Well, a company that services your mortgage, but, not for you, for the mortgage company.
Everything is outsourced these days. Mortgage companies provide the money, but frequently hire another company to keep track of that money. To recalculate monthly payments in Adjustable Rate Mortgages, keep track of taxes and insurance, and allocate the payments between principal and interest.
In return, the servicer gets a flat rate, according to the contract between it and the mortgage company.
That flat rate fee is paid, of course, by you, out of the interest you pay on your mortgage.
Your mortgae payment uniformly is sent by you to a lock box operation.
You mail the payment to a P. O. Box. Low paid workers there open the envelopes, put the checks and money orders in one pile, and throw everything else in the trash.
That is why you get no response if you put a question in with your payment, or send anything but money to that payment address.
Click here if you want to order a FREE copy of my book, The Consumer’s Guide to Defending Foreclosure.
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