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A mortgage servicer collects payments from the borrower on behalf of a loan's owner and typically handles customer service, escrow accounts, collections, loan modifications and foreclosures. Most borrowers do not choose their mortgage servicers. The owner of a loan frequently is not the original lender, even when the original lender is the servicer. The Consumer Financial Protection Bureau supervises U.S. payday lenders, mortgage companies and private student lenders. It also can write rules to supervise big lending companies.
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