A more thorough explanation:

Definition: Mortgage servicers are companies that manage mortgages after they have been granted. The company that granted the mortgage may be the servicer, or they may pay or sell the mortgage to another company to service. Servicing the loan often includes managing payments, sending notifications, managing escrows, restructuring, and foreclosing on a mortgage. Mortgage servicers also must ensure that borrowers are periodically updated on the details of their loans and their rights as required by consumer protection laws.

Example: Let's say you take out a mortgage to buy a house. The bank that granted you the mortgage may sell your mortgage to another company to service. This means that the new company will be responsible for managing your payments, sending you notifications, and making sure you are aware of your rights as a borrower. If you have any questions or concerns about your mortgage, you would contact the mortgage servicer.

Explanation: The example illustrates how a mortgage servicer takes over the management of a mortgage after it has been granted. The original lender may sell or pay another company to service the mortgage, and the servicer is responsible for managing the loan and communicating with the borrower. This includes managing payments, sending notifications, and ensuring that the borrower is aware of their rights and responsibilities.