International Business Machines Corp. (IBM) said Monday that it has finalized its acquisition of the core operating assets of Wilshire Credit Corporation from Bank of America.

These assets include Wilshire’s mortgage servicing technology, which has been added to IBM’s mortgage service subsidiary Lender Business Process Services Inc.

The New York-based technology giant initially announced its intent to acquire Wilshire assets on October 5, 2009. Terms of the deal have not been disclosed, but at that time, IBM said it planned to retain roughly 900 Wilshire employees.

The deal bolsters IBM’s presence in the mortgage market, where technology-based service providers have been under increasing pressure to accommodate servicers’ rising modification and foreclosure volumes. IBM says it is committed to improving clients’ flexibility, competitiveness, and ability to manage their businesses more effectively through dynamic market cycles.

Bank of America acquired Wilshire at the end of 2008 as part of its $50 billion purchase of Merrill Lynch & Co. Merrill paid around $50 million for the loan servicer in 2004.

As part of the closing process, Bank of America will retain Wilshire’s mortgage servicing rights and related assets, IBM said.