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Wilshire Acquires $500 Million Servicing Portfolio from Life Bank.(Wilshire Credit Corp.)(Brief Article)(Statistical Data Included)
Wilshire Financial Services Group announced that its servicing subsidiary, Wilshire Credit Corporation, has finalized an agreement to buy Life Bank's portfolio of servicing rights.
The transaction involves some 5,000 loans with a cumulative principal balance of $500 million. The transfer was expected to take place last month, according to Jay Memmott, president and CEO of Wilshire Credit Corporation.
The selection of Wilshire for this transaction was approved by all parties associated with the loans, including Lehman Brothers, Wells Fargo, Residential Funding Corp., Coastal Banc and Fannie Mae.
"The Life Bank servicing rights purchase is consistent with the company's expressed business plan to grow our third party ...
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Wilshire Credit Corp., Portland, Ore., has received an "above average" rating...capacities at above average with a stable outlook. S&P said Wilshire Credit Corp. has maintained a cohesive organizational structure and implemented...
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Source: HighBeam Research, Wilshire Acquires $500 Million Servicing Portfolio from Life...