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Ginnie Mae approves BSI Financial as eIssuer, eSubservicer
["Colin Mcnamara Is A Reporter For National Mortgage News. He Recently Graduated With A Bachelor'S Degree In Journalism", 'Minor In General Business...', 'Originations Editor', 'Capital Markets Editor', 'Technology Reporter']
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Ginnie Mae has approved mortgage fintech platform BSI Financial Services as both an eIssuer and eSubservicer under its digital collateral program, the company announced Wednesday.
BSI Financial CEO Gagan Sharma"The Ginnie Mae approvals reflect the work we've done to build the technology, operational controls and expertise needed to support digital mortgage assets," said Gagan Sharma, founder and CEO of BSI, in the release.
As an approved issuer and subservicer, BSI is authorized to create Ginnie Mae eNotes and loan packages, as well as service loans held within them.
During the approval process, Ginnie Mae evaluated BSI's operational processes and transaction testing for managing digital collateral.
This included transfers of servicing, loan modifications, assumptions and other servicing events required under the digital collateral program, the release said.