Fitch Ratings has upgraded BSI Financial Services’ U.S. residential primary servicer rating for prime product to RPS3 and its U.S. residential special servicer rating to RSS3, citing the firm’s experienced management team, risk control environment and integrated servicing technology.
“We have significantly invested in people and technology since we received our initial ratings in 2013,” said BSI President and CEO Gagan Sharma. “We are gratified that Fitch acknowledges our investments and the positive effects they are having on our operations.”
BSI has added several high-profile business leaders with experience in servicing, compliance, technology and sales to its management team. In addition, it has accelerated its investment in proprietary technology to improve data integrity and quality control and enhance borrowers’ experience.
In 2017 BSI initiated a data integrity program that each day scores every loan in BSI Financial’s servicing portfolio for data anomalies. This exception-based process enables BSI to perform a QA audit on 100% of the loans it services every day.
Today, BSI services more than 50,000 agency and non-agency mortgages, provides component loan services and due diligence and is an approved servicer for Fannie Mae, Freddie Mac, FHA, VA and HUD, in addition to private investors.
“Our efforts to advance our technology and further refine our operations are ongoing,” Sharma says. “Innovation is at the core of our culture, and we are making daily progress on improving quality and efficiency.”