IBM Buying Mortgage Servicing Unit of Bank of America
The deal to buy Bank of America's Wilshire Credit Corp. business is the latest step in IBM's push to grow its mortgage business process outsourcing services, according to IBM officials. Terms of the deal were not disclosed, and IBM will hire the 900 or so Wilshire employees.IBM is expanding its mortgage servicing business by buying the operating assets of Wilshire Credit Corp. from Bank of America. The deal, announced Oct. 5, includes Wilshire's mortgaging service platform and is proof of IBM's ambition to expand its capabilities around mortgage business process outsourcing solutions, according to IBM officials.
Financial terms were not disclosed.