On August 31, 2011, a variety of media reports indicated that Bank of America Home Loans intended to sell its correspondent lending business. These reports have subsequently been confirmed. Since Bank of America supports the CalSTRS Home Loan Program as both Program Administrator and Master Servicer, this development precludes our ability to offer new mortgages through the Home Loan Program at this time.
There is no impact on the servicing of existing loans that have been generated through the CalSTRS Home Loan Program. As previously announced, September 30, 2011 was the cutoff for accepting new mortgage applications.