Kasasa, a financial technology and marketing provider, and BSI Financial Services, a technology-centric financial services company, have partnered to increase servicing speed and visibility of a revolutionary mortgage loan product that community banks and credit unions can market to their customers.
BSI Financial will provide loan servicing for community banks and credit unions offering the Kasasa Mortgage, a product that allows financial institutions to compete with larger banks on more than just rates, while creating value for borrowers and providing an innovative lending experience. It features a unique concept called a “Take-BackTM,” which provides borrowers the flexibility to accelerate loan payments to reduce debt but take back all or part of the pre-paid amount if they need it.
“We look forward to serving the needs of community banks and credit unions,” said Allen Price, Senior Vice President, Business Development for BSI Financial. “Our partnership with Kasasa enables us to advance a strategic initiative to leverage our capabilities, expanding service offerings to more lending segments.”
BSI Financial services loans using BSI ASSET360, a proprietary servicing platform that employs advanced analytics and proprietary technology to provide lenders unparalleled visibility into loan status and condition. It also enables BSI Financial to monitor and improve loan documentation through exception-based processing that relies upon daily reviews of 10,000 data elements for every loan in its servicing portfolio.
“Through Kasasa’s partnership with BSI Financial, we are enabling a greater number of local financial institutions to help their borrowers better understand their mortgage loan and get out of debt quicker,” said Chris Cohen, EVP, Product Management at Kasasa. “By offering the most consumer-friendly loan available today, community banks and credit unions can achieve higher yields without the additional risk and maintain their fair share of the market.”