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BoA's B&C Market Share Tops 19%.
Byline: Paul Muolo
Charlotte, NC-Now that Bank of America has closed on its purchase of Merrill Lynch & Co., it finds itself the proud owner of two more subprime servicing platforms: Home Loan Services and Wilshire Credit Corp.
Pittsburgh-based HLS services $47.4 billion in A- to D credits while Wilshire of Beaverton, Ore., has a portfolio of about $25 billion. Wilshire's exact size could not be determined.
Merrill - purchased by BoA in early January - owned both units but for some reason, would not provide a servicing figure for Wilshire.
The $25 billion figure is an estimate, but one mortgage advisor said he thought Wilshire's servicing portfolio - which includes subservicing contracts - could be much larger, maybe as high as $50 billion.
Wilshire, which Merrill bought in 2004, is a subservicing specialist that works on not only subprime, but alt-A and "scratch and dent" loans.
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Source: HighBeam Research, BoA's B&C Market Share Tops 19%.