Definition of servicer in English:

servicer

noun

  • 1A person or organization that services something:

    ‘you will have to go to your car servicer for this’
    • ‘An authorized servicer is backed by the watch company, knows factory specified procedures for facilitating the repair, and will have the parts.’
    • ‘Others who have worked with him say he is unusual in being a brilliant organiser and client servicer.’
    • ‘The only service industries to remain onshore will be those where the servicer has to be physically close to the consumer.’
    • ‘This concept paves the way for numerous emerging capabilities, such as an onboard servicer or an onboard protector.’
    • ‘Meanwhile, in January 1999, FDA rescinded its compliance policy guide that had regulated third-party servicers of medical devices.’
    • ‘But having those documents ready when you call the servicer will help.’
  • 2North American An organization that collects debt payments on behalf of a lender.

    • ‘And we took the important step of releasing the details of our loan modification plan and Treasury guidelines for servicers.’
    • ‘The administration has earmarked $75 billion to help servicers reduce troubled borrowers' monthly payments.’
    • ‘In case of bankruptcy of the originator, there are no alternative servicers available easily.’
    • ‘Those the contracts that govern what a servicer can do working for the investors to service these loans.’
    • ‘A lot of lenders who originate mortgages actually sell them off to a servicer or to some other agency to service it later on.’
    • ‘He was previously president of Lombard, a wholly-owned Morgan Stanley non-performing loan servicer in Japan.’
    • ‘Starting in April, mortgage servicers began signing up for the program.’
    • ‘And we've had over a million letters mailed out to borrowers at risk who have not been in contact with our servicer.’
    • ‘In place of the bank lender, the master servicer now holds the power to rework the loans.’
    • ‘On top of the legal risks, reworking loans can be costly for master servicers.’
    • ‘Most of these pooling and servicing agreements give wide flexibility to servicers to modify loans.’
    • ‘Most of their loans are managed by firms called servicers.’
    • ‘A party called a "master servicer" manages the pools of loans.’
    • ‘The servicer is the company where you, the borrower, make your payment.’
    • ‘The current loan servicer is responsible for directing the foreclosure action.’
    • ‘And now there are actual financial incentives for servicers of loans to do more modifications.’
    • ‘But in today's troubled housing market widespread foreclosures will only maximize losses for servicers.’
    • ‘April marked the third straight month in which more than $2 billion of loans were transferred to special servicers, in a sign of continued market weakness.’
    • ‘To date, servicers have been reluctant to amend loans, saying they could be sued by loan investors who might be disadvantaged by the modification.’
    • ‘The partners are trying to work out a new deal with a "special servicer" who oversees the loan on behalf of the lenders.’

Pronunciation:

servicer

/ˈsəːvɪsə/