Skip to main content

CFPB Reaches $236K Settlement With BSI Financial

Phil Hall
May 30, 2019
Photo credit: Getty Images/Pattanaphong Khuankaew

The Consumer Financial Protection Bureau (CFPB) has reached a settlement with BSI Financial Services, a mortgage servicer accused of violating two federal laws.
 
The Consumer Financial Protection Bureau (CFPB) has reached a settlement with BSI Financial ServicesAccording to the CFPB, the Irving, Texas-based BSI Financial–which is the operating name for Servis One Inc.–violated the Consumer Financial Protection Act of 2010 and the Real Estate Settlement Procedures Act (RESPA) by handling mortgage servicing transfers with incomplete or inaccurate loss mitigation information and incomplete or inaccurate escrow information. The company was also accused of improperly overseeing service providers, failing to promptly enter interest rate adjustment loan data for adjustable rate mortgage loans into its servicing system 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 settlement, BSI must pay a civil money penalty of $200,000 and pay restitution estimated to be at least $36,500. It must also upgrade its data integrity processes to ensure the accuracy, integrity and completeness of the data for loans that it services. The settlement marks the first for the CFPB with a mortgage servicer since Kathy Kraninger took over as the agency’s Director.

 
Published
May 30, 2019
OCC Fines Sterling Bank & Trust $6M Over Mortgage Fraud

Bank, parent company remain under criminal investigation by Justice Department and SEC.

Regulation and Compliance
Sep 27, 2022
Federal Court Shutters Sham Mortgage Relief Operation

FTC, California agency accuse 2 business owners of scam that cost consumers millions of dollars.

Regulation and Compliance
Sep 22, 2022
CFPB Seeks Input On Creating New Mortgage Products

Agency seeks information on refinances, mortgage products to promote competition and support household financial stability.

Regulation and Compliance
Sep 22, 2022
The Fed Raises Interest Rate 0.75% For The 3rd Time

Chairman said housing market may have to go through "a correction" to return to balance.

Regulation and Compliance
Sep 21, 2022
Fed Committee Gathers To Renew Inflation Fight

FOMC expected to announced 0.75% rate hike after 2-day meeting ends Wednesday.

Regulation and Compliance
Sep 20, 2022
MISMO Releases New Reference Model For Public Comment 

Version 3.6 of the MISMO Reference Model includes new data points and structures.

Regulation and Compliance
Sep 19, 2022