Wilshire Credit Corporation Excessive Payment Processing Time ripoff Atlanta Georgia
I use online banking and payments are mailed to the Atlanta, Ga, payment processing center. I, too, am experiencing delay in posting of my payments. I have not been charged a late fee, but hold my breath. I pay my mortgage before the first of the month and usually the payment is not posted until the 5th - 7th.
I have called and expressed concern and the Wilshire rep says it's "okay" as long as the payment is posted before the 10th and it will not be reported to the credit bureau. I asked what takes so long and they don't seem to know. I do know my bank guarantees payment on the date I select the mortgage to be paid and if late fees are incurred they will pay them. This is the only business I have had this experience of late posting. I was thinking of mailing a check so I may pay more on principal but hesitate after reading these posts.
I also wonder if my bank statement shows the transaction to Wilshire Credit as being paid before the first of the month (on the 30th or 31st because the funds are withdrawn) if I am protected?
I am glad to have this information and will keep my eyes open to any fraud.
Andy
Washington, District of Columbia
U.S.A.
4 Updates & Rebuttals
Timothy
Harrison Twp.,Michigan,
U.S.A.
Wilshire Credit Corporation
#5Consumer Comment
Sun, July 12, 2009
I would like to reply to Miguel's replay on 8/27/07. First of all when I did a refi of my HELOC to a second mortgage, it was to be serviced by Wilshire Credit Corporation's Atlanta, Georgia processing - it's in my contract.
When I received my first billing from Wilshire, it had a California address on it. I called and ask what was going on because of the two different addresses. I was told that the payment could be sent to either address. If the Atlanta address is a lock box, then the payment should be treated as the day it's delivered to the lock box.
I also pay Wilshire online through my bank, and I noticed that the payment information was suddenly changed from the Georgia address to the California address which adds 2 to 3 additional days when delivered by SNAIL MAIL. So if you send your payment out on the 31st, and if it's going to Georgia, then it should be expected to reach there by no later than the 2nd or 3rd at the latest. Since it's going across country to California, you can expect an additional 3 or even 4 days travel time.
What Miguel failed to tell you is that if your payment arrives before the 1st (my payment is considered late if not received by the 15th), you are not paying the full amount of interest on that payment for the month you are paying - which means more going to the principal and less going to interest.
If Wilshire really wants to be consumer friendly, they should get rid of the $5.00 fee that they charge for using the website to make a payment. I have never understood why someone would want to charge you a fee to make a payment directly to them on or before the date in which it would be late. What Wilshire should do is to start charging the $5.00 fee when you are late making the payment (in addition to any other late fees outlined in your mortgage contract).
Miguel
SALEM,Oregon,
U.S.A.
DO CONSUMERS EVER READ THERE STATMENT ??
#5UPDATE Employee
Tue, August 28, 2007
HEY ANDY, IF YOU WOULD HAVE BEEN READING YOUR STATEMENT SINCE FEB/MARCH 07 YOU WOULD NOTICE A CALI LOCATATION TO HAVE YOUR BANK BILLPAY SERVICE MAIL THE PAYMENTS TO. WHILE THE GA LOCATION IS STILL A PLACE THAT YOUR PAYMENT WILL PROCESS, IT'S NOT THE PROCESSING TIME THATS POSTING YER PAYMENT LATE IT'S 1 OF THE 10 USPS LOCATIONS THATS FILTERING YOUR PAYMENT TO THE CORRECT P.O BOX. AND REGARDS TO THE 10 DAY'S AND BEING REPORTED LAE TO THE CREDIT REPORTING COMP'S , WELL IM GUNNA GOE OUT ON A LIMB HERE AND SAY YOUR MORTGAGE PAYMENT COMES DUE ON THE 1ST OF THE MONTH AND WITH 10 DAY GRACE PERIOD SO INTURN YOUR PAYMENT HAS TO BE POSTED BY THE 11TH DAY BY 5PM PST OF EACH MONTH(IF THE 11TH DAY LANDS ON A WEEKEND IT'S THE FOLLOWING BUSINESS DAY)YOU WOULD INCURRE A LATE FEE THEN IF YOUR PAYMENT IS NOT RECI MOSTLY BY THE LAST BUSINESS DAY OF EACH MONTH YOU WOULD POSS GET A 30 DAY LATE REPORTING ON YOUR CREDIT. AND A GOOD DAY TO YOU ANDY
Miguel
SALEM,Oregon,
U.S.A.
DO CONSUMERS EVER READ THERE STATMENT ??
#5UPDATE Employee
Tue, August 28, 2007
HEY ANDY, IF YOU WOULD HAVE BEEN READING YOUR STATEMENT SINCE FEB/MARCH 07 YOU WOULD NOTICE A CALI LOCATATION TO HAVE YOUR BANK BILLPAY SERVICE MAIL THE PAYMENTS TO. WHILE THE GA LOCATION IS STILL A PLACE THAT YOUR PAYMENT WILL PROCESS, IT'S NOT THE PROCESSING TIME THATS POSTING YER PAYMENT LATE IT'S 1 OF THE 10 USPS LOCATIONS THATS FILTERING YOUR PAYMENT TO THE CORRECT P.O BOX. AND REGARDS TO THE 10 DAY'S AND BEING REPORTED LAE TO THE CREDIT REPORTING COMP'S , WELL IM GUNNA GOE OUT ON A LIMB HERE AND SAY YOUR MORTGAGE PAYMENT COMES DUE ON THE 1ST OF THE MONTH AND WITH 10 DAY GRACE PERIOD SO INTURN YOUR PAYMENT HAS TO BE POSTED BY THE 11TH DAY BY 5PM PST OF EACH MONTH(IF THE 11TH DAY LANDS ON A WEEKEND IT'S THE FOLLOWING BUSINESS DAY)YOU WOULD INCURRE A LATE FEE THEN IF YOUR PAYMENT IS NOT RECI MOSTLY BY THE LAST BUSINESS DAY OF EACH MONTH YOU WOULD POSS GET A 30 DAY LATE REPORTING ON YOUR CREDIT. AND A GOOD DAY TO YOU ANDY
Andy
Washington,District of Columbia,
U.S.A.
All 53 posts are frightening! Let's do something.
#5Author of original report
Tue, August 21, 2007
I have read every posting about Wilshire on RipOff. I find all this information very frightening. This company seems to be out of control when it comes to consumers. How are they getting away with their lack of ethics. When reading the posts, each post would bring back memories from day one with this company. I just thought it was because of my loan transfer and problems may occur. It got a little better, but now I'm seeing a trend on the posting of payments.
I have taken the advice of the housing counselor and am writing every government official to let them know of my experience. DC and FTC have online forms to fill out which makes it easier. But I do encourage everyone to file complaints. This type of business is what we read about everyday. It's Predatory and that's the bottom line. They are out to make money at whatever cost.