The woes of the mortgage industry -- delinquencies, foreclosures, short sales -- have been bad news for many economic sectors. But for
BSI Financial Services
, the volatility has meant significant growth.
Six years ago, fewer than 10 worked at BSI’s office in Titusville. Today Titusville is BSI’s largest office, with more than 100 on staff and 40 more jobs being added, mostly in finance, accounting, IT and customer service.
As a mortgage servicer, BSI handles labor-intensive tasks such as working out repayment plans and mortgage modifications with borrowers. "We become the point of contact to resolve these problems loan-by-loan," says Gagan Sharma, BSI’s president and CEO.
BSI also handles the more workaday aspects of mortgage operations: escrowed taxes and insurance, tax forms, etc. "A few years ago," says Sharma, "no one even knew (this industry) existed."
The company was founded in 1986 in Titusville. Until 2005, BSI operated as the mortgage group of an Indiana bank based. In 2006, an investor group acquired BSI from its parent bank and transformed it from a lender and servicer into an exclusive service provider and outsourcer to its clients. It does not originate or service mortgages on its own account.
In 2007, BSI acquired the outsourcing division of The SRS Group, one of the largest loan due diligence and quality control firms in the industry. BSI today serves about 300 clients, including banks, credit unions, mortgage bankers and other lending institutions, from its Texas headquarters and offices in Titusville, near Washington, DC and San Francisco.
Source: Gagan Sharma, BSI Financial Services
Writer: Elise Vider