Wilshire Credit Corp Questionable Business Tactics Irvine California

Hi Trent,
First I want to let you know that when your bank mails a payment they do not send it electronically to us. A lot of people think that once it clears their account the money is to us. This is not the case. Here is how it works...the bank mails us a check and most of the time it is sent to a lockbox in pasadena or atlanta georgia. We always tell cusotmers to allow at least 7-10 business days for payments to be processed and applied to account.

There are also several other ways to make payments with us. We offer mortgage direct, that is where you set the date you want the payment to post to your account keep in mind the date cant be past your grace period. then every month at the date you specify the payment is posted to your account and then we go to your bank for processing. The benefit is there is no cost for mortgage direct, you can cancel it any time as long as you give 10 days notice, we go by the date the payment posts to your account not the day it clears your bank. If you prefer you can also pay online or through our automated system both are 5 fee if you prefer you can also western union but I dont recomend that since it does cost money. You can also call us and do a payment over the phone with one of our customer service reps. We waved your late fee most likely because it was a one time thing.

As far as your insurance goes. Here is what happens a lot. When your loan gets transferred to us for servicing and you don't call your insurance agent and let them know we are the new servicer if we try to verify coverage they wont give us any information since we are not listed as your mortgage servicer. We then send you letters and let you know we need proof of insurance. A lot of people don't open their mail and even though we send notices and even make phone calls it can get missed.

The problem is that per your contract you signed you agreed to keep full coverage on your home at all times. When we send three letters and get no response we then will pay for a policy for you and open an escrow account to be paid back. All of this can be avoided if two things are done. 1. Don't rely on your insurance agent to send us the information on your policy. Instead call 877 464-0099 tell the representative that you are calling to give your insurance information. Give them the agents name and they will call your insurance and verify your coverage and if the policy has been force placed the company will cancel the lender placed policy effective the day your insurance began and once we have the refund from the lender placed policy we refund it to your escrow account.

Also, if you have paid any money on the escrow account that will be refunded to you. It is simple to take care of but a lot of people just dont know the steps.
As far as your deductible goes... that is something you would have to talk to your agent about. I can tell you that Willshire is only a servicer and we abide by the terms of your contract.
We don't charge you extra fees.
I hope this clarifies things. I have been a happy employee for over 2 years and I take great pride in our company. Please don't hesitate to respond back to me if I can be of any further help. I am doing this on my own time because I care about our customers.

Take Care