Bank of America and Homestore.com, Inc. today announced the launch of a new online homeowner service, www.bankofamerica.com/homesolutions. The site is a fully integrated online marketplace offering a comprehensive array of home-buying, financing, maintenance and improvement capabilities to consumers. The launch is the first phase of a multi-year $10.5 million marketing and Web services agreement between the companies.

According to the U.S. Census, almost 20 percent of households move annually and nearly 65 percent of those households research their move on the Internet. This new homeowner marketplace gives consumers the ability to customize all of their home information and manage their needs online, from pre-qualifying and instant decisioning on a mortgage to moving and home renovations.

As the country’s leader in online banking with more than 3.2 million customers, Bank of America is drawing upon the Homestore.com relationship to deliver a wide range of online home and real estate-related capabilities. In addition to providing financial information, the marketplace features advice and solutions for home-buying and building, renting, moving and home improvement. This is one of the banking industry’s first marketplaces to fully combine the financial component with homeownership solutions.

“We’re excited about providing our customers with an innovative, end-to-end homeownership service,” said Kevin Shannon, Bank of America Consumer Real Estate president. “It will allow them to simplify and streamline buying, selling and maintaining a home. We are committed to partnering with companies that deliver ’best of breed’ content and technology to our customers.”

“We are excited about our relationship with Bank of America. It gives Homestore.com an opportunity to assist the largest bank in the country with a major company-wide Web program and help provide additional value to its 27 million customers,” stated Stuart Wolff, chairman and chief executive officer of Homestore.com, Inc.

Published: April 10, 2001

Use of this article without permission is a violation of federal copyright laws.