As reported in the HousingWire this week, International Business Machines (IBM) has announced that they will rebrand their mortgage servicing division, currently known as Lender Business Process Services (LBPS), as Seterus.
Here is the Seterus phone number: 866.570.5277
Here is their website address: https://www.seterus.com/index.aspx
IBM formed LBPS only just over a year ago, in March 2010, when they acquired Wilshire Credit Corp. from Bank of America. In that deal, BofA retained servicing rights while IBM gained the Wilshire core operating assets, including the operating platform and Wilshire’s 900 employees, based in Beaverton OR (just outside of Portland).
LBPS offers options for distressed homeowners through their participation in HAMP, and by offering other individualized solutions for borrowers, such as short sales. Their transition to the new brand Seterus will be effective as of July 9th, but IBM will launch a campaign to start to publicize the new brand in the coming weeks.
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