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Illinois Real Estate Exam

Category - Vocab

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Which of the following is not part of loan servicing?

Processing payments and sending statements
Managing the escrow account
Handling pay-offs and assumptions
All of these are parts of loan servicing

Explanation

Answer: D - The company you make your loan payments to is “servicing” your loan by processing payments, sending statements, managing the escrow account, providing collection efforts on delinquent loans, making sure insurance and property taxes are made, handling pay-offs and assumptions and other services.

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Illinois Real Estate Exam

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Illinois Real Estate Exam

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