Servicing of a Loan Law and Legal Definition

Servicing of a loan is defined as "receiving any scheduled periodic payments from a borrower pursuant to the terms of any loan, including amounts for escrow accounts and making the payments of principal and interest and such other payments with respect to the amounts received from the borrower as may be required pursuant to the terms of the loan." Brosnan v. Countrywide Home Loans Inc., 2009 U.S. Dist. LEXIS 92480, 10-11 (N.D. Cal. Oct. 5, 2009)