➤ Loan servicing is the approach of a finance company to get payments, dividends, and (if required) escrow from loan defaulters. Moreover, the national loan servicing covers periodic payment collection, dispatching monthly bill statements, and tax collection and payment.
➤ Loan servicing includes sending monthly payment statements, collecting monthly payments, maintaining records of payments and balances, collecting and paying taxes and insurance (and managing escrow funds), remitting funds to the note holder, and following up on any delinquencies.
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➤ For example, if you have a personal loan, your loan servicing company is the one that sends you monthly billing statements, processes your payments, responds to your requests, and maintains your loan records.
➤ A loan is a sum of money that one or more individuals or companies borrow from banks or other financial institutions so as to financially manage planned or unplanned events. In doing so, the borrower incurs a debt, which he has to pay back with interest and within a given period of time.
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