We've been seeing an increase in questions about IBM and LBPS. In the last few weeks we have had a handful of files transferred to a new servicer. We have had files at Citi, Chase, B of A, and Aurora that have been transferred to IBM and LBPS. This caused us to do a little research.
We found out that it looks like all of the files that are being transferred are Fannie Mae loans. Then we found an article from January of 2010 about IBM receiving thousands of files from Fannie Mae. Clearly this is starting to happen.
We don't know if ALL Fannie Mae loans are going to be transferred. IBM has been a smaller loan servicer. However, with tens of thousands of loans under their care now, they are growing quickly. If you do get a file transferred to IBM or LBPS, we would encourage you be prepared for some problems. This is a company that has been off the map and now they have suddenly received thousands of files to service. They could implode. They are not set up to handle the number of files that they are getting. Could they get to that point? They certainly could. Other large servicers went through growing pains in this process and you can expect that IBM will go through the same growing pains. It would be a good time to start searching for contacts within IBM. We have already started our research into finding contacts within the walls of IBM and we will discuss that process with you tomorrow.
Please, comment below and let us know if you have been seeing files transferred from one servicer to another and let us know if those files were Fannie Mae files.
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