Mortgage Service Provider

Mortgage Service Provider

An entity or individual engaged to handle or perform, for a Seller or Correspondent, part of the mortgage application processing, underwriting, funding or post-closing functions, but not any activities related to obtaining an application for a wholesale origination. This entity or individual is typically paid on a fee basis for services performed, with the payment of fees not being contingent on Mortgage approval or closing. Mortgage Service Providers include: Contract underwriters Contract processing firms Contract quality control services Escrow companies and settlement agents Contract document preparation companies