california mortgage broker

Bank of America Introduces Wireless Interactive Service for its California Mortgage Broker Clients

SAN FRANCISCO--(BUSINESS WIRE)--Feb. 10, 1995--Bank of America today becomes the first wholesale mortgage lender to offer its mortgage broker clients electronic pricing information and immediate rate locks using wireless technology.

With Amie (American Mortgage Information Exchange), which was developed in collaboration with Strategic Communications Corporation (SCC) of Laguna Hills, California, BofA-approved mortgage brokers in California will now be able to access current BofA rate and product information using desktop or laptop computers with a special wireless modem.

By using state-of-the-art wireless technology, the Amie system updates BofA product and pricing information directly on the broker's computer. Once brokers have chosen a product and the appropriate pricing, they can use Amie to lock in an interest rate electronically, and will receive immediate confirmation of the rate lock, eliminating the 24- to 48-hour lag time for price confirmation typical in the industry now.

In addition, brokers can use the Amie system for immediate updates on the status of their loans as the loan packages move through the BofA approval process. They'll also be able to communicate directly with BofA via e-mail.

"Amie was developed specifically with the transaction processing needs of our mortgage broker customers in mind," said Ed Kalush, senior vice president and manager of Bank of America's Western Wholesale Production division in its Residential Lending Group. "Wireless access for all Amie functions allows brokers the flexibility to access and use Amie anywhere, any time -- from their office, their customers' office, or even on the road."

"By offering them current product and rate information electronically, the ability to interactively review and test various pricing combinations, and immediate confirmation of their rate lock requests, Amie lets mortgage brokers be more responsive to their customers' needs and allows them to provide quicker service."

"Unlike telephone or on-line systems, the Amie network is sessionless: no dialup or log-in effort is required," said Donna Farchione, chief executive officer of SCC. "Since Amie operates on a national wireless network, brokers can receive and send information moments after powering up their computers."

Bank of America and SCC introduced Amie to the California mortgage broker community today at the California Association of Mortgage Brokers Sales and Marketing Conference in San Jose after more than a year of development and testing. BofA expects to make Amie available to 50 California mortgage brokers within two months and to 200 by the end of the year. It ultimately expects to make Amie available to its broker customers in the other states where it has wholesale lending operations.

Strategic Communications Corporation is a systems integration and network service company offering wireless transaction and business information systems to the residential real estate marketplace. While Bank of America and SCC have collaborated in the development of Amie, SCC expects to further develop Amie as a multilender network for wholesale lenders, providing brokers with a standard access point to multiple lenders involved with the system.

"With Amie, Bank of America has seized the opportunity to define the standard for mortgage loan price delivery and price locks for the industry," Farchione said.

BankAmerica originated $9.8 billion in home loans in 1994, and according to Inside Mortgage Finance ranked ninth nationally among home loan originators during 1994. As of December 31, 1994, its mortgage servicing portfolio was $51.7 billion, also ranking it ninth among mortgage servicers nationally according to Inside Mortgage Finance.

In addition to its wholesale lending operation, which currently serves mortgage broker customers in 39 states and the District of Columbia, BankAmerica originates home loans through its retail branches in ten Western states, through retail loan offices in twelve states, and specialized loan origination units serving the realty, builder, and wholesale correspondent markets from coast to coast.

CONTACT: BofA

Richard Beebe, 415/953-2760

(e-mail: 75147.1433@compuserve.com)

SCC

John Campbell, 202/363-2069

(e-mail: jcamp@radiomail.net)

COPYRIGHT 1995 Business Wire
COPYRIGHT 2004 Gale Group