Fiserv (FISV), a leading global provider of financial services technology solutions, announced today that BSI Financial Services (BSI) has selected its LoanServ platform.
BSI, based in Irving, Texas, is a business process outsourcing provider specializing in mortgage subservicing, default management, loss mitigation, due diligence, Real Estate Owned (REO) and quality control services. By replacing its previous banking system with LoanServ from Fiserv, BSI will be able to automate many of its manual processes and provide enhanced default management capabilities and other services to its clients.
After being acquired by an investor group in 2006, BSI has evolved as a lender/servicer to become an exclusive service provider and outsourcer to its clients. The company's selection of LoanServ strengthens this business model. Additionally, BSI needed an advanced technology platform to support unprecedented growth due, in part, to a trend toward subservicing and the need for expanded services relating to default management, loss mitigation and due diligence.
"As a subservicer, being able to market a state-of-the-art solution to our diverse client base had become critical," said Gagan Sharma, President and Chief Executive Officer, BSI. "We determined that LoanServ from Fiserv was the best solution to accomplish our goals. Not only will LoanServ enable us to provide our clients with more options, but it will also be an extremely flexible solution that allows us to tailor our services to each of our client's unique business needs."
The role of a servicer and how loan servicing is handled continue to change at a rapid pace. Since the company supports clients of all sizes, and services diverse loan portfolios, BSI needed to expand its servicing capabilities. Using LoanServ, BSI can offer its clients highly customizable, private label sub-servicing and interim servicing and a more effective and efficient solution.
"Partnering with BSI is a testament to the breadth and depth of the LoanServ solution," said Kevin Collins, president, Lending Solutions, Fiserv. "BSI serves more than 180 organizations ranging from Wall Street securitization groups to banks, credit unions and mortgage lenders, and we feel confident that Fiserv can help them drive additional value to each of those clients."
LoanServ is available to help automate all loan servicing processes, including integrated default management and collections, cashiering, escrow and investor accounting for both closed-end and revolving loans. With the LoanServ solution, data transactions are available online, in real-time so lenders don't have to contend with the limitations associated with an end-of-day batch processing cycle.