BSI expands high-touch servicing with ENTRA subsidiary
BSI Financial Services is expanding its high-touch specialty servicing through a wholly owned subsidiary called ENTRA Default Solutions to provide nonjudicial foreclosure services in the West, primarily California. ENTRA will provide services to residential loans and small balance commercial loans. Scott Myers will head up the new venture. He is formerly the president and CEO of Standard Trust Deed, a five-state, nonjudicial foreclosure trustee, and RSVP, a 26-state posting, publishing and auction company. The commercial real estate component will launch later this year, said Gagan Sharma, president and CEO of BSI, who said he sees the commercial sector as a growth area. “We see an excellent opportunity to carve out a niche in commercial transactions in California,” he said. Servicers have seen foreclosure timelines stretch out since last fall's robo-signing scandal. ENTRA sees a role in helping to clear out some of that backlog, company officials said. Processing problems at the major mortgage servicers pushed up to 1 million foreclosure actions that should have taken place in 2011 into 2012 and beyond, according to RealtyTrac. Lenders issued a foreclosure filing on more than 1.1 million properties in the first half 2011, down 29% from the same period one year ago. In the second quarter, U.S. properties spent an average 318 days from the initial bank notice to the completed seizure, up from 277 days a year earlier, RealtyTrac said. Write to Kerry Curry. Follow her on Twitter @communicatorKLC.