Complaint Review: Wilshire Credit Corporation - Portland Oregon

As an ex-employee why don't/didn't you blow the whistle? Is there not laws in place to protect you? If more employees (current and former) can come forward with information, then maybe something can and will be done. How many more lives need to be ruin, disrupted and turned upside down before Wilshire and others affiliated with them will be punished?

I worked for this company for over 6 years and it was 6 years too long. It is unbelievable how this company operates and I sincerely hope that more consumers who are affected will take action. I personally worked with foreclosures, stipulated and forebearance agreements. I know for a fact that there was no method for accountability in the posting department. Dozens of customer payments that I know about ,and I am sure many more, were lost, misplaced or held in someones desk for days if not weeks or months while late fees, and interest were assessed and while homes were foreclosed upon and sold at 3rd party sales. Management did not want to hear about it and would not take action. Entry level temp workers totally unskilled and unqualified were put in advanced positions in the foreclosure and loan workout department as well as other departments throughout the company in order to get cheap labor and save a buck, never mind that they did not have the knowledge to handle such detailed, legal and time sensitive matters. At one point I personally sent out 9 letters to customers regarding 9 different loans, in foreclosure in which the downpayments for the stipulated agreements were lost. I apologized and asked for replacement funds and amazingly enough was able to have management hold off on these foreclosures.Management wanted to sweep in under the rug and believe me I was penalized and retaliated against times to numerous to recount. If you are one of the many customers who received one of my letters or a letter like this, please come forward. Please know that the late fees continued to be assessed, and there were no adjustments made for the overcharged interest. Believe me homes going to foreclosure in error and being sold at 3rd party sales was common occurance at Wilshire Credit Corporation. More people need to come forward and report this to the State Attorney General in their state and in the State of Oregon where Wilshire operates and to the better business bureau as well as their local congressmen. This company will continue to get away with this for as long as they are allowed to. Good luck to anyone who is unfortunate enough to have Wilshire Credit Corporation Servicing thier loan. And in case you didnt know Merrill Lynch is the parent company, and I would highly suggest pursuing them also. I know that I no longer have any affiliations with Merrill Lynch, I discontinued any relationships I had with them, closed all Merrill Lynch accounts and transferred my stocks and retirement funds to UBS Paine Webber. Something to keep in mind if any of you holding Wilshire serviced loans have financial relationships or retirement accounts with Merrill Lynch--my advice is get out now. My experience is that Wilshire and Merrill Lynch do not give a rip about the consumer, the people affected by their mismanagement, they are out for one thing and one thing only, to make money and to screw as many people as they can in the process, consumers and employees alike.

I worked for this company for over 6 years and it was 6 years too long. It is unbelievable how this company operates and I sincerely hope that more consumers who are affected will take action. I personally worked with foreclosures, stipulated and forebearance agreements. I know for a fact that there was no method for accountability in the posting department. Dozens of customer payments that I know about ,and I am sure many more, were lost, misplaced or held in someones desk for days if not weeks or months while late fees, and interest were assessed and while homes were foreclosed upon and sold at 3rd party sales. Management did not want to hear about it and would not take action. Entry level temp workers totally unskilled and unqualified were put in advanced positions in the foreclosure and loan workout department as well as other departments throughout the company in order to get cheap labor and save a buck, never mind that they did not have the knowledge to handle such detailed, legal and time sensitive matters. At one point I personally sent out 9 letters to customers regarding 9 different loans, in foreclosure in which the downpayments for the stipulated agreements were lost. I apologized and asked for replacement funds and amazingly enough was able to have management hold off on these foreclosures.Management wanted to sweep in under the rug and believe me I was penalized and retaliated against times to numerous to recount. If you are one of the many customers who received one of my letters or a letter like this, please come forward. Please know that the late fees continued to be assessed, and there were no adjustments made for the overcharged interest. Believe me homes going to foreclosure in error and being sold at 3rd party sales was common occurance at Wilshire Credit Corporation. More people need to come forward and report this to the State Attorney General in their state and in the State of Oregon where Wilshire operates and to the better business bureau as well as their local congressmen. This company will continue to get away with this for as long as they are allowed to. Good luck to anyone who is unfortunate enough to have Wilshire Credit Corporation Servicing thier loan. And in case you didnt know Merrill Lynch is the parent company, and I would highly suggest pursuing them also. I know that I no longer have any affiliations with Merrill Lynch, I discontinued any relationships I had with them, closed all Merrill Lynch accounts and transferred my stocks and retirement funds to UBS Paine Webber. Something to keep in mind if any of you holding Wilshire serviced loans have financial relationships or retirement accounts with Merrill Lynch--my advice is get out now. My experience is that Wilshire and Merrill Lynch do not give a rip about the consumer, the people affected by their mismanagement, they are out for one thing and one thing only, to make money and to screw as many people as they can in the process, consumers and employees alike.

I worked for this company for over 6 years and it was 6 years too long. It is unbelievable how this company operates and I sincerely hope that more consumers who are affected will take action. I personally worked with foreclosures, stipulated and forebearance agreements. I know for a fact that there was no method for accountability in the posting department. Dozens of customer payments that I know about ,and I am sure many more, were lost, misplaced or held in someones desk for days if not weeks or months while late fees, and interest were assessed and while homes were foreclosed upon and sold at 3rd party sales. Management did not want to hear about it and would not take action. Entry level temp workers totally unskilled and unqualified were put in advanced positions in the foreclosure and loan workout department as well as other departments throughout the company in order to get cheap labor and save a buck, never mind that they did not have the knowledge to handle such detailed, legal and time sensitive matters. At one point I personally sent out 9 letters to customers regarding 9 different loans, in foreclosure in which the downpayments for the stipulated agreements were lost. I apologized and asked for replacement funds and amazingly enough was able to have management hold off on these foreclosures.Management wanted to sweep in under the rug and believe me I was penalized and retaliated against times to numerous to recount. If you are one of the many customers who received one of my letters or a letter like this, please come forward. Please know that the late fees continued to be assessed, and there were no adjustments made for the overcharged interest. Believe me homes going to foreclosure in error and being sold at 3rd party sales was common occurance at Wilshire Credit Corporation. More people need to come forward and report this to the State Attorney General in their state and in the State of Oregon where Wilshire operates and to the better business bureau as well as their local congressmen. This company will continue to get away with this for as long as they are allowed to. Good luck to anyone who is unfortunate enough to have Wilshire Credit Corporation Servicing thier loan. And in case you didnt know Merrill Lynch is the parent company, and I would highly suggest pursuing them also. I know that I no longer have any affiliations with Merrill Lynch, I discontinued any relationships I had with them, closed all Merrill Lynch accounts and transferred my stocks and retirement funds to UBS Paine Webber. Something to keep in mind if any of you holding Wilshire serviced loans have financial relationships or retirement accounts with Merrill Lynch--my advice is get out now. My experience is that Wilshire and Merrill Lynch do not give a rip about the consumer, the people affected by their mismanagement, they are out for one thing and one thing only, to make money and to screw as many people as they can in the process, consumers and employees alike.