Mortgage servicing involves the collection of mortgage payments and the management of the day-to day processes related to your mortgage loan from inception to pay off. In addition to processing your monthly loan payments, the mortgage servicer responds to borrower inquiries, keeps track of the principal and interest paid, manages your escrow account (if you have one) and provides assistance if you are having difficulty making your monthly payments, among other things. The mortgage servicer is usually a different entity from the financial institution that loaned the funds to purchase your property.
We are BSI Financial and we service your loan
Founded in 1986, we provide financial services that support our vision of enabling sustainable home ownership.
Our clients include lenders and investors who make home financing possible. Our role is to service those loans, by handling loan payments and responding to borrower inquiries.
Create your online account and take charge of your loan
We've made it easy for you to manage your loan online. Using our desktop or mobile app, you can review your loan history, make an online loan payment, request documents and go paperless. You can also interact with our customer service team online.
Using our online services you will save time and money and be in full control of your home loan.
If your loan is being transferred, here’s what you need to know
-
What is Mortgage Servicing?
-
Why was the Mortgage Servicing transferred?
The transfer of servicing is very common in the mortgage industry and is not related to the type of mortgage loan you have or your payment history. During the life of a loan, the servicing may be sold or transferred several times and while your servicer does not have to obtain your permission to transfer servicing, the servicer is required to provide you with notice of the transfer.
-
Does a Mortgage Servicing transfer impact the terms of my loan?
No. The terms and conditions of your mortgage loan remain the same. The length of your loan and payments of principal and interest remain unchanged if you have a fixed rate loan. If you have an adjustable rate loan, the interest rate will adjust in accordance with the terms of your original mortgage contract. If you were required to make escrow payments, you will continue to be responsible for paying those amounts and they may adjust based upon changes in your tax and insurance obligations just as they would if the transfer of servicing never occurred.
-
When do I start making my mortgage loan payments to BSI?
You should start sending your payments to BSI as of the effective transfer date that was provided in the goodbye letter from your prior servicer and in the welcome letter provided in the welcome packet from BSI. After the effective transfer date, you will receive billing statements from BSI. You should reference the new BSI loan number when making payments. This information will be in BSI’s welcome letter.
-
Where should my payments to BSI be sent after the effective transfer date?
Payments may be sent to BSI Financial Service via our borrower portal via mail as follows:
VIA First Class Mail VIA Priority or Overnight Mail BSI Financial Services BSI Financial Services PO Box 679002 Lockbox Number 679002 Dallas, TX 75267-9002 1200 E. Campbell Rd., Ste. 108 Richardson, TX 75081
You may also use our Pay-by-Phone options to make a payment over the telephone by calling 800.327.7861. You may be charged a fee for this service.
-
What happens if I sent my payment to the prior servicer and they received it after the effective transfer date?
During the 60-day period beginning on the effective date of the transfer of the loan, a loan payment received by your prior servicer on or before its due date will not be treated as late and no late fee will be imposed on you by BSI. Your prior servicer will forward payments received prior to the 60 day cut off date to BSI. If they receive payments after the cut off, they may return the payments to you.
-
Can I access my mortgage information online?
Yes. You can manage your account online using the BSI borrower portal, which is located at myloanweb.com/BSI.
-
My prior servicer set up my account for automatic payments. Will that continue with the transfer to BSI?
No, but we will be happy to set you up on BSI’s Automatic Payment Program. You can complete the Automated Clearing House (ACH) registration form online at our borrower portal to enroll. You must allow up to 10 days for the ACH application process to be completed and must ensure that you make payments to BSI until your ACH account is set up. You will receive a written confirmation informing you of the first draft date. Additional information on the ACH program and how it works is contained in your BSI Welcome Package. If you are unable to access the ACH registration form online, an ACH Application form is also included in the Welcome Package documentation.
-
What if I use bill pay with my bank to make my mortgage payments?
You will need to contact your bill payment provider and update the payee, remittance address and new loan number with your BSI information.
-
My prior servicer established an escrow account for payment of my tax and insurance obligations. Do I need to contact my insurance company and taxing authority to let them know about the servicing transfer?
Your prior servicer has responsibility for informing your insurance company and taxing authority of the servicing transfer to BSI. However, it may be a good idea to contact them to ensure that their records have been updated so that the tax and/or insurance bill is sent to the correct mortgage servicer. You should ensure that your insurance provider updates the mortgagee clause on the policy to provide BSI’s information as follows:
-
BSI Financial Services
ISAOA/ATIMA
PO BOX 691690
San Antonio, TX 78269-1690
If you receive a notice that either your insurance or taxes are due, call us to make sure we are aware of the upcoming payment. If we have not received a copy of the bill, we will ask you to provide a copy for our review. Note that tax and insurance payments are typically made by your previous mortgage servicer when they are due during the first 60 days after the mortgage servicing transfer.
-
What will happen with the funds in my escrow account with the prior servicer?
All escrow balances are transferred to BSI. If your escrow account is interest-bearing, all interest due should have been posted to your account by your previous servicer before the date of transfer.
-
Will my escrow analysis date change?
Your escrow analysis date may change as a result of the servicing transfer. You will receive a new escrow analysis statement within 60 days of the transfer date.
-
Who will send my end of year tax statement?
You will receive a 1098 tax statement from both the prior servicer and from BSI reporting the interest paid on your mortgage loan for the portion of the year each serviced your loan.
-
Who do I contact if I am having difficulty making my monthly mortgage payments?
If you have been assigned a Single Point of Contact, you can contact them to discuss mortgage assistance options. Otherwise, you can reach out to our Customer Care team at 800.327.7861 Monday-Friday between the hours of 8:00 a.m. to 11:00 p.m. (ET) and Saturday 8:00 a.m. to 12:00 p.m. (ET) for assistance.