IBM to buy Bank of America mortgage servicing unit

IBM has signed a deal to buy the core operating assets of Bank of America's mortgage servicing unit Wilshire Credit Corporation. Financial terms of the deal were not disclosed.

Under the deal, Big Blue will add Wilshire's mortgage servicing platform and 900 employees to its Lender Business Process Services unit. Wilshire will work with its clients, IBM and BofA to move its mortgage servicing rights and related assets to the bank.

Eric Ray, general manager, financial services sector, IBM Global Technology Services, says: "The acquisition of Wilshire's assets further demonstrates IBM's commitment to delivering robust and innovative mortgage solutions during a difficult time for the mortgage industry."