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Interesting. The (edit: one) meaning of "loan servicing" used to be only (edit: not only) paying - not (edit: also) collecting payments. https://ahdictionary.
by kgwgk 4y ago
Interesting.
The (edit: one) meaning of "loan servicing" used to be only (edit: not only) paying - not (edit: also) collecting payments.
https://ahdictionary.com/word/search.html?q=service https://ahdictionary.com/word/search.html?q=service
3. To make interest payments on (a debt).
- onlyrealcuzzo 4y agoThere's a difference between service payments and servicing / a debt servicer. IIUC, "service payment" comes from the fact that you are paying for a service - someone is providing you with debt as a service... The debt servicer.
- kgwgk 4y agoDefinitely there is a difference between paying and collecting payments! I was aware of "servicing a loan" as "paying the interests". But I've found that the "administrative" meaning also goes back many decades.
- zaroth 4y agoYeah it’s a bug for sure. ‘Loan service processor’ got shortened to ‘loan servicer’ which definitely steps on the toes of ‘debt service’. Someone should open a ticket.