Comment

Comment by Michael Hayley on July 11, 2011 at 6:19am

I wonder if IBM LBPS was ruining IBM's brand?

 

Thursday, May 26th, 2011, 11:35 am

International Business Machines (IBM: 175.29 -0.68%) will rebrand its mortgage servicing division as Seterus on July 9, according to a notice sent to affiliates.

IBM Lender Business Process Services, as it is known now, is a specialty servicer based in Beaverton, Ore.

In January 2010, IBM began negotiating with Bank of America (BAC: 10.395 -2.85%) to acquire Wilshire Credit Corp. The following March, IBM closed on the deal. BofA kept the servicing rights to the portfolio. IBM was able to build out its servicing capabilities with the Wilshire operating platform and the 900 employees who worked there.

It participates in the Home Affordable Modification Program and offers private workout options to distressed borrowers as well, including short sales.

"Over the last year, as a new member of the IBM family, we have seen this organization find itself and create its own character as a proud member of IBM. You have worked hard to improve the customer experience; you have done amazing things to help homeowners," according to the notice.

IBM will begin a campaign to push the new Seterus brand over the next few weeks, the notice said.

 

Comment by Wendy Rulnick on July 11, 2011 at 6:13am

Thank you, Shayna. I just wish they would change their hold music!

 

Comment by Shayna M. Bechtel on July 11, 2011 at 6:03am

Just FYI LBPS is now Seterus, Inc.  So far telephone/fax numbers and email addresses have remained the same...

Comment by Lori Young on June 14, 2011 at 6:42am

Know the investor servicing policy and the rules when dealing with this company.  Farming your sellers file out to a third party is BS.  The investor pays LBPS to service the asset.  LBPS must follow the rules and ensure contracted workers follow the rules...

Comment by Robin M. Willis on May 11, 2011 at 10:40am

Vikki,

 

LRC handles HAFA short sales.  Looks like you are being sent that way to get it approved through the HAFA program.

Comment by Vikki Lucas on April 26, 2011 at 4:09am

Some new info. came my way today from a co-worker at a Title Company. She called to originate a new short sale with LBPS and was told that she needed to send all docs, including 3rd party authroization to:

Loan Resolution Corporation (LRC)

Phone 800-218-5317

Fax is 480-455-5711

but they prefer that docs be EMAILED to [email protected].

I have an existing deal with LBPS and need to get an update on this on Thursday. I'll see what else I can learn when I call in on that.

Anyone else have any info on this change?

Comment by Isaac Ramirez on April 20, 2011 at 10:16am

Thank you Paul, in my case IBM LBPS is just the servicer on behalf of Chase bank it seems to me that all I have now are my hopes and prayers

Comment by Paul Kuriatnyk on April 20, 2011 at 10:00am

Call the MI company and speak with the underwriter.  I think you might find that the MI claim payouts to the investor, in a SS, are not enough to justify going that route. Will make more via Foreclosure.

 A few MI companys have told me that MI claim payout it is particular to each State and owner occupancy factors.  Many times the investor will make more if they wait until after the foreclosure sale to place the MI claim. 

They also told me that this MI issue is really bottom-line the investors fault, because "they DO NOT have to place the claim in the first place".

 

In your situation, it may simply be that it has nothing/little to do with MI, but everything to do with LBPS demanding deficiency, however in California, due to SB931, they cannot.  So... Foreclosure is the only other option.

Good Luck!

-Paul

Comment by Isaac Ramirez on April 20, 2011 at 9:44am

They say the file has MI but when the borrower last refinanced their LTV was only 70% at the time and yes it is owner occupied, we originally packaged the file for a HAFA request but didnt have any luck there

Comment by Paul Kuriatnyk on April 20, 2011 at 9:42am

Isaac,

2 questions:

Did your file have MI?  And, was it owner occupied?

 

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