Mortgage servicing

A mortgage servicer is a company to which some borrowers pay their mortgage loan payments and which performs other services in connection with mortgages and mortgage-backed securities. The mortgage servicer may be the entity that originated the mortgage, or it may have purchased the mortgage servicing rights from the original mortgage lender. The duties of a mortgage servicer vary, but typically include the acceptance and recording of mortgage payments; calculating variable interest rates on adjustable rate loans; payment of taxes and insurance from borrower escrow accounts; negotiations of workouts and modifications of mortgage upon default; and conducting or supervising the foreclosure process when necessary.

Many borrowers confuse mortgage servicers with their lender. A mortgage servicer may be a borrower's lender, but often the beneficial rights to the payment of principal and interest on mortgages are sold to investors such as Fannie Mae, Freddie Mac, Ginnie Mae, FHA, and private investors in mortgage securitization transactions. Banking organizations often perform mortgage servicing not only for mortgages they originate but for others where they have purchased the servicing rights.

The problem with the supposed" Servicing" of the Investors' rights to collect under the terms of their Promissory Note, is that the Deeds of Trust were breached when the original lenders sold the Promissory Notes and then failed to reconvey their interest on the county records. This failure to record violated paragraph 23 of most form deeds of trust. One can also see that servicing contracts are not transferable from servicer to servicer, as the Lender aka Note Holder is required to advise the borrower of their purchase of the Promissory Note and advise them they have hired someone elsea "Servicer" collect the Periodic Payment. The seller of the Promissory Note and the Buyer of the Promissory Note are required to record a proper Assignment of the Debt and Reconvey of the prior owners' interest on the county records. This is not being done required of the county recorders or the Judges. One will notice within the Deed of Trust that the "Servicer" is only entitled to collect the "Periodic Payments". "Servicer" are never given authority to sell the Promissory Note or foreclose, this is how the system is rigged. Over the last several years the Judges and other court employees have decided the banks to be "too big to fail". What this means in practice is that the courts and the judges have literally stopped allowing private contract rights. The borrowers the rights to the terms of their own contracts are ignored and the Judges are literally assisting in wrongfully funnel the investors and borrowing publics' interest into a handful of top banks, not owed the debt, because they are "too big to fail". This is how the financial collapse is continuing. The public must learn that their Deeds of Trust are breached and the top bank they are paying are likely not owed the debt. The public must stand up to this land grab, and learn the terms of their own contracts.

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Wikipedia