Mortgage servicer BSI Financial Services reports that it is now using an advanced analytics engine to monitor its approximately $10 billion servicing portfolio.
Using this in-house-developed, proprietary analytics tool, BSI can identify and resolve issues with loans before they become problems.
What’s more, the firm can push some of the functionality of this tool – dubbed BSI ASSET360 – out to investors so that they, too, can use it to monitor their loans.
Borrowers also benefit, as certain data sets monitored by the tool can be fed into the BSI borrower portal. Through the portal, consumers can instantly receive loan statements and documents as part of a new ePresentment capability, the firm says in a release.
By proactively focusing on loans with potential performance, compliance or customer documentation issues, BSI Financial is managing operating risk and improving loan quality with a high level of efficiency and effectiveness, the firm says in a release.
BSI ASSET360 checks the entire portfolio for nearly 500 exceptions every day. Such exception reports are routed to operations, administration and onboarding teams for resolution, the firm explains.
At the heart of this process is an exception-reporting engine developed using BSI Financial’s institutional knowledge, plus input crowd-sourced from clients, ratings agencies and auditors.
Today, BSI ASSET360 produces analytics based on a data warehouse that consists of a daily refresh of more than 10,000 data elements that have been standardized across all loans. This data is used in compliance testing, time series analyses and exception reporting, as well as to manage the firm’s data integrity program.
“BSI ASSET360 represents a smarter way to service loans,” says Gagan Sharma, president and CEO of BSI Financial, in the release. “I can look at every loan every day, and ASSET360 tells me where the exceptions are and allows me to catch exceptions much faster.”
“Having a common frame of reference takes the mystery out of servicing performance,” adds Jared Walsh, senior vice president of analytics and conversions at BSI Financial. “All the things we need to fix a loan are right in front of us.”