Servicer BSI Financial Services has been selected by NY Mortgage Trust and Headlands Asset Management to service a series of notes backed by residential assets.
The firms selected BSI to service what is known as the 'NYMT Residential 2012-RPI, Asset-Backed Notes Series 2012-PRI.'
"BSI Financial presented the best servicing option for Headlands Asset Management," said Mieko Willoughby, president of Headlands Asset Management. "Over the course of our relationship with BSI, they have demonstrated the capacity and expertise for servicing complex loans with professionalism."
BSI recently announced a major upgrade to its loan-servicing platform.
"We are very pleased that NY Mortgage Trust and Headlands Asset Management has selected BSI Financial after a very thorough evaluation process to service their securitized loan pool," said Gagan Sharma, president of BSI Financial. "We look forward to applying our skills and resources to contributing to the financial performance of this investment," he said.
Essentially, BSI will be servicing mortgages backed by 515 re-performing single-family loans in California, Florida, Maryland and Texas. The pool has a total unpaid principal balance of $92 million.