Bank of America to Streamline Title and SettlementServices, Providing Simplicity and Convenience...

Business Editors

CHARLOTTE, N.C.--(BUSINESS WIRE)--Feb. 10, 2000

In an effort to streamline the mortgage and home equity lending process, Bank of America Corporation is creating a single channel for the delivery of vendor management services, which will provide a new level of

simplicity and convenience for customers nationwide. Operating under the name HomeStreet Services, Inc., the St. Louis, Missouri-based operation will handle title and closing services for the bank's real estate loan origination businesses. It will enable Bank of America to deliver consistent and high-quality real estate lending service. Bank of America is a leading real estate lender and the largest commercial banking company in the United States, with $633 billion in assets.

&uot;Every three minutes, a Bank of America customer fulfills the dream of homeownership,&uot; said Catherine P. Bessant, Bank of America president for Consumer Real Estate and Community Development Banking. &uot;We want to put even more people into their own homes. By meeting customers' needs quickly, conveniently and professionally, we provide greater value to them and ratify the bank's commitment to our communities.&uot;

Bank of America entered into a consulting agreement with Atlantic Ventures, a subsidiary of Charlotte-based Atlantic Assurance Group, to assist in the creation of HomeStreet Services. Atlantic Assurance will advise on centralizing vendor control, streamlining document preparation and fully automating the closing process. Under a three-year agreement, Atlantic Assurance will provide technology, management consulting and training services to the bank. Atlantic Assurance specializes in technology, vendor management consulting and strategic planning for the mortgage lending industry.

HomeStreet Services will provide title search, examination and insurance services, information reporting and closing and settlement services, primarily to Bank of America real estate loan origination businesses but to other mortgage lenders, as well. The bank expects significant productivity gains by electronically linking its loan processing systems to the subsidiary.

Pending regulatory approval, HomeStreet Services will open for business by May.

Greg Sullins, director of Bank of America Consumer Banking loan processing, called HomeStreet Services &uot;a corporate utility&uot; that supports the bank's objective to deliver products and services &uot;in an integrated, seamless manner that brings value to customers and differentiates Bank of America from its peers.&uot; He said, &uot;Initially, HomeStreet Services will provide title and closing services, although we envision growth into many ancillary products and services to better serve our customers.&uot;

Todd Gorelick, Managing Senior Partner of Atlantic Assurance, said, &uot;Atlantic Assurance has a superior technology platform and proven expertise in managing vendor costs and performance. By working with us, Bank of America gains access to the best order-tracking and vendor-management system in the industry. The bank also benefits from our experienced management team, which has built multiple vendor-management companies from the ground up.&uot;

Bank of America executive Bessant added, &uot;We want to make banking work for our customers in ways it never has before by providing simplicity and convenience in home financing. We are committed to being innovative in finding more efficient and effective ways to enhance the home loan process.&uot;

Financial terms of the consulting agreement were not disclosed.

&uot;We are pleased to announce the expansion of our downtown St. Louis operations with the addition of HomeStreet Services, which will create up to 250 new jobs over the next two years,&uot; said David Darnell, president of Bank of America Midwest. &uot;Our decision to locate this new subsidiary downtown reinforces our commitment to the revitalization of the center city.&uot;

The Atlantic Assurance Group offers a broad array of real estate information services through its subsidiary companies, including real-property title reporting, title insurance, closing and settlement services, residential real estate appraisal services, land surveys, flood zone determination reports and field services for title abstracting and appraisals.

Bank of America has full-service operations in 21 states and the District of Columbia and provides financial products and services to 30 million households and two million businesses, as well as providing international corporate financial services for business transactions in 190 countries.