Mortgage servicing refers to the management of a mortgage loan after it has been originated. This includes collecting monthly payments from borrowers, managing escrow accounts for property taxes and insurance, and providing customer service to address any questions or concerns. Additionally, mortgage servicers handle the administration of the loan, which may involve sending out statements, managing late payments, and, if necessary, initiating foreclosure proceedings. They act as the intermediary between the borrower and the lender, ensuring that all aspects of the loan are properly managed throughout its term.