Sign in Subscribe
Bank holding companies

Bank of America Revolutionizes Mortgage Lending with Electronic Pricing Information and Immediate Rate Locks

Strategic Insights

— 2 min read

Bank of America has launched a groundbreaking system called Amie, which enables mortgage brokers to access current rate and product information, lock in interest rates electronically, and receive immediate confirmation, marking a significant shift towards faster and more efficient mortgage lending processes. Developed in collaboration with Strategic Communications Corporation, Amie utilizes wireless technology to update brokers' computers in real-time, allowing them to make informed decisions quickly and stay ahead of the competition. This innovation is expected to increase the speed and responsiveness of mortgage lending, benefiting both brokers and their customers.

Key Takeaways:

  • Amie is the first wholesale mortgage lender to offer electronic pricing information and immediate rate locks using wireless technology.
  • The system was developed in collaboration with Strategic Communications Corporation (SCC) and allows BofA-approved mortgage brokers in California to access current rate and product information using desktop or laptop computers.
  • Amie enables brokers to lock in interest rates electronically, receive immediate confirmation, and access loan status updates and direct communication with BofA via email.
  • BofA expects to make Amie available to 50 California mortgage brokers within two months and to 200 by the end of the year, with plans to expand to other states nationwide.
  • Amie was introduced to the California mortgage broker community at the California Association of Mortgage Brokers Sales and Marketing Conference in San Jose after more than a year of development and testing.
  • Bank of America is a leading wholesale lender, originating $9.8 billion in home loans in 1994 and ranking ninth nationally among home loan originators during the same year.
  • The bank's mortgage servicing portfolio was $51.7 billion as of December 31, 1994, also ranking it ninth among mortgage servicers nationally.

Statistics:

  • $9.8 billion: amount of home loans originated by Bank of America in 1994. (Source: BankAmerica)
  • 39: number of states plus the District of Columbia where Bank of America's wholesale lending operation serves mortgage broker customers. (Source: BankAmerica)
  • 10: number of Western states where Bank of America originates home loans through its retail branches. (Source: BankAmerica)
  • 12: number of states where Bank of America originates home loans through its retail loan offices. (Source: BankAmerica)
  • 9: Bank of America's national ranking among home loan originators in 1994, according to Inside Mortgage Finance. (Source: Inside Mortgage Finance)
  • $51.7 billion: value of Bank of America's mortgage servicing portfolio as of December 31, 1994. (Source: Inside Mortgage Finance)
  • 1994: year in which Bank of America originated $9.8 billion in home loans and had a mortgage servicing portfolio of $51.7 billion. (Source: BankAmerica)

Sources:

  • BankAmerica: "Bank of America originations reach $9.8 billion in 1994" (no date provided)
  • Inside Mortgage Finance: "1994 rankings for home loan originators and mortgage servicers" (no date provided)
  • Business Wire: "Bank of America and SCC Launch Amie, the First Wireless Wholesale Mortgage Pricing System" (February 10, 1995)

Read more