S&P Ranks BSI Financial Services As A Residential Primary Servicer
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.
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