What's the Buzz at Bizzy Labs?

  • 3/12/2024: Cornerstone Servicing Selects Bizzy Labs’ Libretto for Advanced Compliance Monitoring

    Irving, Texas 3/12/2024 – Bizzy Labs announced Cornerstone Servicing, a leading third-party subservicer and a division of Cornerstone Capital Bank, SSB, has selected its proprietary compliance technology, Libretto, to perform daily exception processing on its servicing portfolios. The first Bizzy Labs client using Black Knight’s MSP® mortgage servicing system, Cornerstone Servicing will also market Libretto as a selling feature to its subservicing clients and prospects.

    Libretto is a servicing quality assurance compliance program that provides a systematic and automated approach to loan due diligence. It uses a comprehensive library of over 1,000 business rules run daily against entire servicing portfolios to identify servicing compliance deadlines and data quality anomalies that could lead to compliance red flags. Libretto reduces costly servicing errors, provides business risk transparency and ultimately reduces per loan servicing costs.

    Cornerstone Servicing is built to empower smart homeownership and cultivate customers for life. Its proven formula combines superior customer care, intuitive technologies, customer-centric processes, and actionable communications to make homeownership easy and convenient. The company’s subservicing clients, who represent lenders and investors of all sizes, benefit from better retention, minimal delinquency and risk, and a stronger financial performance.

    “In today’s ever-changing regulatory environment, we take a proactive approach to ensure our clients’ servicing portfolios meet and exceed the most stringent compliance standards,” said Toby Wells, President of Cornerstone Servicing. “Integrating the Libretto compliance rules engine into our robust servicing technology platform is helping us monitor and detect risks early and with even greater efficiency and precision. This strategic partnership with Bizzy Labs will help us continuously elevate our platform, risk management program, and best-in-class client services.”

    “We are proud to help Cornerstone Servicing minimize inherent risk in the servicing process and continuously improve their operational performance,” said Gagan Sharma, CEO of Bizzy Labs. “Choosing Libretto to prevent inaccuracies before they happen is a testament to Cornerstone’s forward-thinking approach to servicing loans.”

    About Bizzy Labs

    Bizzy Labs specializes in technology and data solutions for the mortgage industry. The company’s regtech technology, Libretto, helps lenders, servicers and investors improve loan portfolio quality by identifying data anomalies and enabling their timely research and remediation. Based in Irving, Texas, Bizzy Labs focuses on developing technology-based alternatives to manual processes for managing compliance risk. For more information visit www.bizzylabs.tech.

    About Cornerstone Servicing

    Cornerstone Servicing is a leading mortgage subservicer supporting third-party lenders and investors of all shapes and sizes. The company’s end-to-end mortgage servicing solutions are uniquely designed to empower smart homeownership and cultivate customers for life. Cornerstone Servicing provides an unmatched homeownership experience that combines superior customer care, industry-leading technologies, customer-centric processes, and digestible communications to make homeownership easy and convenient—every step of the way. As a subservicing partner, Cornerstone Servicing helps lending organizations maximize retention, minimize delinquency, and improve the overall performance of a servicing portfolio. Cornerstone Servicing is a division of Houston, Texas-based Cornerstone Capital Bank, (SSB). For more information, visit www.cornerstoneservicing.com.

  • 3/7/2024: BSI Financial Services, Bizzy Labs Unveil Breakthrough in Loan Boarding Automation

    Irving, Texas 3/7/2024 – BSI Financial Services, a leading mortgage fintech platform, and its affiliate, Bizzy Labs, announced a major enhancement to Bizzy Labs’ compliance technology, Libretto, that further streamlines and automates the loan boarding process, particularly for MSR acquisitions. Libretto now integrates business rules with automated workflows to minimize risk when MSR clients are boarding newly acquired loans on their servicing systems.

    Leveraging AI, optical character recognition (OCR) and workflow automation tools, Libretto integrates with various data sources—such as the Uniform Loan Deliver Dataset (ULDD), data tapes and document images—and automatically compares and verifies extracted data to improve speed, accuracy, and compliance in the loan boarding process. If any issues are detected, Libretto automatically reaches out to prior servicers to fix the errors in the data tape or document images and keeps the process of onboarding loans onto the Sagent LoanServe servicing platform moving forward. BSI leverages Sagent’s cloud-based servicing platform as its system of record.

    The enhancement incorporates dozens of business rules that check for common errors and discrepancies in the loan boarding process. It also provides end-to-end reporting that gives all internal business and compliance stakeholders, including prior servicers, the ability to monitor status updates and loan boarding issues and deliver accurate results almost instantaneously.

    “Our latest enhancement to Libretto leverages generative AI capabilities to provide the fastest and most accurate loan data boarding available in the industry,” said Gagan Sharma, founder and CEO of both BSI Financial Services and Bizzy Labs. “This upgrade perfectly illustrates our commitment to improving loan performance and profitability for our MSR acquisition clients.”

    “I’m excited that we’ve achieved this milestone and see broader uses beyond the boarding phase,” said Anwar Ali, product manager lead at BSI Financial. “Libretto’s ability to scan for compliance risks and deadlines using an entire library of compliance and business rule sets is second to none.”

    BSI Financial Services is committed to opening its technology to business and compliance partners, regulatory agencies, and other service providers so they can build their own solutions on top of BSI’s technology platform.

    “Through collaboration and integration with open-source technologies, we will continue to evolve and build our platform as a foundation for bringing efficiency and accuracy to our industry stakeholders,” said Sharma.

  • 5/4/2021 | MCM Capital and its affiliate, Temple View Capital, Select Libretto from Bizzy Labs for Compliance Monitoring on Loan Files

    Irving, Texas 5/4/2021 – Bizzy Labs, a regtech company that uses a big data approach to perfect mortgage loan compliance during loan boarding and throughout the life of servicing, announces that MCM Capital and its affiliate, Temple View Capital, have selected Libretto from Bizzy Labs for compliance monitoring on their entire portfolio.

    Libretto, a regtech offering from Bizzy Labs, improves loan portfolio compliance by automating identification of data anomalies in loan files, enabling their timely research and remediation. Its comprehensive business rule library is curated by legal and compliance experts and can be configured by loan type. Its systematic and automated approach to loan diligence translates into fewer borrower complaints and higher loan valuations.

    “We are pleased that MCM Capital and Temple View Capital have selected Libretto as its compliance monitoring engine,” said Gagan Sharma, CEO of Bizzy Labs. “As they work with multiple servicers, Libretto provides a single consistent mechanism to monitor their portfolio.”

    “We selected Libretto for its advanced design and comprehensive business rules library,” said Mike Niccolini, MCM Capital CEO. “It is ideal for monitoring quality and detecting issues that may create compliance risk.”

  • 3/5/2021 | Startup Bizzy Labs Forms Advisory Council to Guide Development of Regtech that Mitigates Noncompliance Risk

    Irving, Texas 3/5/2021 – Bizzy Labs, a regtech company that uses a big data approach to perfect mortgage loan files during loan boarding and throughout the life of servicing, announces the formation of an Advisory Council to help guide the development of its service offerings that address regulatory compliance.

    Gagan Sharma, Bizzy Labs' president and chief executive officer, named Buckley Firm's Jeff Naimon, CrossCheck Compliance's Jim Shankle, Sagent's Matt Tully, BSI Financial's Erum Nayani, and the Codilis Family of Firms’ Mike Sullivan to be inaugural members of the Council.

    The Advisory Council will provide guidance on regulatory trends that affect mortgage loan servicing and software functionality designed to illuminate regulatory risk in loan pools and portfolios.

    "We are pleased to announce the formation of our Advisory Council at this critical stage in our industry's evolution," said Sharma. "The financial and reputational cost of noncompliance is increasing, particularly given the impact of COVID 19 and what we expect will be heightened regulatory oversight as COVID forbearance programs are lifted. The Advisory Council will enable Bizzy Labs to develop technology that shines a bright light on compliance risk."

    Libretto, Bizzy Labs' flagship application, enhances the coverage and quality of compliance through a data-driven automated approach to detect data anomalies in loan files. Libretto produces a daily checklist of loan improvement actions that can be managed using its online workflows or exported into the client’s systems. Libretto is capable of detecting more than 600 types of loan file exceptions during loan boarding, and in primary, default and FHA / Ginnie Mae servicing portfolios and MSR acquisition.

    Jeff Naimon is a Partner in the Washington, D.C., office of Buckley LLP, with more than 25 years of experience assisting bank and nonbank financial services providers (and investors in same) with regulatory, enforcement, and transactional matters.

    Jim Shankle is a Managing Director at CrossCheck Compliance, LLC with over 25 years of regulatory compliance and internal audit experience in the mortgage industry. Jim has been a frequent speaker at various national and State mortgage professional organizations.

    Matt Tully is a Senior Vice President at Sagent, serving as the Chief Compliance Officer & Head of Agency Affairs. He shared that “I am excited to be participating in Bizzy Lab’s Advisory Council. The partnership between Bizzy and Sagent is indicative of our mutual commitment to leverage technology solutions to address the compliance needs of servicers.”

    Erum Nayani is Assistant General Counsel for BSI Financial. In her current position, she is responsible for a variety of compliance and risk management areas, including regulatory compliance, litigation, licensing and audit.

    Mike Sullivan, Director of Client Relations and Marketing for the Codilis Family of Firms (IL, IN, MO, TX & WI), has more than 36 years of experience in all areas of default servicing including post-foreclosure claims and default technology initiatives.

  • 10/10/2020 | Sagent & Bizzy Labs Regtech Deal Delivers Automated Compliance & Customer Care for Mortgage Servicers

    KING OF PRUSSIA, Pa. – November 10, 2020 – Sagent, a fintech company modernizing mortgage and consumer loan servicing for America’s top banks and lenders, today announced a regtech partnership with Bizzy Labs to automate compliance, lower operational costs, and improve borrower experience for servicers.

    Sagent and Bizzy will jointly offer Libretto, an AI-powered compliance engine that ensures fast, accurate servicing onboarding, then continually scans portfolios to identify and fix data anomalies using over 600 business rules from regulators, investors, and top servicers. This reduces compliance risk, increases loan valuations, and ensures customer happiness.

    “This new automated compliance engine accelerates Sagent’s consumer-first modernization of mortgage servicing,” said David Doyle, EVP of Business Development at Sagent. “Clean onboarding and continuous portfolio surveillance mean fewer errors and happier customers. Servicer errors can erode profitability, rattle customers, and lower retention. Sagent’s Bizzy Labs partnership ensures servicers get the experience right for their customers and their bottom line.”

    Servicer profitability can further erode when compliance costs rise as COVID-caused forbearances mature into loss mitigation scenarios. Most costs are from adding audit/QC teams to monitor portfolios and adding customer service teams to handle increased error inquiries. This compounds when regulations tighten with political cycles, so AI-powered compliance is the right servicer solution at the right time as it can power an increase in loans serviced per employee (LPE) by as much as 30%.

    “We’ve been refining our AI to solve data integrity issues for the last nine years as a prominent servicer/subservicer,” said Gagan Sharma, CEO of both Bizzy Labs and servicer/subservicer BSI. “The result is Libretto, a digital approach to loan file perfection that’s reduced error rates by 80% and borrower complaints by 50%. It runs 600+ investor and regulator rules on portfolios to deliver precise, department-specific checklists for resolving customer loan issues daily.”

    After Sharma’s team refined Libretto using BSI’s own portfolio plus portfolios they service for lenders throughout the U.S., they spun off Bizzy Labs as an independent big data regtech company to serve America’s top servicers and investors.

    Partnering with Sagent makes Bizzy’s cloud-based Libretto immediately available for the millions of loans Sagent powers for servicers, and its full APIs make it easy to integrate to all platforms.

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