Marking a major milestone in its effort to provide more clarity and transparency in the mortgage process, ""Bank of America, N.A."":https://www.bankofamerica.com/index.jsp, (BofA) provided more than 1 million potential homebuyers with the lender's first mortgage Clarity Commitment.[IMAGE]
""Customers told us they wanted transparency and 'no surprises' in the lending process, and the Clarity Commitment answers that need-helping potential homeowners clearly understand the key terms and conditions of their mortgage agreement prior to closing a loan,"" said Barbara Desoer, president of BofA Home Loans. ""Now, with more than 1 million applicants who have received a Clarity Commitment, we are pleased with how consumers and associates have rallied around this evidence of our brand promise to help lead the industry into a new era of responsible lending.""
Introduced to customers in April 2009, this simple, one-page document provides key information about mortgage loan terms, such as interest rates, monthly payments, and closing costs, in easy-to-understand language. Potential homebuyers receive the Clarity Commitment with their welcome package from the bank and again with their closing documents.
According to a survey conducted by Bank of America in December 2009, more than four out of five consumers think it is important to have access to a summary of mortgage terms, which provides transparency in the homebuying process. This, the bank says, is why the Clarity Commitment was created.
""The Clarity Commitment is a great example of our promise to consumers-to provide a full understanding of the products and services they select from Bank of America,"" said Aditya Bhasin, BofA consumer marketing executive. ""From e-alerts and our online home loan guide to comprehensive online money management tools, we are committed to helping our customers make informed financial decisions.""
In an effort to reach as many customers as possible, the Clarity Commitment is now available for most of the bank's home loan products, including home equity loans, reverse mortgages, and most recently permanent modifications under the government's Home Affordable Modification Program (HAMP).