Definition
Servicer
The company collecting your payments and managing escrow, which may or may not own the loan.
Nearby terms
Second Lien
A mortgage subordinate to the first, paid after it in a foreclosure and therefore priced higher.
Seller Concession
A negotiated contribution from the seller toward the buyer's closing costs, subject to programme limits.
Settlement Agent
The neutral party conducting the closing, disbursing funds and recording documents.
SOFR
The Secured Overnight Financing Rate, the benchmark index now used on most new adjustable-rate mortgages.
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