Wilshire Credit Corporation Review
Wilshire Credit Corporation is a sub-servicing company and subsidiary of Merrily Lynch Mortgage Capital as of May 2004. We located three telephone numbers, one website, and a huge number of complaints against them before and after the Merrill Lynch takeover.
Wilshire Credit Corporation Website and Phone Contacts
Wilshire Credit Corporation Website: https://www.wcc.ml.com/
Wilshire Credit Corporation Phone:
Customer Service
Phone: 888-502-0100
(503) 223-5600
(503) 525-7388
Fax: (503) 525-7215
Address: 14523 SW Millikan Way Ste 200, Beaverton, OR 97005-2352
Wilshire Credit Corporation Review
Wilshire Credit Corporation is a sub-servicer, meaning they service mortgages belonging to others. They are one of the nation’s largest servicers of mortgage loans. As I said earlier, their parent company is Merrill Lynch. Then in the middle of the banking crisis, Merrill Lynch and Bank of America were “put together” at the behest of the Treasury Secretary, Hank Paulson as part of his plan to stabalize the banking system.
In the months since the B of A buyout of Merrill a lot of accusations, lawsuits, and Congressional inquires have been made into the legitimacy of takeover. Did Paulson twist CEO Ken Lewis’s arm to make the deal knowing Merrill was in real trouble financially? Did Lewis break the law by not informing BofA shareholders of the weakened condition of the Merrill balance sheet? What assurances did Bernanke and Paulson make to Lewis, if any, to keep the deal together?
In the midst of all this controversy, Wilshire was a small part of the deal…an after thought really. They got Tarp funds, the get doing their servicing, but sadly they don’t really do a very good job…based on all complaints I’ve read. Especially when it come to modifying loans of foreclosure victims.
They may still have the authority to negotiate loan modifications on behalf of the actual mortgage holder, so if you are in default start with a phone call.
If you are facing foreclosure and want to learn how to negotiate (before you call) with even an “ugly” servicing company like Wilshire Credit, click the link, Stop Your Foreclosure Now!
It appears when I search for complaints against Wilshire Credit, they are many. Click to see all the Wilshire Credit complaints listed in Google.
BBB Activity on Wilshire Credit Corporation
” The BBB processed a total of 156 complaints about this company in the last 36 months, our standard reporting period. Of the total of 156 complaints closed in 36 months, 62 were closed in the last year.”
BBB lists the following DBA names as well,
Wilshire Credit Corp
See Comments Below to Add/Read Customer Opinions On Wilshire Credit Corporation
NOTE: Whilshire Credit Corporation was bought by IBM on October 5th, 2009…just days after it became clear Mr. Lewis was stepping down as the CEO.
What the heck is IBM doing buying a mortgage servicing company?
Author: The Mortgage Insider
Previous Post:« CitiMortgage Review
Next Post:» HSBC Mortgage Services Review
Tagged with: Complaints • Mortgage Company Reviews • Mortgage Servicing
"Our Online Quote Service Is A Guaranteed Way To Compare Mortgage Offers Quickly." - Rob K. Blake, The Mortgage Insider ...Click Here!
Wilshire Credit Corp, used collection agency tactics, slander and fraud when trying to take my home that caused financial and emotional damages in my life.
I was an unemployed, high risk, first time home owner with an ARM, first and second mortgage, interest only, zero down, no escrow with 5 PPP loans, bordering a flood zone. The perfect high risk target for Wilshire. Wilshire bought my loans 2 months after I got them from Wilmington.
Wilshire wrongfully reported my loan balances to the credit burro in order to negatively bleed my credit. Clearly Slander
On my secondary loan, I was paying into principle / equity but my credit report showed I owed more then I barrowed for both interest only loans. In 2 years when the ARM loans adjusted and I would not have been able to refinance out of the ARMs because of low credit score caused by Wilshire’s Slander.
Wilshire forced flood insurance in an area that is not considered a flood zone, but does border one. This was the dispute that prompted me to refinance. There is more to this but I want this to be a summary of what happened to me and my family.
Wilshire never sent me a MIP Refund, isn’t that Theft?
Collection Agency Tactics
The Software used to manage / service Home Loans was Collection Agency Software used to manage people with bad dept already.
Because they (Wilshire) call themselves a service company they don’t have to treat us like we (The Homeowners) were still customers of a home lending institution.
My first payment to Wilshire was late due to one of the accounts not being set up correctly. Once it was I made the full payment for both loans at the same time.
Wilshire then charged late fees, I contacted them and they agreed to reverse the late charges. Not over.
They only reversed late fees on one of the loans not both so I had to all again. Then that got fixed and the late fees popped back up on the next months bill and on and on……
Dozens of calls later over several months it was fixed and the late charges were removed for good.
I can say during all the calls to try to get this fixed I got, the 1 hour hold, shifted from one person to another and another and then dropped, received then disconnected and probably a few others I have forgot now.
Wilshire is hurting the American people and should be stopped.
Wilshire has offered to let me pay-off my loan for almost 1/2 the amount it will cost if I pay as schedule with the interest. This is a phone offer, nothing in writing and they will not put anything in writing, they have asked me to put it in writing as an offer and send it to them. Also, I was advised that if they accept the offer, it will reflect negatively on my credit report? My payments are current and I have been paying additional principal every month. What’s going on, does this have something to do with the new credit laws that are going into effect at the beginning of the year?
This was an unsolicited offer.
The only legal way Wilshire has to accept documentation is through certified mail. That is clearly stated in the standard mortgage contract. So anything Verbal, FAXed, Emailed or mailed normally can be ignored by Wilshire.
My proof of flood insurance was FAXed by myself and Farmers Insurance Co. several times and ignored until I sent it Certified Mail.
Wilshire Customers with any kind of issue or deals should always send CERTIFIED MAIL ONLY for all communications with Wilshire.
I used to work for Wilshire Credit Corporation up until a few months ago. I had been there for several years, until the company was bought by Bank of America. The SVP left, several division directors left, and many many employees left, including myself.
I also am not exactly sure why IBM purchased WCC, and I do not see IBM servicing mortgages, however I have been told that IBM is bringing 60 Billion in assets to the company. Wilshire originally started out as a third-party collector, collecting on anything from TV sets to Livestock. Also, as a note of clarity, the mortgages Wilshire services were owned by Merrill Lynch, which in turn owned Wilshire, and therefore even though Wilshire is considered a 3rd party collector, they really are not.
Regarding the guy with the escrow post. Wilshire has a policy that if they receive notice from a city, county or state that Taxes are past due, or insurance is not being paid, they will automatically open an escrow account. It is part of the terms of the original loan agreement. More often then not, after Wilshire opens an escrow account, they will never stop collecting the escrow, as is their policy.
The first year’s worth of escrow payments are always higher as they collect for what they paid out, and also collect for the next years payments, spread out over a 14 month period.
Lisa… I know there is more to your story then you are telling. I am not familar with your case, since I no longer work at Wilshire, but I know how Wilshire handles procedures, and the laws they follow. Everything is micromanaged, and monitored. If you really did have a case as you say, Wilshire would not be reporting you past due once conclusive proof is provided.
If I still worked there, I would personally review your situation and make sure everything was how it was supposed to be, but since I don’t I can’t, however I do know several employees there who operate the same way I do.
This is why I find it hard to believe the situation you are describing. Wilshire is required by law to report accurately to the credit bureau. If you have filed a claim with them and with the credit reporting agencies, and you are still being reported, then I would have to assume 100% that you were in fact past due.
Wilshire has been around for 10 plus years because they follow the laws to the T and have several departments dedicated to monitoring the companies adherence to and compliance of all city, state, and federal laws. Not only that, but they are fully audited twice a year by an independent auditing company, as well as by all three rating agencies and most state and federal governments.
Most complaints are from customers who do not understand how mortgages work, or how payments are applied, and more often then not are from customers who simply did not read what they were signing and filed a complaint because they didn’t like something in their contract.
In your case, more then likely your contract, as most of the mortgages are, does not allow pre-payment of monthly payment amounts. Anything over your normal monthly payment will go to principal, or fees if they are outstanding. The only time Wilshire will hold onto money is when a payment is sent that is not equal to the actual principal and interest amount due each month. They will hold the amount in what they call a suspense account on the loan, until enough is received to cover a full payment. Or, if your loan is several months past due or in foreclosure, they will either hold on to the payment, or return it if it is not enough to bring the account current.
Also, regarding the comments about Wilshire wanting you to lose your home. Wilshire puts more effort and money into saving customers homes then any other company. They have 4 different departments you go through before you get into foreclosure, and continue to attempt to assist you when you are in foreclosure. There Loan Workout department actually works against the foreclosure department in attempting to save your home. The problem is that once you get to a point of being in foreclosure, most of the resolution options are out of Wilshire’s hands. Once a foreclosure is started, there are state laws that require specific resolution parameters before Wilshire can stop the foreclosure. Trust me I know. I handled all aspects of everything Wilshire did, and know that company inside and out, probably better then most of the managers and directors that worked there.
So, with that being said. If you have an issue, write them a letter. They have to respond to the letter and do fully investigate every claim made in the letter. Provide proof of your claims. They will research the issue and will respond within the federally mandated time frames. Their response to you will be exactly what the situation is, based upon what happened, what proof you provided, what laws govern the situation and what the loan contract provides.
In other words, if you have a complaint of issue, most likely it was due to something you didn’t do correctly, or something in the contract you didn’t read when you signed it. Wilshire does make mistakes sometimes, not very often though. When they do, they put procedures and practices into place to prevent it from happening again, and have a department that dos nothing other then monitor the company’s actions to make sure those mistakes are not repeated and that all laws, regulations, loan contract and servicer contract terms are followed.
For ever action at Wilshire, there are 5 independent departments (departments not connected to the departments you are directly dealing with) and hundreds of employees over-looking that action to make sure it was done correctly, following contract terms and legal requirements. This includes all phone calls, letters, payments, foreclosures, loan workout actions, evictions, fees, and everything else the company does.
A lot of times a complaint really comes down to a customer not being happy with the result of something they did, or didn’t do, or with the terms of their contract, which they more then likely didn’t read.
Keep in mind, Wilshire has never been fined, regulated, or served with a cease and desist notice from any government agency. In fact, many regulatory bodies use Wilshire’s business model, practices, and procedures as training materials for their own employees, and recommendations to other companies regarding how they should run their business.
If Wilshire really was in the business of doing what these posters say it was in the business of doing, Wilshire wouldn’t be in business, period.
Wow! Eric you took a lot of time to back a company you no longer work for? Really? Here’s a fact: Wilshire will not do a **** thing for you unless you file a complaint with an outside agency. You can call and write until you are blue in the face and you will never get pass the CSR who answers the phone and puts you on hold so that they can read what the last CSR wrote on your chart the last time you called. If in fact you have all of these people working in the back ground, checking this and overlooking that then why is it no one has a phone so that they can be contacted? I have tried for four years and not once have they been able to transfer me to another department. I am told everything goes through emails? Eric, you wrote a pretty long comment and that’s all it is.
I would like to comment on this post. It is up to the buyer to know what they are signing, but it is also apparent that mortgage companies via their attorneys make many parts of loan papers difficult to understand by the lay person. These deceptive tactics are in part why the country is in the difficulty we are in. I would like to speak to you, since you used to Wilshire Mortgage about such a practice.
Its easy to take advantage of the lower class, especially when they have no way of fanatical fighting back in court.
Eric, how wealthy have you become when you did work for Wilshire, better yet how much to you still have invested?
I can not believe how people tend to blame the bank or mortgage servicer for them losing their homes when it is their own fault. You signed a contract and knew what you were signing and if not that is stupid because you did not want to take the time to read before signing. Wilshire is a loan servicer, not the lender you signed the loan note with.Sometimes circumstances change but if you bought a car and had a loan on that and did not make the payments, would not that car be repossesed? Not any different than a home loan, if you do not pay then you could lose the home.
Is personal accountability to much to ask for?
It is NOT their own fault when their loan is SOLD to a loan servicing company or a Loan Servicing Bank such as Wilshire who brazenly post payments incorrectly, and then spend the following six months to a year reporting you to credit bureaus because the refuse to post them properly!!
These people have RUINED my credit rating and somehow it is LEGAL for them to do so? Are you kidding me??
I did NOT post my original comment because I failed to pay on time or in full – my comment was posted because they have stolen my money and REFUSE to correct my account!! They are STILL sitting on OVER $2,000.00 that has YET to be applied to my loan from TWO YEARS AGO!!!!
So Chad… YEAH, I did see that the box was checked and that more than likely, my loan would be sold!! However – they did NOT disclose that they were going to sell MY LOAN to Brazen Criminals!!
My mortgage was sold to Wilshire shortly after my closing in 2006. The first time I noticed something was wrong was in 2007 when the company paid my taxes. I was paying my own taxes so there was no need for them to do so. They opened an escrow account without my permission and tried to raise my payments by $700.00. I contacted the BBB and they agreed to let me pay back the money they had paid and promised they would not open another escrow account. Just this month I received a notice from them stating an escrow account was opened to pay the upcoming taxes and my payments are going from $985.00 to $1300.00 a month. When I spoke to them and reminded them that this was not what they had agreed to they come up with some garbage about the balance owed from when they paid my taxes in 2007. First off. they never should have paid them, but they won’t admit that they made the mistake. I agree with one of the previous comments when it was said it seems like they want you to loss your home. My payments are made each month and there is no reason for the continued attempts to raise my payments. They do know that I am unemployed and I think they are using that, even though I am still making my payments on time. This company is horrible and should not be able to get away with this. I have a fixed mortgage so I guess the only way to go after me is by trying to pay my taxes and trying to get extra money from me through escrow accounts.
This Mortgage Servicing company is the ABSOLUTE worst!! They are still sitting on over $3,000.00 of our money that has NOT been applied to our loan properly as they posted these payments to “additional principal” received instead of the P&I and escrow breakdowns that were specified in our loan documents. For over SIX MONTHS they have reported us as delinquent in our payments to credit reporting agencies even though we have PROOF that not a single payment was missed or even late! Even after sending letter after letter detailing their errors they refuse to budge and now have “reapplied” our payments according to what looks good on their books but REFUSE to refund the additional funds they received (Sent in response to their threats for reporting our payments as being delinquent!) as being received and applied properly according to escrow rules, etc.!! They have made COUNTLESS errors with our account – each one we have had to fight and each one we have lost!!
They are still playing these games and I sill have to call them WEEKLY!
I will NOT be surprised when someone takes a weapon up to oregon to teach these rude ******** a lesson or two… Of course – the media will ask why someone would go this far… All they will have to do to find a REAL answer is ask ANYONE who is unfortunate enough to have Wilshire as their mortgage servicing company.