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Managing Mortgage Loans: There’s an App for That

Gagan Sharma, President and CEO of BSI Financial Services

Gagan Sharma, President and CEO of BSI Financial Services

DS News talks with Gagan Sharma, President and CEO of BSI Financial Services to discuss the company’s recent launch of its newest technological advancement.

BSI Financial Services, a Texas-based mortgage-centric financial services company providing mortgage servicing and special servicing, released a new mobile app that enables borrowers to manage their mortgage loans using tablet and mobile devices. The technology was designed and built in-house by BSI Financial software engineers.

Utilizing BSI Financial's mobile app, borrowers can verify loan payments, view transaction history, and identify future payment dates and amounts. They can also make one-time or ongoing loan payments using Automated Clearing House (ACH) functionality.

In addition, requests for loan verification and payoff statements can be made using the app, with the option of fax or postal mail delivery. The app also allows borrowers in default to monitor events and milestones in the loss mitigation process and communicate with their BSI Financial representative.

DS // What drove the creation of this app?

Sharma // First, over the last few years, we have been investing in technology to really re-think the servicing process—looking at automation, looking at processes. This part has been driven by our goal to enhance and change the borrower experience, and consumers are moving more mobile. We as individuals, as consumers do everything on a smartphone, and the most immediate trigger was a portion of our business that is around servicing—what we call business purpose loans—which is basically investors that are buying properties to either fix them to rent them, or to fix them to sell them. And when we were servicing the loans, those guys don't want to get on the phone, and they're usually out fixing the house. They don't have the time to get in front of a computer to check their payments or make their payments.

So our goal was: “How can we give them a quick tool, that no matter where they are, they are at a Home Depot buying supplies for their construction job, they can go online, check the balance, make their payments?” Our answer is through the app, where they can do all of that. That was the most immediate trigger for a type of portfolio, and more broadly the goal is consumers are doing more digital. They're doing more mobile. So how do we stay with them where they are?

DS // How does this app set itself apart from others in the market?

Sharma // I think the benchmark that we kept for ourselves was what the large servicers and the large entities are doing. We are a more midsize servicer, so the way we think about it is really benchmarking ourselves against what the big guys have done in terms of the ease of use, and the types of transactions.

I myself have a mortgage, right? So I look at what my mortgage company allows me to do. I said, "How do we basically create the same experience for our models that I get from my mortgage company?" That's really what we have done. Borrowers can check transactions, make payments, look at their monthly statements, and most importantly—communicate with us.

DS // What other strategies set BSI Financial Services apart from other companies? 

Sharma // What we are really focusing on is what we are calling the big data-driven approach. We ask: “How do we identify exceptions, how do we minimize compliance risks, how do we identify exceptions before they have a chance to become big problems, how do we minimize compliance risks, and how do we minimize borrower impact?” We’ve been using the data and analytics platform, which is a proprietary capability that we have built out.

We've brought in a lot of data—we are running probably over 600 business rules on that data every day to identify exceptions in our portfolio. We say they may be small exceptions, but how do we make for a perfect experience for our consumer, for our borrower, and therefore for the investor and the regulator? The next step as we're thinking about it is things like the process automation and other elements that— probably this time next year—you’ll hear us talk about.

About Author: Rachel Williams

Rachel Williams attended Texas Christian University (TCU), where she graduated with Magna Cum Laude with a dual Bachelor of Arts in English and History. Williams is a member of Phi Beta Kappa, widely recognized as the nation’s most prestigious honor society. Subsequent to graduating from TCU, Williams joined the Five Star Institute as an editorial intern, advancing to staff writer, associate editor and is currently the editor in chief and head of corporate communications. She has over a decade of editorial experience with a primary focus on the U.S. residential mortgage industry and financial markets. Williams resides in Dallas, Texas with her husband. She can be reached at [email protected].

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