What is Mortgage Lending?
Mortgage Lending is a service provided by banks or financial firms that focus on originating and servicing property loans for retail (i.e., individuals or families) clients. Mortgage lenders assess borrower eligibility before accepting any loans so as to mitigate potential defaults. Even though failure to repay mortgage loans allows the lender to recover the property from the debtor, the foreclosure process can be very costly for the lender. Activities carried out within a typical mortgage banking, or mortgage lending function include application processing, borrower data collection and management (W-2 forms, tax returns, etc.), property appraisals, credit reporting, loan underwriting, collateral and account management, foreclosure/loan default management, customer service, and secondary market mortgage loan sales.
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