NationsBanc Mortgage Corp. and BankAmerica Mortgage became one company on April 1, officially becoming the biggest mortgage servicer in the country.
The company has more than 2.7 million customer households and a servicing portfolio of about $250 billion. The mortgage division originates loans in 35 states and the District of Columbia, as well as by telephone through three telemarketing centers.
The company is now known as Bank of America Mortgage and all the signs will be changed to reflect the new name. The company said it would offer products from both companies' lines, significantly expanding its mortgage products and services.
"Bank of America Mortgage is the result of merging two successful mortgage organizations and building upon the best practices of both," said Andrew D. Woodward, president of Bank of America Mortgage. "Our division's new size, scope and competitive strength provide customers increased convenience, product selection, value, and flexibility.
"In 1998, the new company's mortgage division helped more than 400,000 families finance their homes. As Bank of America Mortgage, we are well positioned to help even more families," Mr. Woodward said.
Mortgage sales offices located in banking centers will display temporary Bank of America Mortgage desk cards until the bank's state-by-state brand transition is complete.