Bank of America Waives $200 Application Fee for All Online Mortgage Applications Received Via the Bank's Web Site

Business Wire, Nov 14, 1997

SAN FRANCISCO--(BUSINESS WIRE)--Nov. 14, 1997--Bank of America today announced that it is now waiving the standard $200 application fee for all online mortgage applications received for a limited time via the bank's Web site.

This special offer is available to consumers who apply online for a mortgage by completing an application available on the BofA Web site, located at http://www.bankamerica.com . To qualify for this limited-time offer, the consumer's online mortgage application must be received by Jan. 16, 1998.

Consumers can use the online application to apply for a standard one-year Treasury Spot adjustable rate mortgage or a fixed rate loan. Loans with different terms are available, and the offer is applicable for purchases or refinances anywhere in the United States, the bank said.

"We have seen a tremendous response to our online mortgage application -- particularly since we recently began waiving the application fee for customers using the Internet channel," said Karen Shapiro, vice president and online channel manager with Bank of America's Interactive Banking division. "Consumers looking to buy a home or refinance the one they already own will find extensive information -- including many interactive tools -- on the Bank of America Web site," Shapiro said.

"The Internet is just one of the many channels we use to reach thousands of mortgage customers every year," said Sylvia Reynolds, executive vice president of strategic programs with BankAmerica Mortgage, the company's nationwide mortgage lending unit. "As one of the nation's largest mortgage lenders and servicers, we work hard to provide our clients with convenience, choice and outstanding customer service," Reynolds said. "BofA's online mortgage application fits in well with our multi-channel mortgage lending strategy, which includes retail, wholesale, affinity and telephone center lending operations serving markets throughout the nation," Reynolds said.

Consumers visiting the At Home section of Bank of America's Web site (http://www.bankamerica.com/p-finance/athome.html) will find many useful resources and interactive tools to help them buy or refinance their home. Visitors also can access the online mortgage application and obtain current interest rates from the At Home section of the Web site, along with information about home equity loans and how to set up/finance a home office.

Visitors to the BofA Web site can go directly to the online mortgage application by pointing their browser to http://www.bankamerica.com/spec_off/noapplicfee.html .

In addition to serving as a valuable resource for homebuyers and homeowners, Bank of America's award-winning Web site contains a wealth of information about the company's wide range of other products and services for consumer and corporate customers. More than 2,500 different pages of information can be viewed by anyone visiting the Web site. Visitors can access a broad array of information and services, including HomeBanking; online loan, credit card and checking account applications; interactive personal finance decision tools; listings of bank-owned residential and commercial properties; news releases; and economic reports. The Web site's Build Your Own Bank feature allows visitors to select topics of interest and view a personalized page of money tips and financial information whenever they visit Bank of America's Web site.

San Francisco-based BankAmerica Corporation, the nation's fourth largest bank holding company, originates home loans through more than 1,900 branch offices of its retail banking network in 11 states and through its Web site located at http://www.bankamerica.com . BankAmerica Mortgage, an operating group of BankAmerica Corporation, also originates home loans through retail lending centers in 22 states, as well as wholesale lending and telemarketing operations which serve all 50 states and the District of Columbia. Additional specialized loan origination units serve the realty, builder, corporate relocation, and affinity relationship markets throughout the United States.

With $11.17 billion in home loan originations during the first nine months of 1997, BankAmerica Corporation is one of the largest mortgage lenders in the United States. BankAmerica also is one of the nation's largest mortgage servicers. As of Sept. 30, 1997, BankAmerica had a mortgage servicing portfolio of $90.04 billion.

CONTACT: Bank of America, San Francisco

Jeff Hershberger, 415/622-0870