We were founded as Bank Services, Inc. in Titusville, PA on January 2, 1986. Initially, we serviced motorcycle leases and automobile loans, and we were a licensed repossessor of motor vehicles.
State licensing regulations later required that we remove the word “Bank” from our name, so we adopted the name BSI Financial Services. In May 1995, we were approved by Fannie Mae, and in the years that followed BSI Financial purchased mortgage servicing rights.
In 1996, BSI Financial was purchased by First Commonwealth Financial Corporation, an auto loan servicing specialist located in Indiana, PA. In 1999, BSI Financial was sold to Richmond Mutual Bancorporation, at that time a current client and our banking depository. From 2000 and 2001, the company was approved for loan servicing in quick succession by the Veterans Administration (VA), Department of Housing and Urban Development (HUD), and Freddie Mac.
In November, 2004, Gagan Sharma, a seasoned entrepreneur whose background included global technology outsourcing for the real estate and mortgage finance industries, founded Servis One, LLC and, in 2005, made known his interest in purchasing BSI Financial Services. The purchase was consummated in April, 2006 and BSI became a dedicated subservicer of mortgage loans, eliminating the loan origination function. At that time, BSI Financial Services employed 12 people.
In 2007, BSI acquired the outsourcing division of The SRS Group, one of the largest loan due diligence and quality control firms in the industry.
Three years later, in 2010, BSI Financial Services expanded its portfolio by creating two new complementary businesses: Entra Default Solutions, providing foreclosure trustee services for foreclosures in four non-judicial foreclosure states, and Entra Asset Management, specializing in REO outsourcing.
At the time of this writing, BSI Financial Services employs more than 300 people and occupies seven offices in four states.