BSI Financial Services announced that it received approval to act as an issuer for Ginnie Mae, which gives BSI Financial the ability to service loans that have been placed in Ginnie Mae securitizations.
In a release, BSI Financial said that the Ginnie Mae approval provides “further evidence of BSI Financial's sound servicing practices and its track record of regulatory compliance.”
The company also said that the accreditation “opens the door” for further expansion of the company's loan subservicing solutions.
"This is another important milestone in our company's 29-year history of accomplishments," said Gagan Sharma, president and CEO of BSI Financial. "With this approval, we are poised to pursue selected growth opportunities and help our master servicer clients that retain Ginnie Mae as well as Fannie Mae and Freddie Mac servicing."
The Ginnie Mae approval wasn’t the company’s only big servicing move of late.
Recently, BSI Financial secured the mortgage servicing rights on $585 million in unpaid principal balance from Altisource Residential Corporation (RESI).
“With our special servicing track record, we can lower risk and improve returns for our clients that elect to retain servicing,” BSI Financial Executive Vice President Scott Myers said of the Ginnie Mae approval.
