Consumer complaint received 2021-02-20
Product: Mortgage — Conventional home mortgage
Issue: Closing on a mortgage — 
Company: BSI Financial Holdings, Inc. (CA)

Last XXXX, an email was received from XXXX XXXX, insurance broker of XXXX XXXX XXXX XXXX XXXX, that 8 properties seem to have a discrepancy in terms of the escrow accont. The 8 properties originally indicated as impounded or that includes escrow to cover taxes and insurances, were not actually impounded according to the lender, BSI Financial Services. Thus, the insurances of the said properties were not paid. 


Last XXXX, XXXX XXXX XXXX, CEO/Owner of XXXX XXXX XXXX XXXX, received a Delinquency Notice and Potential Judicial Foreclosure Proceeding Notice from the County of XXXX Department of Finance Tax and Licensing Division dated XXXX, due to tax bills due on XXXX for tax year XXXX for the following properties : XXXX XXXX XXXX - {$1800.00} XXXX XXXX - {$1900.00} XXXX XXXX XXXX - {$1500.00} XXXX XXXX XXXX - {$2100.00} XXXX XXXX XXXX XXXX - {$1200.00} XXXX XXXX XXXX - {$1000.00} XXXX XXXX XXXX - {$1100.00} XXXX XXXX XXXX - {$1000.00} Initially, the mortgage agreement with the above properties as attachments, was with XXXX XXXX XXXX, with office address at XXXX XXXX XXXX XXXX, XXXX XXXX XXXX, CA XXXX. The mortgages were transferred to BSI Financial Services in XX/XX/XXXX. 



XXXX XXXXXXXX XXXX has provided a copy of the Settlement Closing Statement for all loans which indicated that the amount of escrow collected at closing has been forwarded to BSI Financial Services upon effectivity of the transfer. 

Loan # XXXX - XXXX XXXX XXXX XXXX XXXX CA XXXX - {$1100.00} Loan # XXXX - XXXX XXXX XXXX XXXX CA XXXX - {$1400.00} Loan # XXXX - XXXX XXXX XXXX XXXX XXXX XXXX CA XXXX - {$1900.00} Loan # XXXX - XXXX XXXX XXXX XXXX CA XXXX - {$970.00} Loan # XXXX - XXXX XXXX XXXX XXXX CA XXXX - {$990.00} Loan # XXXX - XXXX XXXX XXXX XXXX XXXX CA XXXX - {$900.00} Loan # XXXX - XXXX XXXX CT XXXX XXXX CA XXXX - {$420.00} Loan # XXXX - XXXX XXXX XXXX XXXX CA XXXX - {$1700.00} Total escrow funds forwarded to BSI Financial from XXXX XXXX XXXX  : {$9400.00} In XXXX and XX/XX/XXXX, several communications via email and phone call were made by XXXX to ensure that the properties are still tagged as impounded so to cover insurances and tax bills. 

Attached is the proof of packet for the communication log with contact persons, date and time, details of the call or email, and the outcome. 

Currently, the said loans are transferred to a new mortgage company, XXXX XXXX, effective XXXX. BSI Financial Services have forwarded the information that those 8 properties are not impounded, contrary to the status upon transfer from XXXX XXXX XXXX last XX/XX/XXXX. 

BSI Financial Services receiving the escrow funds from XXXX XXXX XXXX should have done an escrow analysis to calculate needed funds to cover the insurance and tax bills. However, they failed to do such, and billing sent to XXXX did not include the additional escrow amount after their analysis. 

As of now, XXXX have not made their first monthly amortization to XXXXXXXX XXXX for this pending issue. BSI Financial Services should settle this first with XXXX XXXX. 

XXXX : A conference call with BSI Financial Services representative : XXXX XXXX, XXXX XXXX, and XXXX XXXX XXXX XXXX XXXX the issue of 8 properties not tagged as impounded by BSI Financial and identify what are the next action steps to resolve the issue. It was agreed that : After the call, BSI Financial will send a communication email to XXXX XXXX making them aware of the situation and to indicate that they have to setup the loans as XXXX so XXXX can start making payments to XXXX XXXX 

By XXXX, BSI Financial Services must be done with their research and the issue should be fixed and settled. 

BSI Financial did not provide us with the resolution as they promised on the XXXX of XXXX, XXXX. They did not even respond to our note sent on XXXX to check on the resolution.