Servicer Definition: Copy, customize, and use instantly
Introduction
The term "Servicer" refers to an entity responsible for administering, managing, or overseeing the servicing of financial assets, obligations, or contractual agreements. Servicers are commonly engaged in loan servicing, asset-backed securities, and structured finance transactions. Their duties often include collecting payments, managing escrow accounts, enforcing contract terms, and ensuring compliance with regulatory requirements.
Below are various examples of how "Servicer" can be defined in different contexts. Copy the one that fits your needs, customize it, and use it in your contract.
Definition of "Servicer" as loan administrator
This definition ties "Servicer" to loan management functions.
"Servicer" means the entity responsible for collecting loan payments, maintaining borrower accounts, and ensuring compliance with loan terms.
Definition of "Servicer" as mortgage servicing provider
This definition connects "Servicer" to mortgage administration.
"Servicer" refers to the party that manages mortgage loans, including processing payments, managing escrow accounts, and handling delinquencies.
Definition of "Servicer" as debt collection agent
This definition links "Servicer" to debt recovery.
"Servicer" means the entity appointed to collect outstanding debt payments and enforce repayment obligations on behalf of the lender.
Definition of "Servicer" as asset-backed security administrator
This definition applies "Servicer" to structured finance.
"Servicer" refers to the party responsible for administering and managing the financial assets backing a securitization transaction.
Definition of "Servicer" as third-party contract administrator
This definition ties "Servicer" to outsourced financial management.
"Servicer" means the third-party entity engaged to administer and enforce contractual obligations under a financing or leasing arrangement.
Definition of "Servicer" as loan portfolio manager
This definition connects "Servicer" to financial asset management.
"Servicer" refers to the entity responsible for overseeing and administering a portfolio of loans or credit obligations.
Definition of "Servicer" as payment processing agent
This definition links "Servicer" to payment facilitation.
"Servicer" means the party responsible for processing and distributing payments related to financial instruments or agreements.
Definition of "Servicer" as credit facility manager
This definition applies "Servicer" to managing credit arrangements.
"Servicer" refers to the entity engaged to administer and manage credit facilities, including handling disbursements and repayments.
Definition of "Servicer" as special loan servicer
This definition ties "Servicer" to managing distressed loans.
"Servicer" means the entity responsible for handling delinquent or non-performing loans, including foreclosure proceedings.
Definition of "Servicer" as escrow account manager
This definition connects "Servicer" to escrow administration.
"Servicer" refers to the party that manages escrow accounts, ensuring proper allocation of funds for taxes, insurance, and other obligations.
Definition of "Servicer" as custodian of financial assets
This definition links "Servicer" to asset custody.
"Servicer" means the entity responsible for safeguarding and administering financial assets under a servicing agreement.
Definition of "Servicer" as insurance premium administrator
This definition applies "Servicer" to insurance-related functions.
"Servicer" refers to the party that collects and remits insurance premiums on behalf of policyholders or lenders.
Definition of "Servicer" as trustee support agent
This definition ties "Servicer" to trust administration.
"Servicer" means the entity responsible for assisting a trustee in managing and enforcing obligations under a securitization trust.
Definition of "Servicer" as lease portfolio manager
This definition connects "Servicer" to lease management.
"Servicer" refers to the entity responsible for administering and enforcing lease agreements, including rent collection and maintenance oversight.
Definition of "Servicer" as structured settlement administrator
This definition links "Servicer" to legal settlements.
"Servicer" means the entity responsible for managing structured settlement payments and ensuring compliance with settlement terms.
Definition of "Servicer" as investor reporting agent
This definition applies "Servicer" to financial reporting.
"Servicer" refers to the party responsible for preparing and distributing investor reports related to serviced financial assets.
Definition of "Servicer" as commercial loan administrator
This definition ties "Servicer" to business lending.
"Servicer" means the entity engaged to manage and oversee commercial loan accounts, including collections and compliance.
Definition of "Servicer" as collateral monitoring agent
This definition connects "Servicer" to risk management.
"Servicer" refers to the entity responsible for monitoring collateral securing a loan or financial transaction.
Definition of "Servicer" as government-backed loan administrator
This definition links "Servicer" to public sector loans.
"Servicer" means the entity appointed to manage loans backed by government agencies, ensuring adherence to regulatory requirements.
Definition of "Servicer" as credit card payment processor
This definition applies "Servicer" to consumer finance.
"Servicer" refers to the party responsible for processing credit card payments and managing customer accounts.
Definition of "Servicer" as non-performing asset manager
This definition ties "Servicer" to distressed asset management.
"Servicer" means the entity engaged to handle non-performing assets, including recovery and liquidation efforts.
Definition of "Servicer" as financial compliance administrator
This definition connects "Servicer" to regulatory compliance.
"Servicer" refers to the entity responsible for ensuring financial transactions and accounts adhere to applicable laws and regulations.
Definition of "Servicer" as student loan administrator
This definition links "Servicer" to educational lending.
"Servicer" means the entity appointed to manage and collect payments on student loans.
Definition of "Servicer" as mortgage modification facilitator
This definition applies "Servicer" to loan restructuring.
"Servicer" refers to the party responsible for processing mortgage modifications and alternative payment plans.
Definition of "Servicer" as foreclosure and reo asset manager
This definition ties "Servicer" to managing repossessed properties.
"Servicer" means the entity responsible for handling foreclosure proceedings and managing real estate-owned (REO) properties.
Definition of "Servicer" as loan default administrator
This definition ties "Servicer" to default management.
"Servicer" means the entity responsible for managing defaulted loans, including negotiating repayment terms and coordinating collection efforts.
Definition of "Servicer" as loan payoff processing agent
This definition connects "Servicer" to loan payoff administration.
"Servicer" refers to the entity responsible for processing loan payoffs, issuing payoff statements, and closing borrower accounts.
Definition of "Servicer" as payment remittance agent
This definition links "Servicer" to funds distribution.
"Servicer" means the party that collects payments from borrowers and remits funds to lenders, investors, or other designated parties.
Definition of "Servicer" as property tax payment manager
This definition applies "Servicer" to property tax administration.
"Servicer" refers to the entity responsible for ensuring timely payment of property taxes from borrower escrow accounts.
Definition of "Servicer" as loan data and records custodian
This definition ties "Servicer" to data management.
"Servicer" means the entity responsible for maintaining loan records, transaction histories, and servicing documentation.
Definition of "Servicer" as revolving credit facility administrator
This definition connects "Servicer" to credit line management.
"Servicer" refers to the party responsible for managing disbursements, repayments, and compliance under a revolving credit facility.
Definition of "Servicer" as HELOC (home equity line of credit) manager
This definition links "Servicer" to home equity loan servicing.
"Servicer" means the entity responsible for administering home equity lines of credit, including billing, payment collection, and compliance oversight.
Definition of "Servicer" as asset recovery specialist
This definition applies "Servicer" to asset retrieval efforts.
"Servicer" refers to the entity engaged in locating, recovering, and liquidating secured assets in cases of default.
Definition of "Servicer" as securities portfolio servicing agent
This definition ties "Servicer" to investment management.
"Servicer" means the party responsible for overseeing and administering a portfolio of securitized financial instruments.
Definition of "Servicer" as litigation support agent
This definition connects "Servicer" to legal proceedings.
"Servicer" refers to the entity responsible for providing financial records, borrower data, and documentation in legal proceedings related to serviced loans.
This article contains general legal information and does not contain legal advice. Cobrief is not a law firm or a substitute for an attorney or law firm. The law is complex and changes often. For legal advice, please ask a lawyer.