To help sort it all out, we’ve drawn up a cast of characters. Let’s start with the basics:
Loan Originators/Mortgage Issuers –Banks make mortgage loans to homeowners, which homeowners must repay. The home serves as collateral in case the borrower defaults on the mortgage.
Mortgage Servicers – Mortgage servicers collect mortgage payments and foreclose on delinquent loans. These are usually the nation’s biggest banks, which all have mortgage servicing units.