Who Are the Top 10 Mortgage Servicers?
Understand the key entities responsible for the day-to-day management of your home loan.
Homeowners often focus on securing a mortgage loan, but the company managing that loan day-to-day plays a continuous role throughout the life of the loan. This ongoing management is known as mortgage servicing. Understanding who services a mortgage loan is important for homeowners, as this entity is the primary point of contact for payments, inquiries, and any financial adjustments.
Understanding Mortgage Servicing
Mortgage servicing involves the administrative tasks associated with a mortgage loan after it has been originated. The mortgage servicer is distinct from the original lender and the investor who owns the loan. This servicer acts as an intermediary between the borrower and the loan owner.
Servicer tasks include collecting monthly mortgage payments, maintaining records of principal and interest paid, and managing escrow accounts. Escrow accounts hold funds collected from borrowers for property taxes and homeowner’s insurance premiums, ensuring these obligations are paid on time. Servicers also handle customer inquiries, process loan modifications for borrowers facing financial hardship, and manage foreclosure proceedings when necessary.
Identifying the Top Mortgage Servicers
The mortgage servicing landscape includes a range of companies, from large banks to non-bank financial institutions. Servicer rankings can fluctuate due to market dynamics, acquisitions, and changes in loan portfolios. According to recent industry reports based on primary servicing volume, which measures the total unpaid principal balance of loans directly managed, certain companies consistently rank among the largest.
As of the end of 2024, Mr. Cooper managed a portfolio of approximately $1.52 trillion in unpaid principal balance. Lakeview Loan Servicing held an MSR (Mortgage Servicing Rights) owner position, with an estimated $759.20 billion portfolio by the end of 2024. JPMorgan Chase maintained an MSR portfolio of about $978.56 billion at the close of 2024.
Other large servicers include Freedom Mortgage, which saw a double-digit percentage increase in its portfolio during 2024, having an owned servicing portfolio of $506.78 billion in the first quarter of 2024. PennyMac Loan Services had a portfolio of $617.42 billion in the first quarter of 2024. Rocket Mortgage and Newrez also experienced growth in their servicing portfolios during 2024.
While some servicers like Cenlar, Dovenmuehle, U.S. Bank Home Mortgage, and Wells Fargo saw their portfolios decrease, they still represent servicing volumes within the industry.
Navigating Your Servicing Relationship
Homeowners can identify their current mortgage servicer by reviewing monthly mortgage statements or payment coupon books. These documents indicate the company responsible for collecting payments and handling loan-related inquiries. If this information is unavailable, resources like the Mortgage Electronic Registration Systems (MERS) website or its toll-free number can help identify the servicer. Contacting the original lender may also provide details.
Mortgage servicing rights can be sold or transferred between companies. Federal regulations require notifications to be sent to the homeowner when a transfer happens. The company transferring servicing must provide notice at least 15 days before the effective date, and the new servicer must send notice no more than 15 days after. These notices can be combined into a single communication, provided it is sent at least 15 days before the transfer takes effect. The notification includes the effective date of the transfer, contact details for both the old and new servicers, and the dates when each servicer will accept payments.