Non-Performing Loan Servicer
From Open Risk Manual
Definition
A Non-Performing Loan Servicer is a specialized financial services entity that engages in certain stages of the Non-Performing Loan lifecycle. The primary objective of the Servicer is to collect payments and manage the non-performing credit assets on behalf of the entity that originated (or last held) these assets.
A Servicer is a Legal Person acting on behalf of credit purchasers and managing rights and obligations under a non-performing credit agreement such as payments collection or Renegotiation of the terms of the agreement.
Synonyms
- Special Servicer
Functions
- NPL Strategy
- Collections and Legal Procedures (Enforcement)
