loan servicing definition

loan servicing

Borrower's obligation entailing timely repayment of loan interest and principal according to the terms of the loan agreement. Diligent loan servicing is an important element in the creditworthiness of a borrower, and is duly recorded by the lending institution in the borrower's credit history, and in the credit report shared with other lenders.

loan servicing is in the Accounting & Auditing and Banking, Commerce & Finance subjects.

loan servicing appears in the definition of the following term: mortgage servicing

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