Mortgage Servicer in Dallas, Texas

How Do Mortgage Servicers Make Money?

Servicing loans requires a significant investment, but it’s also a way for servicers to generate income. They earn money through:

• Fees collected during payment processing
• Interest earned on escrow accounts
• Servicing fees from the actual loan owner

What About Auto-Drafts?

To make paying easier, most servicers offer auto-draft options. This allows you to set up automatic payments from your bank account each month, reducing the risk of late fees and helping you stay on top of your payments.

Can You Recast Your Loan?

A mortgage loan recast lets you apply a lump-sum payment toward your loan, reducing the principal balance and monthly payment. While this doesn’t shorten the loan’s term, it does help improve your monthly cash flow.

Why Won’t They Talk to My Spouse?

Mortgage servicers only communicate with the person listed on the loan note. If the loan is solely in one spouse’s name, the servicer won’t provide details to the other spouse, even if they’re on the home’s title. We know this can be frustrating, but it’s due to compliance rules.

How Do You Manage Escrows?

If you want to add or remove escrows (like taxes or insurance), reach out to your servicer directly. They can guide you through the process and explain any requirements or fees.

Need Help With Your Mortgage Servicer?

If you’re facing issues, we’re here to help—at least as much as we can! While we can’t change your servicer, we can offer guidance and tips for managing common issues. Reach out to the Mortgage Mark team if you have questions or just need to vent!