Westlake Portfolio Management (WPM) is back in the business of absorbing outstanding portfolios.

The subsidiary loan servicing company of Westlake Technology Holdings has entered into a servicing agreement with Mechanics Bank Auto Finance (MBAF) to oversee and manage its portfolio consisting of active and charged-off auto loans in a move that became effective on May 1.

According to a news release, California-based Mechanics Bank discontinued originating indirect auto loans in early 2023, sharpening its focus on commercial, small-business and single-family lending.

WPM said it will use the latest technology and strict compliance standards to efficiently manage Mechanics Bank’s portfolio so the bank’s customers experience smooth and reliable service.

“We are excited to partner with Mechanics Bank Auto Finance and bring our full-service portfolio management expertise to their auto finance business,” said Todd Laruffa, vice president at Westlake Portfolio Management.

“Our proven track record in managing auto loan portfolios will allow us to provide seamless, top-tier service to Mechanics Bank’s customers while supporting their long-term financial objectives,” Laruffa continued in the news release.

WPM made similar moves in 2023 with portfolios connected with Car Capital and Nicholas Financial.

Westlake Portfolio Management specializes in third-party portfolio servicing leveraging advanced technology, comprehensive reporting, and robust compliance protocols to help financial institutions and investors optimize loan performance.

The company said Mechanics Bank customers should receive both letters and emails announcing the servicing transition to WPM. Customers can register their account on myaccount.wpmservicing.com.

Through the WPM MyAccount, customers can set up and manage their recurring ACH payments, view their statements, receive free credit score monitoring, or chat with an agent. Customers can also call (877) 266-9600 to speak to a live WPM customer service representative.