Glossary of Terms

Print Friendly, PDF & Email

Successor Servicer

An organization skilled in the servicing of financial transactions who agrees to assume the servicing obligations of a predecessor servicer if certain events of default occur with regard to the predecessor servicer. Typically, the Successor Servicer is first appointed the Backup Servicer and only becomes the Successor Servicer when so appointed by the investor, trustee or similar party after a predecessor servicer event of default.

« Back