BSI Financial Services

BSI Financial Services Reviews

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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

    Pros
    • Online account management, including app
    • Assists with refinancing
    Cons
    • Few loan details online
    • Works only with select lenders for refinancing

    Rates

    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.

    Refinancing

    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

    Requirements

    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

    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

    FAQ

    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

    Stars Rating

    • 10%
    • 15%
    • 6%
    • 2%
    • 68%

    Popular Mentions

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      How do I know I can trust these reviews about BSI Financial Services?
      • 4,464,628 reviews on ConsumerAffairs are verified.
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      • We use intelligent software that helps us maintain the integrity of reviews.
      • Our moderators read all reviews to verify quality and helpfulness.
      Page 1 Reviews 0 - 10
      Verified purchase
      Customer ServicePunctuality & SpeedStaff

      Reviewed June 13, 2024

      They say that there are no early pay off fees. Then why has it cost me roughly $400.00 to pay off the loan years before it would mature? The agents can't answer that question, they say that there are other fees related to paying off the loan. No Fees are no fees, the $400.00, they say, is explained on the payoff documents, but they won't send them to me??

      Customer ServiceStaff

      Reviewed June 6, 2024

      This company recently acquired my mortgage, and they are awful. I called with a question about the transition of my auto pay and the person was incredibly rude and clearly had no interest in doing their job well. Website works easily enough, so hopefully I never need to interact with their personnel again.

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        Punctuality & SpeedLoan ProcessRatesTransparency

        Reviewed June 5, 2024

        MORONS! I have been begging for an explanation as to why they show me at least $3000 behind on my mortgage but get letters that my mortgage went up $ 40 and I need to pay that. The check from my bank will get there about the 12th and I am begging them to take the money around the 25th! I was denied a good rate consolidation loan a few months ago because they show me consistently late on my house payment. I've never been late. When will the next class action lawsuit begin? One was settled in 2019.

        Customer ServiceStaffLoan Process

        Reviewed May 16, 2024

        I am on the phone with a representative right now due to receiving a letter with my home address on it with someone else's name on it! The representative is not able to tell me why this happened but says it was a system error. The correspondence sent a week ago had my name on it so I am not sure what is going on! On top of that, they have my personal residence listed as a rental property! I was floored! The male representative last week said that he will make a note that this is a primary residence! Unbelievable! My loan was transferred to BSI on 4/4/24 and it has been nothing short of a nightmare since! NONE OF THE REPS KNOW WHAT THEY ARE DOING! Avoid them at all cost!

        Customer ServiceStaffLoan Process

        Reviewed April 13, 2024

        Horrible experience every step of the way. Do you have any questions about your account? Too bad. The customer service representative at the toll free number won't be able to answer it. Have 48 hours to wait? Great! They'll assure you someone will call you then. Like being disappointed? Even better. Because you will be as the phone call will never come. Like sending emails? Sure! Try that route. But, don't worry. You don't have to sit and wait for a response to come. Because it never will. Like receiving a monthly mortgage statement? Who doesn't! Not with BSI. You'll be lucky if you get one, once per quarter, or on any random month they choose to send one to you, if at all. If there is ANY other company you can do business with. Use ANY other company.

        Customer ServiceTransparency

        Reviewed April 9, 2024

        Hello, the customer service is really terrible. I have never had a company refuse to give me a pay off quote or allow me to pay off a loan before. They require 3-5 business days to email it to you. Every other financial institution gives it to you or has an automated option to get it instantly and is more than willing to take your money. Steer clear from this company!!!

        Customer ServiceStaff

        Reviewed April 3, 2024

        If you like being demeaned, ignored and gaslighted, all over a mortgage… this is the place for you.. they have these specialists that work there and they have minimal education, probably no more than highschool/ged to qualify for they job…. As a result, their policies change every month, their word changes more often than that. It seems they do things off the hip, while having no education.. Messing up the procedure and then blame everyone and everything else except for their attempt to get some type of satisfaction. I swear they put off answering your calls to put you in a bigger bind, then bask in watching you try to figure it out as they sit back and lift a paperclip.

        Customer ServiceLoan Process

        Reviewed April 3, 2024

        I will note that I did not select this mortgage company. My mortgage was sold to them by my original lender. BSI is extremely unresponsive and unprofessional. The only way you will get a response form this company is if you file a BBB complaint against them. Even then it will take several months for them to respond. I canceled autopay and removed my banking information because I was selling my property and was instructed not to make a final payment to them. BSI still charged my bank account without my permission, complicating the closing of my home. Further, they routinely undercharged my escrow account for taxes leading to several thousand dollars of a deficit in my escrow. BSI knew what my property taxes were and still did not charge enough in escrow. If your lender sells your mortgage to them fight it at all costs because you will be in for the worst mortgage experience possible.

        Jennifer

        i had the same problem, thats why i sold my house because of them just to get rid off of them, even in the last final bills they sent to me, they still over charge for escrow and interest fee higher than usual , better call to report to BBB or try to stay away from this scammer

        Customer ServiceLoan Process

        Reviewed Feb. 4, 2024

        My wife and I are retired. We purchased a retirement home in a plus 55 community and put down more than 50% on a conventional loan. Unfortunately, after 1 year ownership, BSI bought out our loan. Both my wife and I have former marriages and have bought numerous homes together and separately in our lives. Never have either one of us have had the miserable experience and massive amount of aggravation than from BSI. No one answers the phone when requesting a supervisor or higher manager, or responds to emails. They hit us every year with escrow shortages when money is in the account and raise the monthly loan payment by 10-20.00. We have had these nabobs for 3 years now and it's pure hell to deal with them. Now I'm taking the initiative to stop the homeowners ins and taxes and to stop automatic payments. Do not use this company or let any loan person use this company. They are scammers!

        Jennifer

        can someone report this website scammer to FBI for investigation? since they re cause for lot of people losing money and affecting too much into our loan? the customer service dont like to hear complaints from customer they even hung up the phone and dont do anything, supervises is a joke

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        Customer ServiceLoan ProcessRates

        Reviewed Jan. 25, 2024

        I would avoid this company at all costs. We would have refinanced and gotten rid of this loan by now, but rates are too high. This company messes with your account, they can’t explain escrow issues, they continue to rack up fees instead of just being helpful and getting the issue figured out. The calls get mysteriously disconnected *all the time* and nobody ever calls you back. Nobody emails us back. At some point, this company should be held accountable for what they do to their customers. I was a realtor. I would never recommend this company to anybody in fact, my advice to you is to run in the opposite direction. It doesn’t matter if you are three days away from closing, if this is the company, who’s going to take over your mortgage, do not do it.

        Before you decide to work with a local lender, find out who they partner with because BSI is a partner company to the local lender that we used for our home loan. They didn’t sell our mortgage - BSI is the sister company to our local lender. So be careful who you choose. We put in a request for an escrow analysis, two weeks ago, and never heard back from anybody. We called again two days ago, she said the request never been submitted so she was going to do it… Well, guess what. The phone call dropped, and nobody ever called us back. In addition to that, we have emailed them multiple times with proof that our taxes were reassessed and dropped back down, and they couldn’t care less. Nobody responds, it’s like trying to talk to a wall. I am astonished that this company is still in business. You would be better off using a company like Rocket Mortgage - and I never recommended them for my clients.

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          BSI Financial Services Company Information

          Company Name:
          BSI Financial Services
          Company Type:
          Public
          Address:
          314 S Franklin Street
          City:
          Titusville
          State/Province:
          PA
          Postal Code:
          16354
          Country:
          United States
          Fax:
          8142171366
          Website:
          www.bsifinancial.com