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I'm confused about this part: >A mortgage has a quirky little subcomponent called a Mortgage Servicing Right (MSR). Every month, it needs to collect money from
by SilasX 5y ago
I'm confused about this part:
>A mortgage has a quirky little subcomponent called a Mortgage Servicing Right (MSR). Every month, it needs to collect money from the borrower and send that money… somewhere. This implies, minimally, a mailbox where you can send checks, someone to open the mail, and a phone number with a CS representative who can answer questions like “What is my current balance?” and “Did you get the last check I sent you?”
I thought mortgage payments were mostly done electronically now?
- cortesoft 5y agoSure, but that still means someone has to operate the website, and they still need to operate customer service when it doesn't work.
- vulpes 5y agoI don't think there are any Mortgage Collectors that do not allow you to send a physical check that needs to be processed. Of course they'll encourage you to set up AutoPay, bank transfers, etc, since it makes their job easier with no benefit to you (same can be said about "paperless").
- ls612 5y agoPaperless and autopay online is absolutely a benefit to me, I have all of my records in a folder in my email and never forget a payment or make it late.