In the shopping spree that incited in 2008 with the collapse of the mortgage/lending industry, Bank of America (now operating as BAC Loan Servicing), purchased an asset called Merrill Lynch. Under that umbrella they picked up several subsidiaries of which one of those was known as Wilshire Credit Corporation. In some unusual events IBM at the end of 2009 settled on a purchase price with Bank of America and dipped its toes.
IBM bought Wilshire Credit Corporation, a mortgage servicing subsidiary now of Bank of America Corporation, which will allow them to acquire the core operating assets of WCC. This included the Wilshire Mortgage Servicing platform and the hiring of Wilshire’s approximately 900 employees. The complete terms of the transaction are still to be disclosed.
“The acquisition of Wilshire’s assets further demonstrates IBM’s commitment to delivering robust and innovative mortgage solutions during a difficult time for the mortgage industry,” said Eric Ray, general manager, Financial Services Sector, IBM Global Technology Services. “It also reinforces IBM’s commitment to leveraging the full capabilities and resources of IBM to partner with our financial services clients in solving their most difficult challenges.”
As IBM completes the acquisition of Wilshire’s operating assets will become part of IBM’s Lender Business Process Services, Inc. business unit, a wholly-owned subsidiary of the IBM Corporation. Wilshire will work with its clients, IBM’s and Bank of America’s to transition its mortgage servicing rights and related assets to Bank of America. At this time only to add a few more details some of the Wilshire Credit Corporation’s yard sale we are seeing some of our clients being sold to SRG or Strategic Recovery Group. Homeowners will be notified or should have been notified about the changes but we have already seen major changes take place to the their website which has already made the permanent change.
Wilshire leaves a little message from their now old website:
BANK OF AMERICAImportant notice
You have been redirected from the Wilshire Credit Corporation Web site to Bank of America Home Loans Servicing, LP. Recently you received a notice from Wilshire letting you know that they would no longer service your loan and naming your new service provider.
If your letter stated that your new service provider will now be Bank of America Home Loans Servicing, LP please see below for your new servicing information. If your new service provider is not Bank of America Home Loans Servicing, LP based on your letter please reach out to your new service provider listed on your letter for any servicing needs.CURRENT BANK OF AMERICA CUSTOMERS
If your home loan is now serviced by Bank of America Home Loans Servicing, LP you should have received a letter from us on the actions required regarding your account. Please sign on at www.bankofamerica.com using your existing user name and password.NEW BANK OF AMERICA CUSTOMERS
If you are a new Bank of America Home Loans Servicing, LP customer, welcome! To create your new online account, you need your letter with your account information log on to www.bankofamerica.com to enroll or for additional help, please contact Customer Service at 1.800.669.6607.