Irving, TX (PRWEB) May 22, 2013
BSI Financial Services, Inc. (BSI Financial), a privately-held financial services company engaged primarily in servicing residential mortgage loans has been selected by Pacifica Asset Securities, LLC and Pacifica REO Manager 2013 to be the mortgage servicer for Real Estate Asset Trust 2013-1, Asset-Backed Notes Series 2013-1.
"BSI Financial has earned our trust by virtue of their proven track record," said John S. Phillips, Chief Financial Officer of The Pacifica Companies. "We are confident that they are prepared to help us in this new venture," he added.
"Securitized loan servicing represents an exciting new growth opportunity for our clients, and we are committed to applying all resources at our disposal to make securitized loan servicing a success for Pacifica," said Gagan Sharma, President of BSI Financial.
"We are pleased that Pacifica has selected BSI Financial as their partner in this initiative," said Tim Gillis, Senior Vice President of BSI Financial Services. "To be recognized for our performance from such a distinguished client is especially gratifying," he added.
BSI will provide servicing on 226 single-family residential loans and 39 single-family REO properties having an aggregate underlying asset balance of $79 million.
Recently, BSI announced that it had completed a major upgrade of its loan servicing platform to LoanServ from Fiserv, which allows BSI to provide a tailored servicing solution to its clients, including flexible loan remittance options, real-time loan monitoring and expanded default management, loss mitigation and due diligence services.
About BSI Financial
Led by a seasoned team of financial industry professionals, BSI Financial Services provides mortgage subservicing, default solutions, loan quality control and business process outsourcing services. Leveraging its global delivery model and 20 year performance track record, BSI offers clients customized solutions that improve service quality, lower costs and reduce turnaround time. An approved servicer with Fannie Mae, Freddie Mac, HUD, VA, Federal Home Loan Bank and several private investors, BSI was nominated for Servicer of the Year in the 2011 Mortgage Technology Awards competition. BSI Financial’s business operations are located in Titusville, Penn. and Irving, Texas. For more information, visit http://www.bsifinancial.com.
About The Pacifica Companies
The Pacifica Companies (“Pacifica”) is a diversified private real estate investment company formed in 1978 that engages in real estate invest in a diversified asset allocation but with a specific focus on residential investment. To date, Pacifica and its affiliates have invested approximately $7.6 billion in commercial and residential real estate sector including acquisition of single family REO investment properties. Pacifica is headquartered in San Diego, California with approximately 3,000 employees company wide, 90 employees in the San Diego office, an additional office in Tampa, Florida, as well as, five offices in India with 150 employees.
Pacifica has a seasoned management team and over 30 years’ experience acquiring, developing and operating all types of real estate assets including multifamily, office, hotels, retail, senior housing, and residential real estate.
Pacifica has real estate related investments in twenty-four states in the US and has a well-established presence in each of those states. As of February 2013, Pacifica had approximately $2.2 billion in equity.