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.”