My loan was sold to IBM-LBPS a year ago. In the last 6 mos I send payments using certified mail and take photos of the checks with cover letter.
Payments are received in timeby LBPS and even clear my bank timely. Four lates, even if wrongfully done, make you ineligible for refi and credit rating dropped from 820 to under 700 in the past year. I've tried to get Attorney Generals, Federal Trade Commission (FTC), Trial Attorneys, Class action Attorneys and elected Officials involved to no avail. FTC did prosecute Fairbanks Capital in 2003 (http://www.consumeraffairs.com/news03/fairbanks_settles.html.
If that isn't enough insight, ask title company that worked with Wilshire on how they frauded people at closing time. 900 employees and managers of Wilshire are now LBPS employees that will soon be called Seterus (http://www.yestoshortsales.com/_blog/Short_Sale_Blog/post/IBM_to_Rebrand_Their_Mortgage_Servicing_Division_as_Seterus/)
I'd (firstname.lastname@example.org) would like to put together a class action if anyone is interested.