It is common for the company that you the money to be different from the one that collects your payments later.
: The decision-maker who assesses risk and ultimately approves or denies the loan based on your credit, income, and assets. Lender vs. Servicer who is the lender when buying a house
Inside a lending institution, you will typically interact with a specific team: It is common for the company that you
When buying a house, the (or mortgagee) is the financial institution that provides the funds needed to purchase the property . They evaluate your financial health, approve your application, and deliver the capital at closing. Types of Lenders Servicer Inside a lending institution, you will typically
: Specialized mortgage companies that operate without a full banking license, often providing a streamlined digital experience (e.g., Rocket Mortgage or Better.com).
: Large, federally insured institutions (like Chase Bank or Bank of America ) that offer traditional mortgages alongside checking and savings accounts.
: The administrative expert who prepares your file and verifies your information.