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Bank of America and John L. Scott Real Estate Team Up to Provide Financing with Response Mortgage, LLC

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RISMEDIA, July 13, 2009-Bank of America and John L. Scott Real Estate announced the formation of Response Mortgage, LLC, an operating series of Bank of America’s CWB Mortgage Ventures, LLC. The joint venture will provide home financing products and services throughout Washington and Oregon, helping home buyers in the Pacific Northwest become successful homeowners.

“In today’s mortgage and housing environment, this joint venture with Bank of America Home Loans is more important than ever for us in order to continue delivering a best-in-class customer experience for our clients and agents,” said J. Lennox Scott, chairman and CEO of John L. Scott Real Estate. “Response Mortgage will offer our agents and clients the convenience of not having to travel to multiple locations to get what they need to close transactions. This joint venture with Bank of America optimizes our mortgage operations and will help our business grow.”

“We are very pleased to enter into this formal strategic alliance with John L. Scott Real Estate, one of the most dynamic regional real estate companies in the nation,” said Blair Allan, national strategic business alliances executive for Bank of America Home Loans. “By joining forces to create this new mortgage company, we can provide customers with a home loan experience that is based on responsible lending and clear home financing options. And, together, we can fulfill the realty firm’s commitment to serving as a one-stop real estate resource for home buyers.”

Prior to forming the joint venture, Response Mortgage Services was a mortgage lender through which John L. Scott Real Estate offered in-house home financing products and services to home buyers and home owners. The new Response Mortgage, LLC, will continue the proud tradition of reputable, reliable, and responsive service set by its predecessor.

“Our alliance is based on our shared commitment to guarantee an easy-to-understand and hassle-free mortgage process. We are thrilled to join forces with this regional powerhouse that closed more than 32,000 transactions in 2008,” said Al Miller, western region business development executive for Bank of America Home Loans.

The joint venture will offer conforming and government fixed-rate, first-lien mortgages, as well as fixed-rate agency jumbo loans. Consumer information for contacting Response Mortgage at one of its many locations is forthcoming.

For more information on all of the strategic business alliance options offered by Bank of America, real estate professionals and brokers can call 1.800.243.0717.

For more information, visit www.bankofamerica.com and www.johnlscott.com.

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