JACKSONVILLE, Florida, March 4, 1999 -- BANK ONE CORPORATION and HomeSide
Lending, Inc. today announced an expansion of their strategic alliance to
include loan servicing of the $18 billion portfolio of First Chicago NBD
Mortgage Company, a subsidiary of BANK ONE.
The companies announced a similar agreement for HomeSide to service BANK ONE's mortgage portfolio last year before the merger of BANC ONE and First Chicago NBD Corporation.
First Chicago NBD Mortgage Company will continue to offer mortgage products to its customers by focusing on the origination, underwriting and closing of residential mortgage loans through its current integration with Banc One Mortgage Corporation, BANK ONE's mortgage subsidiary.
"Our focus is on our mortgage origination strategies," said Donald K. Erling, Chairman and Chief Executive Officer of Banc One Mortgage Corporation. "That's why our alliance with HomeSide continues to be a mutually beneficial partnership. It allows us to focus on what we do best -- helping our customers realize their dreams of homeownership -- while maintaining BANK ONE's ability to cross-sell banking products to mortgage customers. We are confident that our customers will receive world-class service from one of the leading mortgage servicing companies in the world."
The First Chicago NBD portfolio brings HomeSide's servicing volume to approximately $136 billion, making it the sixth largest servicer in the United States. "BANK ONE has been an outstanding 'Preferred Partner,' and we are very pleased to expand our relationship with them," said Hugh R. Harris, HomeSide's President and Chief Operating Officer. "Our existing arrangement has been performing very well, and the First Chicago NBD portfolio allows us to further capitalize on our complementary strengths."
HomeSide Lending, Inc., a subsidiary of National Australia Bank, is an international residential mortgage company headquartered in Jacksonville, Fla. HomeSide ranks as one of the top ten mortgage banking companies in the U.S., servicing the loans of over 1.4 million homeowners. Additional information about HomeSide is available on its web page, www.homeloan.com.
Together with First Chicago NBD Mortgage Company, Banc One Mortgage originated over $13 billion in mortgage loans in 1998. It now employs over 1,800 people and operates from more than 250 mortgage sales offices in 14 states. Its products are also offered at over 2,000 Bank One branch locations. Through its Home By Phone sales unit, mortgage products are offered in 45 states plus the District of Columbia. Banc One Mortgage is headquartered in Indianapolis, IN. Information about Banc One Mortgage can be accessed at www.banconemortgage.com.
BANK ONE CORPORATION (NYSE:ONE), headquartered in Chicago, is the nation's fourth largest bank holding company with assets of more than $260 billion. BANK ONE offers a full range of financial services to commercial and business customers and consumers. It is one of the nation's largest credit card lenders, the second largest consumer and commercial finance company, the third largest bank lender to small business, and the third largest bank mutual fund company. It operates more than 2,000 offices and a nationwide network of ATMs. It is a major commercial bank in the United States and in selected international markets. Information about BANK ONE can be accessed at www.bankone.com, through InvestQuest at www.investquest.com, or through Fax-on-Demand at (614) 844-3860.