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1 decided it made more sense to pay down more on the principal by making either biweekly or bimonthly mortgage payments.
By retaining servicing, in addition to servicing fees, the company is also now able to generate fee revenue from ancillary products, such as mortgage insurance and accelerated mortgage reduction plans like bimonthly mortgages, both of which are very popular products with borrowers, says Roy Briggs, Gateway's vice president of servicing.