payments, responds to borrower inquiries, keeps track of principal and ...
You can get a mortgage from a wide variety of lenders, including commercial banks, thrift institutions, mortgage loan companies, and credit unions. You can also find a mortgage loan through a broker, who does not lend you the money but ...
Some financial institutions operate as both lenders and brokers, so you should ask whether a broker is involved in your loan transaction. Most brokers are paid a fee for their services on a specific loan. The fee may be in ...
The Nationwide Mortgage Licensing System & Registry (NMLS) maintains a database of licensed brokers. Additionally, you can usually check if a broker is licensed or if there has been an order of disciplinary action against the broker by checking with ...
Unless the lender denies your application, you should look for these four important documents either at or shortly after application: 1. Good Faith Estimate (GFE) disclosure. Generally, the lender is required to send to you the GFE within three business ...
State property records will show whether your lien is released. You can find information on property records by contacting your local Secretary of State or county recorder of deeds. After you pay off your mortgage, your lender should also return ...
A lender is a financial institution that makes loans directly to you. A broker does not lend money. A broker finds a lender. A broker may work with many lenders. Whether you use a broker or a lender, you should ...
If your loan is sold, then your lender must provide you with a loan ownership transfer notice. Just because your loan is sold does not mean that your servicing right is sold and that you will get a new servicer. ...
