IRVING, Texas, Dec. 15, 2020 /PRNewsCentre/ — BSI Financial Services, a mortgage-centric financial services company, announced that S&P Global Ratings has affirmed the company’s Average ranking as a residential primary servicer and added the company onto its Select Servicer List.
In its review, S&P cited BSI Financial’s tenured and experienced management team, its capable systems and technology supporting its primary servicing responsibilities—including robotic processing automation—and its ability to grow its prime loan portfolio year-over-year as reasons for the ranking.
"We have stepped up our technology efforts to produce the highlights cited by Standard & Poor’s in their determination," said Gagan Sharma, BSI Financial president and CEO. "Our big data approach to loan servicing is producing favorable results for our clients and their customers, enabling portfolio growth while lowering servicing complaint rates."
BSI Financial employs Libretto, an AI-powered compliance engine from Bizzy Labs, to examine every loan in the company’s servicing portfolio daily, identifying loan file exceptions that result in exception reports that are routed to operations, administration, and onboarding teams for resolution. These reports are used in compliance testing to resolve loan-level exceptions, perform in time series analyses, and manage the firm’s data integrity program.
Over time, BSI Financial’s processes have resulted in an overall 80 percent error rate reduction in loan file exceptions accompanied by a 30 percent improvement in the number of loans serviced per employee.
About BSI Financial Services
Led by a seasoned team of financial industry professionals, BSI Financial Services provides mortgage servicing and special servicing, loan quality control, REO and asset management services, and life-of-loan performance reporting using advanced data analytics tools. Leveraging a 30-year performance track record, BSI Financial offers clients customized solutions using proprietary digital technology such as BSI ASSET360, an advanced form of RegTech. BSI ASSET360 provides daily reporting on loan condition using exception processing that applies 600 business rules across 10,000 loan-level data elements that are updated daily. With BSI ASSET360, clients have real-time visibility into loan status and performance, affording them choice and control. BSI Financial is approved as a servicer by Fannie Mae, Freddie Mac, FHA, VA, the Federal Home Loan Banks and several private investors, and is approved as an issuer by Ginnie Mae. BSI Financial’s business operations are located in Titusville, PA; Irvine, CA; and Irving, TX, where it also maintains its corporate headquarters. For more information, visit www.bsifinancial.com.
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SOURCE: BSI Financial Services