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ARMONK, N.Y. - 05 Oct 2009: IBM (NYSE: IBM) today announced that its mortgage servicing subsidiary has signed an agreement with Bank of America Corporation (NYSE: BAC) to acquire the core operating assets of Wilshire Credit Corporation, including the Wilshire mortgage servicing platform, and hire Wilshire's approximately 900 employees. Terms of the transaction were not disclosed.
The acquisition continues IBM's strategic focus on the mortgage services industry and strengthens its commitment to deliver mortgage business process outsourcing solutions that improve our clients' agility, flexibility and competitiveness as they work to manage their businesses more effectively through dynamic market cycles.
"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."
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 and Bank of America to transition its mortgage servicing rights and related assets to Bank of America. The agreement remains subject to customary closing conditions. There are no immediate changes taking place for customers as a result of this announcement.
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