Seaside National Bank Selects BSI Financial to Provide Loan Servicing and Automated Quality Assurance
Nationally chartered commercial bank will leverage loan servicing platform powered by BSI ASSET360 advanced reporting and QA technology
February 7, 2020 –Irving, Texas – BSI Financial Services, a mortgage-centric financial services company, announced that Seaside National Bank has chosen its technology to enhance its loan servicing delivery. Seaside will use BSI Financial Services’ loan servicing platform powered by BSI ASSET360TM, an advanced analytics and reporting technology that provides daily quality assurance reporting on 100 percent of the loans in Seaside’s portfolio.
Seaside is a nationally chartered commercial bank headquartered in Orlando, Florida with offices throughout Florida. The company provides a complete array of private banking and commercial products and services as well as wealth management and insurance solutions.
“We’re thrilled to be providing Seaside’s customers reliable and responsive service enabled by our Asset360 loan servicing technology while also giving the bank daily, real-time visibility into loan status and performance,” said Allen Price, BSI Financial’s senior vice president for sales and business development. “We look forward to a long and successful relationship.”
BSI ASSET360 reviews each loan using more than 600 business rules developed in collaboration with clients, investors and regulators. Loan exceptions are immediately reported to servicing teams for research and remediation. According to company officials, the technology has demonstrated cost savings and loan quality assurance improvements that have yielded significant reductions in error rates in loan boarding and in borrower and regulatory complaints.
“We needed a boutique sub-servicer that has a great reputation and is willing to grow with us,” said David Robinson, Seaside’s chief credit officer. “We found that in BSI Financial and its advanced reporting technology, which provides us with complete life-of-loan management as well as the ability to lower costs and stay compliant.”
About BSI Financial Services
Led by a seasoned team of financial industry professionals, BSI Financial Services provides mortgage servicing and special servicing, loan quality control, REO and asset management services, and life-of-loan performance reporting using advanced data analytics tools. Leveraging a 30-year performance track record, BSI Financial offers clients customized solutions using proprietary digital technology such as BSI ASSET360, an advanced form of RegTech. BSI ASSET360 provides daily reporting on loan condition using exception processing that applies 600 business rules across 10,000 loan-level data elements that are updated daily. With BSI ASSET360, clients have real-time visibility into loan status and performance, affording them choice and control. BSI Financial is approved as a servicer by Fannie Mae, Freddie Mac, FHA, VA, the Federal Home Loan Banks and several private investors, and is approved as an issuer by Ginnie Mae. BSI Financial’s business operations are located in Titusville, PA; Irvine, CA; and Irving, TX, where it also maintains its corporate headquarters. For more information, visit www.bsifinancial.com.