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BofA Mortgage Unit Launches New Program for Banks

Lender renews deal with ABA affiliates

Aug. 12, 2010

By MortgageDaily.com staff


A new program for banks has been introduced by Bank of America Home Loans.

The Calabasas, Calif.-based company's correspondent lending unit renewed its relationship with Business Solutions, a news release today said. Business Solutions is an affiliate of the American Bankers Association.

Terms of the deal have BofA acting as a secondary market investor for Community Bank Mortgage LLC, a "cooperative-style" organization for 55 ABA member banks.

The lender will also provide secondary services to ABA Mortgage Solutions, which assists ABA member banks in doing a better job executing mortgage business.

As part of the deal, BofA unveiled its banker select program.

"This program will provide efficient underwriting decisioning for all loans sold to Bank of America, dedicated single point-of-contact service, customized technology solutions and individualized product and technology training," the news release stated.

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