BSI Financial Services

BSI Financial Services

 3.9/5 (758 ratings)
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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.

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    Overall Satisfaction Rating

    • 5 stars
    • 4 stars
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    • 1 stars

    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
    ConventionalTypically 620Typically 3%Mortgage lenders
    FHA5003.5% with 580 credit scoreFHA lenders
    VASet by lender (often 580)0%VA lenders
    USDASet 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
    Rated with 1 star
    Verified Reviewer
    Original review: Jan. 18, 2023

    I have had this loan for 24 months and it takes weeks if not months for this group to cash my checks. I have called 4 times and sent 3 emails asking for someone to find my 2 checks that I mailed in their envelope with a return address and a stamp. I always mail my mortgage payment and $2000 in principle if not more. I refuse to go with automatic withdrawal because I do not trust this company. Someone will send some email saying they are looking into it. I called yesterday, for the 3rd time on 1/17/23 and also sent an email. It takes 6 days for mail to go from NH to your site in Texas, presently it is going on 30 days since I mailed my payments. DO NOT DO BUSINESS WITH BSI.

    BSI Financial Services response

    Hi Shawn,

    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. I will have a member of my management team make contact you.

    Thank You,
    Daniel Montez

    AVP

    Be the first one to find this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Jan. 17, 2023

    I have been contacting them for at least 5 times about my condo's master flood insurance. They either asked me to transfer to insurance department which the line broke many times or still say that they have not received the document. It is like the email they provide or the online portal is useless at all. I keep asking to escalate but no one responds.

    BSI Financial Services response

    Hi Shunjie,

    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. I will have a member of my management team make contact you.

    Thank You,
    Daniel Montez

    AVP

    Be the first one to find this review helpful

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      Resolution In ProgressRated with 1 star
      Verified Reviewer
      Original review: Jan. 11, 2023

      We built 2 years ago, haven't been late on payments ever, and even pay more than required monthly. We tried to begin the PMI removal process as our home's value has gone up tremendously. BSI called and said we needed to pay a $150k deposit before they can even appraise the property! Is this even legal?

      BSI Financial Services response

      Hi Dara,

      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. Reminder, BSI does not own your loan, we are the servicer. There are not only guidelines that must be met but you must also provide an official appraisal from a licensed appraiser.

      Thank You,
      Daniel Montez

      AVP

      Be the first one to find this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Dec. 13, 2022

      It has been 60 days since I requested they remove the PMI off my loan, they are giving me the run around, said it was being processed and would take 30 days, when I call they are unable to give me a confirmation number, or send me an email directly to me to confirm my request was received or being processed, they will only say it over the phone.

      When I press for a manager, they always hang up. This last time they said I have to email the request to a special email address, so the last 3-4 people I have talked to all said the request was received (by submitting email from their website), and being processed, but now about 60 days later it turns out I submitted the request incorrectly. When I ask for a manager now, call dropped while waiting (just today it was Samoa and Shamari who hung up on me, if those are even their real names) now my call will not even go through, I am sure they can see my cell phone number in the IVR and have decided to send me directly to VM.

      BSI Financial Services response

      Hi Llich,

      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. I'll have a call made to you upon your reply.

      Thank You,
      Daniel Montez

      AVP

      Be the first one to find this review helpful
      Customer increased Rating by 3 stars!
      Verified Reviewer
      Resolution response: Dec. 12, 2022

      Once I was able to get in contact with a supervisor, they provided abundant detail regarding the request and the process.

      Original review: Dec. 9, 2022

      I started the process to request Pmi removal on my mortgage. I should be well within range, sent the list of improvements, as requested 3x now. This has been going on for a month, countless calls, countless emails. No one knows where the emails are, and every time I call customer service they ask me to resend the original request to remove and list of improvements. Which, in turn re-starts the cycle of customer service calls with a new rep. I can't seem to talk to anyone who knows what's going on. The appraisal was done on 11/15, I just want to finish this process so I don't have to deal with it anymore. I would really welcome some help here. I have sent an email to the person who is reviewing all of these reviews, also.

      BSI Financial Services response

      Hi Bridgette,

      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. I'll have a call made to you upon your reply.

      Thank You,
      Daniel Montez

      AVP

      Be the first one to find this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Dec. 4, 2022

      They took over a loan I had from Ethic. I paid it off, however, they kept sending me bills, refused to help me and then ruined my credit score all because I still owed $1.59. They tried to get me to pay $345. Worst loan place ever.

      BSI Financial Services response

      Hi Tricia,

      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. I'll have a call made to you upon your reply.

      Thank You,
      Daniel Montez

      AVP

      Be the first one to find this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Nov. 27, 2022

      Updated on 12/01/2022: Blanket response from services who doesn’t actually respond, “I am sorry to read about your experience with this situation. I'd like to assist you in resolving this matter. Please send me your name, account number, property address, and best contact number. I'll have a call made to you upon your reply.”

      Original Review: I was offered two options in an overnight package for repayment after a hardship. I called to accept the second offer in the packet. My representative denied sending the offer and stated it must be fraud. He was not willing to research it so I requested to escalate. I left a message on his supervisor’s voicemail and have spoken with at least six other representatives. The manager never returned my call and they are still denying they sent this offer. The FedEx has their address, the company name and contact information and the documents have Fannie Mae barcodes. The manager in the prior reviews on this very site “Daniel **” was emailed my strand of communications and still has not responded to my email from 11/15/2022.

      BSI Financial Services response

      Hi Traci,

      I am sorry to read about your experience with this situation. I'd like to assist you in resolving this matter. Please send me your name, account number, property address, and best contact number. I'll have a call made to you upon your reply.

      Thank You,
      Daniel Montez

      AVP

      Be the first one to find this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Nov. 23, 2022

      We had gone through L3 loan servicing to get a cash-out refi which was apparently bought by BSI. The first correspondence we received was from our credit report that a payment was late. When my wife called, the person at BSI that she had spoken with told her that nothing would be reported from 90 days of the acquisition and that BSI had erred. The person also said that, because the amount in our escrow was so high, we were offered to forgo September and October payments, my wife advised, she would pay September, BSi would cover October, and if we needed more assistance in November we could call back and use the additional funds for same.

      Then we tried selling and buying a new house. The loan people told us that BSI was stating we NEVER made a payment. We paid the first month before the gentleman said we were good because he was making the October payment with our escrow account. According to the BSI agent at that time, Sept. And October were handled and would not be reported as late. We were then due for November and would decide at that time if we needed the assistance from our remaining escrow balance. So my wife called again.

      She spoke with Brandon (who wouldn’t give a last name) in the “office of the President”. He said he would need to review the call and would call my wife back in no more than 24 hours. 2 days passed. My wife called again. She was informed that “the BSI rep had given her faulty information and it was her fault!” And the October payment was NEVER paid. Now, I’m not the smartest person on Earth, but I believe that is called deceptive business practice.

      I called three times tonight to be given the runaround. Found the president and CEO's number. I guess I’ll update this if there’s a response, but judging from the previous complaints, it sounds like BSI is just going to ignore us until we escalate this situation through litigation? I don’t see why it has to go this direction, wasting everyone’s time and money. What happened to the days when someone made good by their word and didn’t try to brush off responsibility of their faulty promise on your wife?

      BSI Financial Services response

      Hi Michael,

      I am sorry to read about your experience with this situation. I'd like to assist you in resolving this matter. Please send me your name, account number, property address, and best contact number. I'll have a call made to you upon your reply.

      Thank You,
      Daniel Montez

      AVP

      Be the first one to find this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Nov. 16, 2022

      Updated on 11/17/2022: Just received a call from BSI Financial Services regarding a mistake they made with my loan that was acknowledged and made on a recorded line by a BSI Financial manager. I was informed that nothing has been corrected, my credit score will continue to reflect their mistake. This company does not care about its customers and makes mistakes, that they admit to, but will not fix. Beware.

      Original Review: BSI Financial Services has provided extremely poor service and has made mistakes that have damaged my credit. BSI Financial has acknowledged their mistake but has chosen to not to correct with the credit services. I would not recommend doing business with this organization.

      BSI Financial Services response

      Hi Robert,

      I am sorry to read about your experience with this situation. I'd like to assist you in resolving this matter. Please send me your name, account number, property address, and best contact number. I'll have a call made to you upon your reply.

      Thank You,
      Daniel Montez

      AVP

      Be the first one to find this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Nov. 5, 2022

      Since my loan was sold to BSI Financial shortly after closing I have had nothing but troubles with payments (monthly, escrow & additional principal) being posted correctly. I have always been on auto-pay to make certain payments are on time, putting the onus is on BSI to draft the funds on time. In March 2022 I decided to sign up for bi-monthly auto pay and this seems to be a challenge to the persons that post payments as they rarely get the monies allocated correctly. Then it becomes my responsibility to call some random phone representative and hope the payment and any late fee gets corrected in 3-5 days, their standard response. Issues with errors made by BSI should be resolved immediately or at the very least in 24-48 hours.

      Additionally, I made an "escrow shortage" payment through their portal which never posted and showed as "unapplied". When I called, rep said it's was my responsibility to call and ask for the "escrow shortage" payment to be applied as such. Really? No pop-up or note in the website indicating this was the process I needed to follow! I find this absurd. BSI runs its business in a most unscrupulous way. Clearly none of BSI services are truly automated and human error with no accountability and a phone bank of 'representatives' prevails. I will be filing a complaint with the AG and TX Dept. of Savings & Mortgage Lending. In hindsight, I should have told my RE agent I wanted JB Nutter to service my loan. I had 2 mortgages with them, now paid off. I knew their staff by name and could contact them by phone or email and receive excellent service.

      BSI Financial Services response

      Good morning,

      I am sorry to read about your experience with this situation. I'd like to assist you in resolving this matter. Please send me your name, account number, property address, and best contact number. I'll have a call made to you upon your reply.

      Thank You,
      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