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This content is a press release from our partner Business Wire. The AP newsroom and editorial departments were not involved in its creation.

TIAA Bank Announces Strategic Realignment of Home Mortgage Business to Serve More Clients Nationwide

February 20, 2019

JACKSONVILLE, Fla.--(BUSINESS WIRE)--Feb 20, 2019--TIAA Bank announced today that it is strategically realigning its residential home lending business to serve an even wider audience of clients nationwide, including millions of TIAA participants and their families, through its retail direct and correspondent lending channels.

As part of the repositioning, TIAA Bank will transition out of the retail branch home lending business and concentrate on originating home mortgage loans directly, particularly through its existing digital capabilities that provide an exceptional client experience.

“This repositioning will allow us to serve a wider audience of clients nationwide, including millions of TIAA participants and their families, through our retail direct and correspondent lending channels,” said Blake Wilson, chairman and chief executive officer of TIAA Bank. “We understand that borrowers today need fast, convenient and cost-effective solutions. The changes we’re making will enable us to deliver mortgage solutions to even more people, using digital technologies that enable clients to work with us efficiently and easily, anywhere and at any time.”

As part of the strategic realignment, TIAA Bank has reached an agreement with U.S. Bank that will allow U.S. Bank to extend offers of employment to a number of experienced TIAA Bank staff and assume certain leases on TIAA Bank’s retail home lending offices in key markets across the United States.

TIAA Bank will exit the remainder of its retail branch home lending offices as it focuses on serving clients using its existing retail-direct and correspondent lending businesses.

For TIAA Bank clients with pending home mortgage loans or applications in process, TIAA Bank loan officers will continue to provide hands-on, individual service throughout the process. Clients with home mortgage loans serviced by TIAA Bank will not be impacted by the changes.

TIAA Bank serves home lending clients in all 50 U.S. states and the District of Columbia, providing a wide range of residential mortgage products including home-purchase loans and home equity lines of credit. As the banking unit of TIAA, the nation’s leading provider of financial services to the not-for-profit sector, TIAA Bank also serves nearly five million TIAA participants and their families, and more than 15,000 non-profit institutions.

About TIAA Bank

As a part of TIAA’s Retail & Institutional Financial Services business, TIAA Bank, a division of TIAA, FSB, provides full-service, nationwide banking and lending services to consumer, commercial and institutional clients through a variety of channels, including online, its Florida-based financial centers and at other business offices throughout the country. More information on TIAA Bank can be found at TIAABank.com.

About TIAA

With an award-winning 1  track record for consistent investment performance, TIAA ( TIAA.org ) is the leading provider of financial services in the academic, research, medical, cultural and government fields. TIAA has nearly $1 trillion in assets under management (as of 12/31/2018 2 ) and offers a wide range of financial solutions, including investing, banking, advice and education, and retirement services.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be protected by the safe harbor provided therein. We generally identify forward-looking statements by terminology such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “would,” “could,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” “projects,” “strategy,” “future,” “opportunity,” “will likely result” or the negative version of those words or other comparable words. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, you are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict.

______________________________ 1 The Lipper Large Fund Award is given to the group with the lowest average decile ranking of three years’ Consistent Return for eligible funds over the three-year period ended 11/30/12 (36 fund companies), 11/30/13 (48), 11/30/14 (48), 11/30/15 (37), 11/30/16 (34) and 11/30/17 (34) with at least five equity, five bond, or three mixed-asset portfolios. Note this award pertains to mutual funds within the TIAA-CREF group of mutual funds; other funds distributed by Nuveen Securities were not included. From Thomson Reuters Lipper Awards, © 2018 Thomson Reuters. All rights reserved. Used by permission and protected by the Copyright Laws of the United States. The printing, copying, redistribution, or retransmission of this Content without express written permission is prohibited. Past performance does not guarantee future results. Certain funds have fee waivers in effect. Without such waivers ratings could be lower. For current performance, rankings and prospectuses, please visit the Research and Performance section on 3 TIAA.org. Securities offered through Nuveen, LLC, and TIAA-CREF Individual & Institutional Services, LLC, members FINRA and SIPC.

2 Based on nearly $1 trillion of assets under management across Nuveen Investments affiliates and TIAA investment management teams as of 12/31/18.

TIAA-CREF Individual & Institutional Services, LLC, Teachers Personal Investors Services, Inc., and Nuveen Securities, LLC, Members FINRA and SIPC, distribute securities products. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association of America (TIAA) and College Retirement Equities Fund (CREF), New York, NY. Each is solely responsible for its own financial condition and contractual obligations.

Deposit and lending products are provided by TIAA Bank®, a division of TIAA, FSB. Member FDIC. Equal Housing Lender.

© 2019 Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017

View source version on businesswire.com:https://www.businesswire.com/news/home/20190220005920/en/

CONTACT: Media for TIAA Bank:

Elizabeth Anderson

media@tiaa.org

888-200-4062

KEYWORD: UNITED STATES NORTH AMERICA FLORIDA

INDUSTRY KEYWORD: PROFESSIONAL SERVICES BANKING FINANCE

SOURCE: TIAA Bank

Copyright Business Wire 2019.

PUB: 02/20/2019 04:17 PM/DISC: 02/20/2019 04:17 PM

http://www.businesswire.com/news/home/20190220005920/en