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CFPB settles with BSI Financial Services

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CFPB settles with BSI Financial Services

The Consumer Financial Protection Bureau found that Servis One Inc. 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, among other things.

The regulator found that Servis One, doing business as BSI Financial Services, handled mortgage servicing transfers with incomplete or inaccurate escrow information and inadequately oversaw service providers.

The CFPB also found that BSI Financial failed to promptly enter interest rate adjustment loan data for adjustable rate mortgage loans into its servicing system and maintained an inadequate document management system that prevented BSI Financial's personnel or consumers from readily obtaining accurate information about mortgage loans.

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