BSI Financial Services

BSI Financial Services Reviews

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2.3 out of 5
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About BSI Financial Services

BSI Financial Services (NMLS #38078) is a loan servicer rather than a direct lender. It also works with five different lenders to help you get the best mortgage rate on a refinance. Many times homebuyers hear about BSI when their original lender sells their home loan to BSI.

    Pros & Cons


    • Online account management, including app
    • Assists with refinancing


    • Few loan details online
    • Works only with select lenders for refinancing

    Bottom Line

    BSI Financial Services is a loan servicing company that handles loan payments and borrower inquiries. You can manage your account online and also work through BSI to get a home loan refinanced; BSI has access to five lenders.


    BSI shows possible loan rates from up to five lenders once you complete its application. Rates change constantly based on market conditions and can fluctuate depending on your creditworthiness at the time of application. It is important to compare any rates you receive with the national average to ensure you aren’t paying too much.

    To get started refinancing a mortgage with BSI, click “Check out our mortgage rates” on its website. You can also call to speak with a company representative.

    Application process

    To get matched with one of BSI’s five preferred lenders, simply select “Apply for a loan online” from BSI’s front page. This link will lead you to an online application that requires you to input personal and financial information, such as:

    • Home loan details
    • Employer and income information
    • Assets and liabilities
    • Whether or not there will be a joint signer

    Before you begin BSI’s mortgage application process you can request an instant rate quote. This allows you to get an idea of how much you can save with a refinance before you formally begin an application.

    Loan types

    While BSI is not a direct lender, you can submit an online application for a refinance home loan through one of the five lenders it works with. You can contact BSI Financial Services for more information about the types of loans you qualify for, including conventional and government-backed refinances.


    BSI Financial Services provides existing customers with the option to refinance with a new lender. BSI Financial has access to five different lenders and will “choose the best deal for you,” according to the company.

    You can refinance your home loan for a variety of reasons, including:

    • To get a lower rate or monthly mortgage payment
    • Take out cash for debt consolidation
    • To switch from a variable rate to a fixed rate
    • Switch from a 30-year term to a 15-year term and save money over the life of the loan


    The best way to get approved for a refinance is to have a high credit score and a low debt-to-income ratio. Before shopping for your refinance loan with BSI, know what your budget will be. Knowing how much home you can afford will ensure that your mortgage payments are manageable.

    National mortgage requirements by type

    Min. credit scoreMin. down paymentCompare with other lenders
    Conventional Typically 620 Typically 3% Mortgage lenders
    FHA 500 3.5% with 580 credit score FHA lenders
    VA Set by lender (often 580) 0% VA lenders
    USDA Set by lender (often 640) 0% USDA lenders

    Costs and fees

    When you apply for a refinance loan through BSI, each lender will disclose all closing costs and fees. BSI reports that these are typical fees associated with new home loans:

    • Appraisal: $350 to $550
    • Broker price opinion: $75 to $125
    • flood certification: $8 to $16
    • Title search: $0 to $500

    If your loan is serviced by BSI, some fees you should be aware of include:

    • Late payment: varies based on loan and state law
    • Nonsufficient funds/returned check fee: $0 to $50
    • Pay-by-phone with servicing agent: $20
    • Pay-by-phone with interactive voice response system: $0 to $5
    • Scheduling a web payment after your grace period: Up to $7, plus late fee


    How does BSI Financial Services work?

    BSI is a loan servicer, not a direct lender. It handles mortgage payments and questions from borrowers whose loans have been transferred. You can use an online account to set up automatic or one-time payments, review loan history, request documents and interact with customer service representatives.

    Is BSI Financial Services legit?

    BSI Financial Services is a legitimate company that’s been in business since 1986. The company’s headquarters are in Irving, Texas.

    Where is BSI Financial Services available?

    BSI Financial Services is available in all states. In order to apply for refinancing through BSI, your existing loan must be serviced through the company.

    BSI Financial Services Reviews

    ConsumerAffairs has collected 477 reviews and 697 ratings.

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    Page 1 Reviews 0 - 10
    Customer ServiceStaff

    Reviewed Oct. 4, 2023

    BSI has to be the worst for updating their payment records. Whenever I give a payment, it may take a week or more before it is posted on my account and the payment taken from my bank account. I'm on auto withdrawal and there has been several times that the payment is not withdrawn from my bank account. I give extra payments and of course my next payment due date is several months ahead of my actual due date. When I call to inquire, I'm told that the payment is not due until several months later. I can't put through their little brain that I'm on auto withdrawal and the payment should be taken from my checking account on the first of every month regardless. Personally, I don't think that these people are qualified to do the job they were hired to do. A computer is only as smart as the person in putting the data. The only answer that I get from these morons is, " The payment is not due until December."

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    Customer ServiceStaff

    Reviewed Oct. 4, 2023

    This company is the worst to work with. They never respond to emails or calls that you make to them. They all lie and most of them know nothing about your account. I tried to get them to do my escrow analysis due to they have me overpaying for my insurance portion by $200 a month. First Maurice said it would be done the end of the month. When I called back Rosanna said it could not be done at all. Then the Manager Brandon said they would not do it until next year. He was extremely rude and when his manager, he said he doesn't have one. Which I find hard to believe.

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      Customer ServiceOnline & AppStaffLoan Process

      Reviewed Sept. 26, 2023

      I canceled my auto payment via their website and scheduled my mortgage payment for that same day via their website as that is the way I prefer to submit the payment. The payment was processed then come the first of the month the auto payment was also deducted resulting in two full payments (over $7,000) in one week. I called "customer service", and they informed me that the auto payment feature takes time to be deactivated (not indicated on the website). They offered to refund the second payment and informed me that it would take 10 business days to be refunded and it could only be sent via check in the mail. After not hearing or seeing the check after two weeks I called and was told their finance department would review it after 10 business days then send the check..

      The check never came, I called again, and they told me the check is shown as sent but all they can offer me was to wait 30 days after the check was issued and then they could void the check and send me a new one or just reapply the amount to my next mortgage payment. I waited the 30 days and was informed the check was void and now I needed to submit a letter stating that I want my payment applied to my account. Two days after the check was voided by BSI it was received in the mail in a second envelope with the initial check in another envelope that had been returned to sender as they mailed it to an old address that should not have been associated with my account. I emailed BSI the letter they requested and have yet to receive an email back after one week and three follow up emails. It has now been 47 days since I brought the issue to their attention. I have placed seven phone calls and have sent four emails and have yet to receive the resolution.

      My mortgage is due in five days and if the past issues are any indication of my payment being processed and applied to my mortgage, I do not have high hopes. Every "customer service" agent has not been helpful in any way other than telling me to wait for the next step which always has some arbitrary number of days associated with it until the next action can be taken. Then after that certain number of days there is also another piece of information not provided that needs to be submitted and then they have certain number of days to be processed. After every call with their "Customer Service" center I have received and email asking to rate my experience with that agent. Every time I have submitted a poor review and there is a question if I'd like a supervisor to call me about the issue. Every time I have submitted "Yes, please call me" but have never received any communication.

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      Customer ServicePunctuality & SpeedStaffTransparency

      Reviewed Sept. 21, 2023

      I called BSI on 9/20/2023 to ask if they had any options available because I was getting behind on my mortgage. The first person I spoke to told me I didn't have any options, then she asked me what is causing me to get behind. I started to explain and the call was dropped. I waited a few minutes but she didn't call back. I called back myself and spoke with a William. He told me I would not qualify for a Modification because my interest rate is at 2.75%. He said I could apply for a deferment but he doesn't think I will get approved. He told me that I couldn't keep applying and keep getting approved for the deferment.

      I had previously applied because I was coming out of a 3 month forbearance, at that time they told me I was not allowed to extend my forbearance. I was extremely disappointed in the way I was treated by both Reps. I felt no empathy. Why was I told I wouldn't get approved for deferment or a modification. They did submit the request for deferment because I insisted. Can you imagine how many other homeowners have been treated this way. My life has drastically changed due to Covid circumstances.

      About 1.5 years ago I got a call that my Father was ill in Washington and that his wife had Covid. I picked him up because his wife was ill in the hospital. She passed away and then I became responsible to care for my ill father. I had to quit my job to care for him full time. I eventually found out about IHSS and I receive a very small income. I have had to adjust financially. I have been looking for work because IHSS doesn't pay well. I must return to work. We figured out how I can get IHSS to care for my DAD while I go back to work but until I find a full time job, I need help if possible.

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      Customer ServiceSales & MarketingStaffTransparency

      Reviewed Sept. 13, 2023

      If this company has taken over your mortgage BEWARE. This company bought my mortgage from my previous servicer and it has been issues ever since. I have to get on the phone with them every month because even after paying my mortgage for the month somehow I'm always a month behind. My monthly payment has changed 3 times due to my insurance and tax increases that somehow never changed according to my statements from those providers at the end of the year. I have had some agents actually research and correct the issue only for the "system" to reverse my payments and place my account a month behind. They reported false claims of delinquency to the bureaus and everything is always escalated and you will be called back only to not hear from any agent again unless you are persistent in calling.

      The agents have attitudes and are always accusing you of not paying your bill. I even presented proof of payment from my bank and I was told they only go by their system but your system is missing the payments and the credits that were valid the month previously due to overcharging is now reversed and sitting in unapplied funds that can't be applied for some reason. Oh wait ma'am. No there aren't any unapplied funds and apparently no explanation for the disappearance of those funds. Each agent has a different explanation for everything. Plainly put I feel like this company is operating a scam and misappropriating funds that are being paid towards the mortgages they are supposed to service. I pray daily someone takes my mortgage from this scamming company.

      I requested to speak to a manager back in April, it's now September and NO ONE has contacted me. The one lady that finally figured out the issue and corrected it, is ironically no longer with the company. She discovered that I was to be sent a check that was never sent to me from an insurance claim so I had it applied to my account and paid the difference to make a full monthly payment, that money has now disappeared. Along with the previous credits and payment for a couple months before.

      HOW IS MY MORTGAGE NOT ONLY CURRENT AND A MONTH AHEAD ONE DAY AND THE NEXT DAY IT'S 2 MONTHS BEHIND? LITERALLY. And no one can answer that question. I don't understand how this company is still in business and allowed to continue to operate in such fraudulent and scamming business practices.

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      Punctuality & SpeedLoan Process

      Reviewed Aug. 31, 2023

      Please stay away from this fraudulent lender, they all trying to rip off their customers' money by lying, accusing to charging extra fees in anyway, their system is terrible, now I'm finding a way to escape from them, they dragged my credit score down, and I always paying extra $$ on the top of my loan payment by their lying accusing of being late payment,.

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      Customer Service

      Reviewed Aug. 30, 2023

      This is by far the worst mortgage company I have ever experienced. After THEY failed to pay the annual property taxes, mailed me a escrow refund check, then proceeded to double my monthly payment to make up for the error. I have been in contact with the multiple time via phone and email requesting the close the escrow account and I would pay directly. It has been 3 months and has not resolved. Despite multiple emails with the request (as directed to do) and directly mailing a written request to close the escrow they still claim to have not received the request. (Even though they cashed the checks that were with the notice.) I would never recommend this company or used them (my mortgage was sold to them). They are disorganized and do not respond to anything.

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      Reviewed Aug. 17, 2023

      I have had multiple issues with this vendor -- including most recently mishandling of my insurance and misallocation of funds. In the few years we have been with them, they have made at least a dozen errors on my account and their responsiveness to such is terrible. You have to leave a ton of messages and sometimes the "email us" button doesn't even work!

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      Punctuality & SpeedStaff

      Reviewed July 5, 2023

      PSI we got a little behind and they are not working with us. They are lying about the time they said that $675 payment we gave them went to late fees instead of a mortgage which they never told us about and I believe that late fees come at the end because it was paid as a mortgage payment. I see other reviews that they are doing unethical business. So for anyone who is interested I have contacted senator Ron Wyden's office in Oregon to have them investigated. Anybody who has something to say about this or has the same problems of the unethical practices of BSI please contact Senator Ron Wyden in Oregon and let's take these people where they belong out of business.

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      Customer ServicePunctuality & SpeedStaffLoan ProcessRates

      Reviewed June 23, 2023

      Updated on 06/23/2023: New comment on the situation from the previous review: the banking day is over. Just like I supposed, BSI Financial Services, who 'escalated the case' to 'provide me with the Payoff statement'... did NOT send me (their client) any Payoff statement that, as they said yesterday, they already have generated.

      The Customer Care told me that 'if you continue calling here, it will be harassment' ahahaha). So DEMANDING a piece of paper that you need urgently and that the company lies about for 17 days, and calling several times before the banking day is over is not welcome in BSI. Everything must be smooth and slow, I suppose. Relax, pay your mortgage (for the house you sold 10 days ago), don't worry, pay, pay, pay please. Don't call them. Pay. Pay more. Don't call. Ever. Don't ask for papers. Just pay. They don't earn if you payoff, so they prefer you to pay, not to pay-OFF.

      I found BSI's VP phone number (because they published an article that 'they CARE' and want to make their service better). But when you call this number - there's a voicemail. Well, I left a voicemail. No result. The same article has their Sales Director direct number published. Because they CARE. A voicemail as well. I left a voicemail. Zero result.

      DO. NOT. USE. BSI FINANCIAL SERVICES. EVER. McDonald's has a better service. Public toilets supervised by rangers 100 miles from any town have better service. God, Skid Row has more options to get the answers you need that their support. I am 100% positive that when the system is THIS broken, it's not a 'malfunction'. It's made on purpose. There are zero sane reasons for a mortgage company to NOT send a client a payoff paper in 1 (one!) minute if it's prepared, except for to delay the payoff and generate more profits for the company. I saw there's some amazing AVP responding to claims here. Hey, sir, you're welcome to:

      1) Make all my payments since June 13 ZERO (0.00 US DOLLARS, just to be clear. Because it seems to me BSI does not understand human language properly) because there is zero fault of mine you did not send the Payoff. All the money for the payoff is frozen on Title's account - I can provide you the Title's contacts for you to confirm this.

      2) Explain this mess to the public.

      Meanwhile starting Monday I'm planning to call every producer on the news/media I know to make a TV report about your super amazing, innovative and progressive corporation. Mess like this MUST be on air.

      Original Review: TLDR: For 17 days BSI can't deliver PayOff statement for me to payoff the mortgage and charges me money for the mortgage on the house I do not own already for over 10 days. I had a very small mortgage for my house. We got a buyer for the house, and the Escrow started preparing the deal, and requested a payoff statement from BSI Financial Services. They DID provide this statement, but the Closing date moved for 2 weeks, and we had to request a new Payoff statement with the updated pay-off amount. THAT's when their game started - and continues to this day.

      The Close Of Escrow date now became June 13, 2023. My Escrow company requested the payoff 5-6 days before that (because BSI asks 3-5 days to prepare the statement. This alone is super funny in the 21st century, in the age of computers: they need a WEEK to calculate a very simple formula, AND they charge you money for this). 1 day before the Closing my Escrow company contacts them again - and BSI says "we will fax you the statement". The fax never arrives.

      On the day of Closing my Escrow contacts them again. They "fax it again". Fax NEVER ARRIVES. Escrow tells the fax does not arrive, and BSI says they will email the statement (woah! Really? You use email in 2023?! Wow).. "till the end of the day". Funny. Needless to say - email never arrives. Neither to spam folder, nor to inbox - nowhere.

      On June 15 (the house is SOLD for 2 days already! ALL the money for payoff is frozen on the Title Company account) Escrow tries to get this Payoff again. BSI does not provide it. Today is June 23. TEN DAYS (!) after the sale. ALL the payoff money is frozen on the Title Company account. The Payoff paper is still not provided to any of us by BSI. BSI Financial CONTINUES TO CHARGE ME INTEREST EVERY SINGLE DAY. I am paying mortgage for the house I do not own + ALL the money for mortgage payoff are deducted already from my sale proceeds and 'frozen' :)

      BSI's 'Customer Care' center does not care at all. They informed me that they "escalated the issue". But it resulted in nothing. I asked to contact "Payoff department" - the response is "They do not take calls". That is ridiculous. Yesterday (June 22) I called them and they told me that the Payoff Statement is generated and "will be sent in the morning" (of June 23). I demanded a copy to be sent to myself (not just the Escrow). They recorded this note. None of us received anything from BSI.

      If they don't send us the Payoff Statement till 1pm PST, the banking day will be over and BSI will charge me interest for Friday, Saturday, Sunday and Monday. Well because the mortgage is still active. I they stretch it till July 1, they will charge me the mortgage monthly payment. So I do see what their profit is: they simply take my money every day while I can't payoff the debt because the title company tells me "we do not know the exact amount to pay off - we need this statement".

      ALSO a super, super, super funny thing that proves BSI's IT department is funny as well. When you are BSI's client, you have an online portal (myloanweb) you can log in and see your mortgage data. AND your payment statements. But: BSI does not publish "Payoff statement" on this site. They do generate them. They do charge for the payoff preparation. But this document is NOT uploaded to your very own online cabinet. Because: "We do not publish Payoff statements in your online cabinet, sorry" (very good reasoning).

      As you see - 1* is the maximum this company is worth, the true rating of their professionalism. It must be made a felony crime to make obstacles like that for the people to pay off mortgage. Meanwhile, enjoy paying them interest every day or THEIR slow and unprofessional work. I found the only way to fix this nonsense: I ordered title company to OVERPAY the loan amount with some $30-50 over our own calculation. But this is simply insane. SEVENTEEN days to make 1 (one) piece of paper.

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        BSI Financial Services Company Information

        Company Name:
        BSI Financial Services
        Company Type:
        314 S Franklin Street
        Postal Code:
        United States