On April 27 Bank of America announced the new Bank of America Home Loans Brand at locations nationwide and unveiled new tools through which home buyers and homeowners will find greater clarity in the home finance process. The Clarity Commitment, a single one page loan summary clearly presents to borrowers their interest rate, terms, and other details of the loan in a plain and simple language. The Bank of America Home Loan Guide is an interactive web site that arms customers with the personalized information to prepare for home ownership and make informed home buying and refinance decisions.
"We met with thousands of customers and created tools that reflect the transparency they want in the home buying process,"said Barbara Desoer, president, Bank of America Home Loans "Doing the right thing for our customer is the foundation of our brand promise is always be a responsible lender and help create successful homeowners, and these tools exemplify that promise"
These new tools help customers make informed decisions. The Clarity Commitment is a simple document that uses straightforward language designed to make it easier for customers to understand the terms of their loan. The summary includes information regarding interest rate, monthly payment, payment terms, and explanation of closing costs and other loan information. Provided both at application and at closing, the Clarify Commitment is available on most new purchase and refinance transactions, including traditional and government backed loans.
In addition to the Clarity Commitment the company introduced the Bank of America Home Loan Guide as part of the new Bank of America Home Loans Web Site bankofamerica.com/homeloans. The unique interactive guide is designed to provide prospective home buyers and existing homeowners looking to refinance with a personalized simulation of the home loan process. It helps consumers understand the criteria that drive lenders' decisions, steps they can take to be more successful in the search of the appropriate home loan and how a home loan fits into their budget and how a home loan fits into their total financial picture.
By explaining key points and highlighting the "rules" of home buying this easy-to-use guide gives consumers information that helps then to understand their options and make an informed decision.
"Purchasing a home is one of the biggest decisions a person can make, and we take seriously our responsibility to educate and arm then with the information they need to make smart decisions, " said Desoer. "Especially in this environment, it's important that consumers understand the true, comprehensive costs of home ownership so they can buy a home and enjoy it with confidence."
Bank of America Home Loans also introduced Flat Fee Mortgage Plus through the 6100 Bank of America banking centers. A new mortgage product, Flat Fee Mortgage Plus has no application fee and one single closing fee that represents the lender and other fees required for third-party services. The product features a close-on-time guarantee and best value guarantee. The Flat Fee Mortgage Plus will be available through additional channels in the future.
The Bank of America Home Loans brand represents the combined operations of Bank of America mortgage and home equity business and Countrywide Home Loans, which Bank of America acquired on July 1, 2008.
Countrywide customers already have access to Bank of America's 6100 banking centers, a coast to coast network of Bank of America Home Loans retail locations, and one of the nation's largest ATM networks. As the new brand becomes more visible through re branded locations, account statements, marketing materials, and advertising, customers should continue to use current methods for managing their accounts and contacting customer service until the full systems conversion later this year.
The company originated and services one out of every five loans in the country, representing a servicing portfolio of almost 14 million loans. During the first quarter of 2009, Bank of America funded $85 billion in first mortgages, helping more the 382,000 Americans purchase a home or refinance their current mortgage. More than $16 billion of those mortgages were for low to moderate- income borrowers.
"Bank of America Home Loans has the scale, capacity and capability to respond to the significant customer demand we've seen recently," Desoer added. "We are actually lending in this economic environment and continue to be open for business to new and existing customers."
"Other businesses gained through the Countrywide acquisition will retain their brands, including Balboa Insurance Services, one of the leading providers of lender-placed property insurance, and LandSafe, a supplier of pre- and post- closing services.
Bank of America has committed to offer modifications for as many as 630,000 customers to help them stay in their homes. In the first quarter, the company completed loan modifications for more then 119,000 borrowers. Bank of America has more than 6400 home retention associates dedicated to this effort.
The company also announced a $35 million neighborhood preservation and foreclosure prevention package focusing on grants and low-cost loans to help local and national non profit organizations engaged in foreclosure prevention, and to purchase vacant single family homes for neighborhood preservation.
No comments:
Post a Comment