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Pacifica picks BSI Financial to service securitizations

The first winning bidder for the Federal Housing Finance Agency REO pilot initiative, Pacifica Companies, picked BSI Financial Services to service two of its key securitizations.

As a private mortgage servicer, BSI will manage Pacifica’s Real Estate Asset Trust 2013-1 and Asset-Backed Notes Series 2013-1 structures.

“BSI Financial has earned our trust by virtue of their proven track record,” said Pacifica CFO John Phillips. “We are confident that they are prepared to help us in this new venture,” he added.

Pacifica purchased 699 Fannie Mae properties in Florida, in the FHFA pilot. It is not clear if any of those REO are included in the 226 single-family residential loans and 39 single-family REO properties BSI will service on behalf of Pacifica.

The deals have an aggregate underlying asset balance of $79 million. The president of BSI said the Pacifica decision opens new doors for his company.

“Securitized loan servicing represents an exciting new growth opportunity for our clients, and we are committed to applying all resources at our disposal to make securitized loan servicing a success for Pacifica,” said Gagan Sharma, President of BSI Financial.

BSI is heavily invested in using specialty technology to help it streamline its securitization servicing.

In December, Fiserv announced that BSI Financial selected its LoanServ platform, an automated enhanced default servicing process.

To date, Pacifica and its affiliates have invested approximately $7.6 billion in commercial and residential real estate, including an acquisition of single-family REO investment properties.

Pacifica is headquartered in San Diego and has approximately 3,000 employees.

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