Magazine article Mortgage Banking

BofA Launches New Home Loans Brand and Clarity Commitment

Magazine article Mortgage Banking

BofA Launches New Home Loans Brand and Clarity Commitment

Article excerpt

The newest powerhouse mortgage-lending brand--Bank of America Home Loans--that incorporates the former Countrywide Home Loans, took a major step forward to bring more clarity to the home loan application and closing process in April. The company also announced it had officially retired the Countrywide brand. The new combined entity represents the operations of Bank of America's (BofA's) mortgage and home-equity business and Countrywide Home Loans, which BofA bought in July 2008.

The company announced the launch of what it is calling the Clarity Commitment[R]--a single, one-page loan summary that simply conveys to borrowers their interest rate, monthly payment, payment terms and an explanation of closing costs. The summary will be provided at application and closing, and is available on "most new purchase and refinance transactions," according to the company. The lender also launched a new interactive Web site to help consumers understand the factors that drive lenders' decisions and how they can find loans that fit their financial situation.

Bank of America Home Loans also introduced what it is calling the Flat Fee Mortgage Plus through its 6,100 banking centers. The loan product carries "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," according to a news release.

While available now only through the bank's retail banking centers, the new loan product will be available through additional channels in the future, the company said.

Barbara Desoer, president, Bank of America Home Loans, in announcing the news, said, "Bank of America Home Loans has the scale, capacity and capability to respond to the significant customer demand we've seen recently." She added, "We are actively lending in this economic environment and continue to be open for business to new and existing customers. …

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