Finance
In New Mexico, what is the primary purpose of a 'mortgage servicing' company?
ATo originate mortgage loans
BTo collect monthly payments, manage escrow accounts, and handle borrower inquiries on behalf of the loan owner✓ Correct
CTo underwrite mortgage loans
DTo insure mortgages against default
Explanation
A mortgage servicer collects borrower payments, manages tax and insurance escrow accounts, processes payoffs, and handles default management. Servicing rights can be sold separately from the loan itself.
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