Bank of America Home Loans Brand Launched
Bank of America on April 27 introduced its Bank of America Home Loans brand at locations nationwide and unveiled new tools designed to help clarify the home finance process for home buyers and owners.
The bank’s Clarity Commitment is a single one-page loan summary that clearly presents to borrowers the terms of the loan in straightforward language. The information includes the interest rate, monthly payment, payment terms and an explanation of closing costs and other loan information.
The summary is provided at both the time of application and at closing, and is available on most new purchase and refinance transactions, including traditional and government-backed loans.
Bank customers can use the Bank of America Home Loan Guide — an interactive Web site, bankofamerica.com/homeloans — to obtain personalized information in preparation for home buying and loan refinancing decisions.
The guide can help consumers understand the criteria that drive lenders’ decisions, steps they can take to be more successful in the search for an appropriate home loan and how a home loan fits into their budget and total financial picture.
Barbara Desoer, president of Bank of America Home Loans, said that the bank had met with thousands of customers to create the tools they wanted.
“Doing the right thing for our customers is the foundation of our brand promise to always be a responsible lender and help create successful home owners, and these tools exemplify that process,” she said.
Through its 6,100 banking centers, Bank of America Home Loans also introduced Flat Fee Mortgage Plus. The new mortgage product has no application fee and one single closing fee that represents the lender and other fees required for third-party services. It will be available through additional channels in the future.
The Bank of America Home Loans brand represents the combined operations of Bank of America’s mortgage and home equity business and Countrywide Home Loans, which was acquired on July 1, 2008 and has now been retired.
The company originates and services one out of every five loans in the country, representing a servicing portfolio of almost 14 million loans. During this year’s first quarter, Bank of America funded $85 billion in first mortgages, helping more than 382,000 Americans purchase a home or refinance an existing mortgage. More than $16 billion of those mortgages were for 102,000 low- and moderate-income borrowers.