What is the responsibility of a mortgage Servicer or Administrator?

The role of a mortgage servicer or administrator primarily involves managing the ongoing relationship between the borrower and the lender after the initial mortgage has been secured. This includes receiving and processing monthly mortgage payments, managing escrow accounts for property taxes and insurance, and handling communications regarding the loan.

By overseeing these functions, the mortgage servicer ensures that the loan is properly managed throughout its life. They also play a pivotal role in maintaining accurate records and facilitating the resolution of any issues that may arise, such as payment delinquencies.

The other options are typically outside the scope of a servicer's responsibilities. Initial mortgage funding is handled by lenders or financial institutions, property maintenance is the responsibility of the homeowner, and appraisal services are generally performed by independent appraisers rather than the servicer, who focuses instead on the administrative and management aspects of existing loans.