Mortgage companies are financial institutions that lend funds for purchases of residential and business real estate. The mortgage is paid back over time with interest until the loan is paid off and the purchaser owns the property. If the loan is not paid back, the mortgage company or loan purchaser can foreclose on the loan and sell the property to recoup their investment.
Some mortgage companies also service escrow accounts, may be involved in real estate services and transactions or broker and sell mortgage loans to other operations.