BSI Financial Services

BSI Financial Services

 3.8/5 (747 reviews)

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Overall Rating3.8 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

    Pros

    • Online account management, including app
    • Assists with refinancing

    Cons

    • 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.

    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

    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

    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

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    Page 1 Reviews 0 - 10
    Verified Reviewer
    Original review: April 21, 2023

    Updated on 4/27/2023: I posted my review and did get a quick response saying, "We apologize and it would be looked into. Please provide your info." I provided my info and now it's been 2 days and nothing. I have emailed from the website over 3 times and nothing either. Please email me back. I was told I would receive my refund end of March and it's now almost May.

    Original review: I have emailed this company multiply time and never once got a response. I was told I only when I logged onto website that I should receive a escrow refund almost a month ago and still haven't received it. This seems like it is happening to a few customers I see reading these reviews. I'm hoping I can get a response back as well as the refund I am owed.

    BSI Financial Services response

    Hi Charles,

    I am sorry to read about your negative experience regarding your escrow refund. I would be more than happy to assist you. Please PM your account number, property address and the best contact number.

    Daniel Montez,

    AVP

    Be the first one to find this review helpful
    Verified Reviewer
    Original review: April 12, 2023

    I did a recast the beginning of the year. (This is when you put extra money towards your mortgage and the payment is recalculated). They have been a mess, they continue to send me late payment notices. I have called multiple times. Every time I call someone tells me they fixed the issue but it isn’t fixed. On my login page today it states I am behind. I have also tried the email function from their site and no one responds. Bad experience, seems like they don’t have the resources to operate with any efficiency. This is still not resolved after 90 days.

    BSI Financial Services response

    Hi Patrick,

    I am sorry to read about your experience with BSI. I'd like to know more about this matter. Please send me your name, account number, property address, and best contact number.

    Thank You,
    Daniel Montez

    AVP

    Be the first one to find this review helpful

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      Verified Reviewer
      Original review: April 5, 2023

      It clearly seems as if I can never get in touch with a manager or anyone!!! This has been far more the worst company ever and I will plead for you all to avoid it in all cost! With the fact that they gave me someone else's SSN, loan information and personal details and when I confronted them about it, they told me that it was a "Jane Doe/John Doe." I called the person's phone number and this was their legit information. After explaining to the supervisor that I feel unsafe of giving my personal information over to the representative, she purposely did not send my documents over and cause my house to go up under foreclosure and now she won't answer the phone! Definitely going to seek an attorney because this is not right!

      BSI Financial Services response

      Hi Caroline,

      I am sorry to read about your experience with BSI. I'd like to know more about this matter. Please send me your name, account number, property address, and best contact number.

      Thank You,
      Daniel Montez

      AVP

      2 people found this review helpful
      Verified Reviewer
      Original review: March 19, 2023

      My Mortgage loan was just sold to BSI Financial Services.. I made a mortgage payment that was mailed out on March 8th, today is March 19th..They have not cashed my check.. I just received a letter from BSI Financial Services stating to me that my loan is behind.. My loan is NOT LATE!!.. As this company is violating Federal Law.. As under FEDERAL LAW, during the 60 day grace period anytime your loan is sold off to another servicer you have a grace period and there is to be NO LATE FEE charged.. I do not want my credit ruined on behalf of this company.. I pay on time and never had a problem with my previous loan servicer.. This company will be hearing from me. I will not let this go.. I will see fit that they do not mis-treat me and violate laws with me.. !!! I am extremely upset and they messed with the WRONG PERSON.... Based on the other reviews I have read about this company they need to go out of business.. They CANNOT DO THIS!!!

      BSI Financial Services response

      Hi Mimi,

      I am sorry to read about your experience with this situation. I'd like to know more about this matter. Please send me your name, account number, property address, and best contact number.

      Thank You,
      Daniel Montez

      AVP

      Be the first one to find this review helpful
      Verified Reviewer
      Original review: March 6, 2023

      Originally Ethic had our loans, they sold it to BSI, problem is. Only one made it to BSI. I would ask and ask and ask and ask about the second loan. BSI didn't know, Ethic stonewalled me. Eventually we get a letter that the loan is overdue. I call and say I don't see it on my account and you never contacted me like you said you would when you got it from Ethic. I was told they didn't have to and that I would need to create a second account for the second loan. How was I supposed to know this? I guess magic. Time passes and I'm trying to get this loan in good standing. They even sent me a letter saying to call Joseph **. I HAVE, many times. I get nothing but voice mails and funny thing is the voice mail goes to a completely different extension than the one on the letter.

      I tried emailing them through their own website...Nope. I googled how to contact them and I tried emailing them directly...Nope. Now I know this sounds like I'm making this up but put it this way, my credit is good/great, I pay all my bills on time INCLUDING THE OTHER BSI LOAN so why would I just not pay this one. Oh and besides I'm not the one who had to settle with The Consumer Financial Protection Bureau for violated the Consumer Financial Protection Act of 2010, the Real Estate Settlement Procedures Act, or the Truth in Lending Act for its shady practices just like this. I really don't know what to do...

      BSI Financial Services response

      Hi C,

      I am sorry to read about your experience with this situation. I'd like to know more about this matter. Please send me your name, account number, property address, and best contact number.

      Thank You,
      Daniel Montez

      AVP

      Be the first one to find this review helpful
      Verified Reviewer
      Original review: Feb. 28, 2023

      Received a letter that I owe 125.17 - I paid on 2/14/23. I log in to pay my March mortgage on 2/27/23 and saw another 125.14 payment was owed. Looked at history and saw the first 125.17 was paid on 2/14/23 with the "Cash Receipt" as description. Called to get ask why was on hold 33 mins called from 6:30am PST - 2:00pmPST. Each time the recording said I would be on hold for over 10mins but click 1 and someone would call me back. I click 1 and no one call me back. I want to know why am I being charged $125.17.

      BSI Financial Services response

      Hi Lisa,

      I am sorry to read about your experience with this situation. I'd like to know more about this matter. Please send me your name, account number, property address, and best contact number.

      Thank You,
      Daniel Montez

      AVP

      Be the first one to find this review helpful
      Verified Reviewer
      Original review: Feb. 16, 2023

      My home received substantial damage due to Hurricane Ian. Because I carry a mortgage my insurance check was sent to BSI so is in charge of all disbursements. All I can say is what a Nightmare!!! I have to fight for the 3 reimbursement requests I have put in! On all 3 I had to pay out of pocket to each vendor, for a total of over $15,000! BSI does not make this process easy. At no time has anyone walked me through this process!

      I am stumbling upon their processes with each phone call. I have dealt with a different person each time I call! I ask for return calls and rarely get them. Each time I receive a different answer. The last time I was told I would be receiving a check for payment in full only to be told today it would be a partial payment. Today I asked to speak to someone in management. Let's see. I've also emailed the company and uploaded a letter to my account. As soon as my repairs are finished I'm refying just to get away from this company!

      BSI Financial Services response

      Hi Elizabeth,

      I am sorry to read about your experience with this situation. I'd like to know more about this matter. Please send me your name, account number, property address, and best contact number.

      Thank You,
      Daniel Montez

      AVP

      2 people found this review helpful
      profile pic of the author
      Verified Reviewer
      Original review: Feb. 14, 2023

      BSI took over our loan right after we purchased our home in May 2022. We have had nothing but trouble ever since. Can only pay through their online account or calling an agent; no Bill Pay option. Until this month they only took checks, no other debts. Every month it is a problem. This month the agent took the payment twice on two consecutive days. The account was up-to-date and was not behind; she just took two payments. BSI admitted it was an Agent Error but it would be several days before the money was reversed and put back into our account. At the same time they were going to charge me a late fee because when they reversed it would make it look like it was late. It was on time and up-to-date, just the agent took two payments (a full payment and a partial payment for almost the same amount).

      BSI Financial Services response

      Hi Beverly,

      I am sorry to read about your experience with this situation. I'd like to know more about this matter. Please send me your name, account number, property address, and best contact number.

      Thank You,
      Daniel Montez

      AVP

      2 people found this review helpful
      Customer increased Rating by 3 stars!
      Verified Reviewer
      Resolution response: May 15, 2023

      I am so happy to be following up on this matter to say David with BSI Financial Services was able to help me resolve my issue. Not only was he helpful, but he is probably the only representative that ever made any sense at BSI. I was not asking for anything unreasonable. A credit reporting had been made saying my January payment was missing when in reality it was incomplete...not missing. I am a bit unhappy about the fact that it took way too long for someone to actually listen to me but getting this over with was worth it honestly.

      Original review: Feb. 13, 2023

      I just received notification today about a mortgage payment reported over 30 days late by BSI financial. I had made a partial payment for the month of January, when this happens, the only way to pay the balance is by contacting a representative over the phone. I started making phone calls about 16:30 to make the rest of my payment on 31 January and for the life of me I could not get a human to answer the phone. I called their number 877-221-9883 many times, then decided to try a number that was listed on a notice I had received from AAFMAA 877-206-8940. I realized AAFMAA stopped doing business with BSI and a different servicer would now be collecting my payments. Naturally I freaked out because I knew things would get messy if I didn't get to make my payment through BSI and of course they did. The new servicing company could not find my account because the transition was happening the very next day.

      BSI never picked up the phone, and I could not make the rest of my January payment because the website would not reflect an accurate amount. I had to speak to someone and that could not happen... BSI has a reputation of not picking up the phone... and now I have a late reporting that I will be disputing for sure but that will be a whole battle that I don't believe I should have to go through... I wanted to make this payment before the end of the month... I am in no way taking away that fact that my payment was late but the 30 day reporting could have been avoided...

      BSI Financial Services response

      Hi Cynthia,

      I am sorry to read about your experience with this situation. I'd like to know more about this matter. Please send me your name, account number, property address, and best contact number.

      Thank You,
      Daniel Montez

      AVP

      2 people found this review helpful
      Verified Reviewer
      Original review: Feb. 3, 2023

      How does a financial institute get your mortgage loan when they're not even accredited with the BBB?? BSI Financial took over our loan right after we purchased our home back in May of 2022. Ever since, we've had nothing but problems! We ALWAYS pay our mortgage early or right on time, it clears our bank, but doesn't post to our BSI account! How exactly does that work?? And then... We receive a late payment! We have contacted BSI, they NEVER have any answers for us! We went ahead and paid one of the late payments (just to see if it would post). It has NOT posted! I have read many reviews on this business, including on the BBB website, with everyone pretty much saying the same things about this business, none of which is good!! How are they still in business?? I don't want BSI "GENERIC" response to this review!! DON'T BOTHER!!!! Next question is, Are they EMBEZZLING everyone's money?

      BSI Financial Services response

      Good morning, Taunya,

      I am sorry to read about your experience regarding your payments. BSI accepts Bill Pay but does not accept the responsibility of your bank's timing when sending a paper check via mail. Unfortunately, we have no control over the US Mail and its timeframes to get those payments to us. BSI posts payments immediately upon receipt. Please consider our free recurring draft option.

      If you require further information or assistance, please contact me.

      Daniel Montez

      AVP

      Be the first one to find this review helpful

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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