Business ProfileforBSI Financial Services

The following describes a government action that has been resolved by either a settlement or a decision by a court or administrative agency. If the matter is being appealed, it will be noted below.

On May 29, 2019, the Consumer Financial Protection Bureau (CFPB) entered into a settlement with BSI Financial Services (BSI), a mortgage servicer headquartered in Irving, Texas. BSI is the operating name for Servis One, Inc.

The Bureau found that BSI violated the Consumer Financial Protection Act of 2010, the Real Estate Settlement Procedures Act, or the Truth in Lending Act by:
* Handling mortgage servicing transfers with incomplete or inaccurate loss mitigation information. This resulted in failures to recognize transferred mortgage loans with pending loss mitigation applications, in-process loan modifications, and permanent loan modifications;
* Handling mortgage servicing transfers with incomplete or inaccurate escrow information resulting in untimely escrow disbursements;
* Inadequately overseeing service providers, resulting in untimely escrow disbursements to pay borrowers' property taxes and homeowners' insurance premiums;
* Failing to promptly enter interest rate adjustment loan data for adjustable rate mortgage (ARM) loans into its servicing system, resulting in BSI sending monthly statements to consumers that sought to collect inaccurate principal and interest payments; and
* Maintaining an inadequate document management system that prevented BSI's personnel or consumers from readily obtaining accurate information about mortgage loans.

Under the terms of the consent order, BSI must, among other provisions, pay a civil money penalty of $200,000 and pay restitution estimated to be at least $36,500.

BSI must also establish and maintain a comprehensive data integrity program to ensure the accuracy, integrity, and completeness of the data for loans that it services, and implement an information technology plan to ensure BSI's systems are appropriate given the nature, size, complexity, and scope of BSI's operations.

To view the consent order go to:
https://files.consumerfinance.gov/f/documents/cfpb_servis-one-inc-BSI-financial-services_consent-order_2019-05.pdf

BBB files indicate that this business has a pattern of complaints concerning:

***Poor customer service (e.g. inability to contact business via phone, long hold times, rude representatives, failure to receive return phone calls or emails, etc).
***General billing errors or failure to correct accounts in a timely manner
***Failure to pay property taxes or insurance premiums, resulting in fees, fines, and/or additional costs out-of-pocket to the consumer.

On April 29, 2021, BBB submitted a written request to the company encouraging them to address the pattern of complaints. On May 11, 2021 the business provided a written response outlining their efforts to reduce and/or eliminate the noted pattern. To date, BBB has found that the business' efforts have failed to adequately reduce or eliminate the noted pattern of complaints.