BankAmerica Mortgage Opens Retail Lending Presence in Metropolitan Washington, D.C.WASHINGTON--(BUSINESS WIRE)--April 9, 1997--BankAmerica Mortgage, one of the nation's largest mortgage lenders, today announced that it has opened a retail lending presence in the greater Washington, D.C. area -- the latest step in the company's national expansion effort. BankAmerica Mortgage, an operating group of San Francisco-based BankAmerica Corporation, said it plans to serve the metropolitan Washington mortgage marketplace with retail lending centers in Silver Spring, Maryland Not to be confused with Silver Springs. Silver Spring is an urbanized, unincorporated area in Montgomery County, Maryland, USA. After Baltimore and Columbia, Silver Spring is the third most populous Census Designated Place in Maryland. and Fairfax, Virginia Fairfax is an independent city forming an enclave within the confines of Fairfax County, in the Commonwealth of Virginia. Although politically independent of the surrounding county, the City of Fairfax is nevertheless its county seatGR6. . The Silver Spring office is now open, and the Fairfax office is scheduled to open by late May. "We are very excited about entering the greater Washington retail mortgage market," said Arthur D. Ringwald, group executive vice president of BankAmerica Mortgage. "This new marketplace fits in well with our national expansion strategy, and is an important part of our plan to develop a growing lending presence up and down the Eastern Seaboard," Ringwald said. "We're well on our way to establishing a significant foothold in the greater Washington mortgage marketplace," said John Gray, senior vice president and Eastern Region manager for BankAmerica Mortgage. "We plan to compete vigorously to build marketshare and become one of the area's top mortgage lenders. The metro Washington market is a key component of our Mid-Atlantic and East Coast growth strategy, which we are aggressively pursuing," Gray said. "Our metro Washington area and its retail offices will be headed by several veteran managers who have many years of experience in the local mortgage banking business. We are in the process of recruiting additional loan officers to staff our Washington-area retail lending offices," Gray said. "Metro Washington homebuyers now have access to the wide array of home loans offered by BankAmerica Mortgage in the many markets throughout the country where we have a retail lending presence." BankAmerica Mortgage's metro Washington area is being managed by Ron Weismiller, the former president and chief executive officer of Maryland-based CitizensBanc Mortgage Co. In addition to Weismiller, two other Washington-area mortgage banking executives have joined BankAmerica Mortgage. Bill Middleton is managing the company's new Silver Spring, Maryland retail lending center. Roland Ocampo, meanwhile, will manage BankAmerica Mortgage's Fairfax, Virginia retail lending center, which is scheduled to open by late May. BankAmerica Mortgage's move into the greater Washington marketplace represents the latest step by the company to expand it's mortgage lending business. Earlier this year, BankAmerica quadrupled its marketshare in Hawaii and become one of the largest mortgage lenders in that state by purchasing most assets and operations of Honolulu Mortgage Co. Inc. During the past several years, BankAmerica Corporation's home lending operations have expanded from the Western United States Noun 1. western United States - the region of the United States lying to the west of the Mississippi River West Santa Fe Trail - a trail that extends from Missouri to New Mexico; an important route for settlers moving west in the 19th century to include other regions of the country. In 1994, BankAmerica entered the Midwestern home lending market with the acquisition of United Mortgage Corp., a mortgage banking company based in Bloomington, Minnesota Bloomington is a city in Hennepin County, Minnesota, and a southern suburb of Minneapolis. As of 2005, it had a population of 84,347, making it the largest Twin Cities suburb, and the fifth largest city in the state[1]. . Also in 1994, BankAmerica completed the acquisition of the Richmond, Virginia-based mortgage servicing Mortgage servicing The collection of monthly payments and penalties, record keeping, payment of insurance and taxes, and possible settlement of default , involved with a mortgage loan. center of Margaretten and Co., then a subsidiary of Chemical Bank. In 1995, BankAmerica acquired Arbor arbor Garden shelter providing privacy and partial protection from the weather, most commonly a lightweight, latticed framework (trellis) of wood or metal with interlaced branches of vines or climbing shrubs trained over it. National Holdings Inc., a major home lender in the Northeast. In addition, during the past two years, BankAmerica has acquired servicing rights to more than $25 billion in mortgage loans. San Francisco-based BankAmerica Corporation, the nation's third largest bank holding company, originates home loans through more than 2,000 branch offices of its retail banking network in 11 states and through its site on the World Wide Web located at http://www.bankamerica.com . BankAmerica Mortgage, an operating group of BankAmerica Corporation, also originates home loans through retail lending centers in 21 states, as well as wholesale lending and telemarketing telemarketing, the practice of selling goods or services to customers by means of the telephone or of surveying consumer preferences in telephone conversations. operations which serve all 50 states and the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). . Additional specialized loan origination The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. units serve the realty, builder, corporate relocation, and affinity relationship markets throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . With $15.77 billion in home loan originations during 1996, BankAmerica Corporation is one of the largest mortgage originators in the United States. As of Dec. 31, 1996, BankAmerica also had a mortgage servicing portfolio of $82.63 billion. In addition to BankAmerica Mortgage's new retail lending presence in the greater Washington area, Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. has other operations in Washington D.C., including offices for the company's Community Development division and Federal and International Relations international relations, study of the relations among states and other political and economic units in the international system. Particular areas of study within the field of international relations include diplomacy and diplomatic history, international law, unit. BankAmerica also has other operations in the surrounding Mid-Atlantic area, including a large mortgage servicing facility in Richmond, Va. CONTACT: Bank of America, San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden Jeff Hershberger, 415/622-0870 Pager -- 800/759-7243, PIN No. 4855864 |
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