An escrow agent is a neutral third party responsible for holding and managing funds or assets until predetermined contractual conditions are met, commonly used in real estate transactions.
Escrow Closing is a term used to signify the finalization of real estate transactions, particularly in states where deeds of trust are used in place of traditional mortgages. This process involves an escrow agent ensuring that all documents and funds are properly managed and disbursed.
Mortgage servicing involves the administration of a mortgage loan, including regular collection of payments, managing escrow accounts, tracking principal and interest payments, and administrating foreclosure procedures if necessary.
