Finance
In South Carolina, what is 'mortgage servicing'?
ARepairing damaged property that secures a mortgage
BThe administration of a mortgage loan — collecting payments, managing escrow accounts, and handling defaults✓ Correct
CA service provided by the government to help borrowers
DThe origination of new mortgage loans
Explanation
Mortgage servicing is the ongoing administration of a mortgage loan after origination: collecting payments, crediting principal and interest, managing tax and insurance escrow accounts, sending statements, and handling delinquencies and defaults. Servicers are often different from the original lenders.
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