A servicer is a company or entity that handles the day-to-day management of a loan on behalf of the lender. This involves tasks such as processing monthly payments, sending billing statements, managing escrow accounts, and providing customer service to borrowers. Loan servicers also handle issues like payment changes, loan modifications, and default management. They play a crucial role in ensuring the smooth operation of loans throughout their repayment period. The servicer may not be the original lender but is assigned to assist in maintaining the loan.