Kasasa and BSI Financial Services have partnered to roll out the Kasasa Mortgage – a product aimed at helping community banks and credit unions compete with larger banks.
Interest rates on the Kasasa Mortgage are competitive, but a special feature is a proprietary concept called a Take-Back. It enables borrowers to accelerate loan payments to reduce debt but provides the flexibility to take back all or part of the pre-paid amount if they need it.
“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,” says Chris Cohen, executive vice president, 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.”
BSI Financial will provide loan servicing for the mortgages. The company services loans using BSI ASSET360, a servicing platform that employs advanced analytics and proprietary technology to provide lenders with 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.
“We look forward to serving the needs of community banks and credit unions,” says 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.”
Photo: Christopher Cohen