Seaside National Bank will enhance its loan servicing delivery using technology from BSI Financial Services, a mortgage-centric financial services company.
Seaside will use BSI Financial Services’ loan servicing platform, which sits atop BSI ASSET360TM, an advanced analytics and reporting platform that provides daily quality assurance reporting on 100% of the loans in Seaside’s portfolio. BSI ASSET360 uses a business rules engine that reviews each loan using more than 600 business rules developed in collaboration with clients, investors and regulators. Loan exceptions are immediately reported to servicing teams for research and remediation.
This platform has demonstrated cost savings and loan quality assurance improvements that have yielded significant reductions in error rates in loan boarding and in borrower and regulatory complaints.
“We chose BSI Financial because we needed a boutique sub-servicer that has a good reputation and is willing to grow with us,” said David Robinson, Seaside’s Chief Credit Officer. “We found that in BSI Financial,” he added.
“We look forward to providing Seaside’s customers reliable and responsive service enabled by our technology,” said Allen Price, BSI Financial’s senior vice president for Sales and Business Development. “We’re excited to share the benefits of technology Seaside and its customers,” he added.
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 http://www.bsifinancial.com.