IBM rebrands mortgage servicing division
International Business Machines (IBM) will rebrand its mortgage servicing division as Seterus on July 9, according to a notice sent to affiliates. IBM Lender Business Process Services, as it is known now, is a specialty servicer based in Beaverton, Ore. In January 2010, IBM began negotiating with Bank of America (BAC) to acquire Wilshire Credit Corp. The following March, IBM closed on the deal. BofA kept the servicing rights to the portfolio. IBM was able to build out its servicing capabilities with the Wilshire operating platform and the 900 employees who worked there. It participates in the Home Affordable Modification Program and offers private workout options to distressed borrowers as well, including short sales. "Over the last year, as a new member of the IBM family, we have seen this organization find itself and create its own character as a proud member of IBM. You have worked hard to improve the customer experience; you have done amazing things to help homeowners," according to the notice. IBM will begin a campaign to push the new Seterus brand over the next few weeks, the notice said. Write to Jon Prior. Follow him on Twitter @JonAPrior.