BSI Financial Services, Inc. [1], a privately held company specializing in residential mortgage servicing, subservicing, and quality control, announced the launch of BSI Client Asset Risk Evaluation System (CARES), an advanced loan quality control order management and process control solution.
A proprietary browser-based system, BSI CARES was designed to improve the efficiency and consistency of loan quality review procedures by providing detailed quality control reviews of samples of loans at both the pre- and post-funding stage.
Developed using information gathered from in-depth interviews with investors and lenders, BSI CARES was created to deliver “actionable reporting on loan quality risk factors, risk severity scores and trend analysis” while exceeding requirements established by the GSEs and private investors, the company said in a release.
“BSI CARES represents an investment in technology that is designed to provide our clients exceptional visibility into our loan quality review procedures while delivering actionable information that they can apply to improve their loan origination processes,” said Gagan Sharma, president and CEO at BSI Financial. “Using cloud-based technology, BSI CARES allows our Quality Control team to operate more cohesively and efficiently while affording better speed and visibility.”
In addition to providing a comprehensive reports package summarizing loan quality measures, BSI CARES also produces trend analysis reports, giving clients the ability to identify and fix specific issues and address root causes of any problems that surface repeatedly.
“BSI CARES enables us to streamline the loan review process by identifying, assigning and closely monitoring quality review responsibilities,” said Julie Zygutis, BSI Financial’s SVP of operations.
Future enhancements to the system will allow clients the ability to submit loan review orders online, track the status of each loan under review, and access real-time reporting on loan quality, according to BSI.