LoanSolutions touted for point-of-sale decisions
By MortgageDaily.com staff
4/15/2002

In its announcement of first quarter earnings, Bank of America Corporation reported that its mortgage banking income grew 59 percent from last year, led by continued strength in origination volume and margins.

The company said that a reported 15% decrease in nonperforming assets from a year ago is due to the exit from the subprime lending business and an aggressive program to shed problem credits.

Bank of America said during the quarter, it began to deploy LoanSolutions, a new end-to-end consumer real estate credit solution. The company said this sales tool will enable banking center employees to provide customers with point of sale loan decisions on a range of primary mortgages, as well as other real estate-related credit products. By the end of 2002, the company said it expect to have more than 3,000 LoanSolutions-enabled banking centers in major markets.
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Bank of America said its net earnings were $2.18 billion during the quarter. The company said that the impact on net income of new accounting rules -- requiring the elimination of goodwill amortization -- was $159 million.

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