IBM to purchase main operating assets of Wilshire Credit

IBM to buy Wilshire Credit’s operating assets

ARMONK, N.Y. — IBM Corp. says that its mortgage servicing subsidiary signed an agreement with Bank of America Corp. to buy the main operating assets of Wilshire Credit Corp.

Terms of the deal were not disclosed.

The purchase was announced Monday and includes the Wilshire mortgage servicing platform along with the hiring of Wilshire’s 900 employees.

The assets will be added to IBM’s Lender Business Process Services Inc. unit, which is a subsidiary of IBM.

Wilshire will work with its clients, as well as IBM and Bank of America, to move its mortgage servicing rights and other assets to Bank of America, IBM said.