--Simple One-Page Summary of Key Loan Terms Allows Borrowers to Review Their Loan Details in Plain Language
CALABASAS, Calif., Nov 03, 2009 /PRNewswire-FirstCall via COMTEX News Network/ -- Bank of America announced today that its popular Clarity Commitment(TM) home loan summary - a consumer-friendly document hailed as a lending industry model - is now available for home equity lines of credit and home equity loans.
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The Clarity Commitment is a tangible demonstration of the Bank of America Home Loans brand promise to lend responsibly and help customers become successful homeowners. A simple one-page summary of key loan terms, this document lets borrowers review their loan details in plain language so they are confident they have chosen a loan that is right for them.
"We are pleased to introduce the Clarity Commitment to our home equity customers," said Henry Fulton, Home Equity and Reverse Mortgage executive for Bank of America Home Loans. "We take our commitment to responsible lending very seriously. The Home Equity Clarity Commitment helps us provide our customers with the simplicity and transparency they desire and deserve."
The bank introduced the Clarity Commitment last April for refinance and purchase first mortgage loans. It has since been expanded to a portion of modified first mortgage loans; closed-end, fixed-rate, full-draw reverse mortgages; and now for home equity loans and lines of credit as of Oct. 25. Since its inception last spring, more than 730,000 first mortgage Bank of America customers have received Clarity Commitments with their loan documents.
The Home Equity Clarity Commitment is provided on all standalone home equity lines of credit and home equity loans with terms greater than 36 months. It is available in all Bank of America sales channels and is provided to the customer at the point of sale; as a re-disclosure in the event of a loan product change; and with closing packages. (Note: Applications originated through bankofamerica.com will receive the Clarity Commitment in the closing package only.)
When first introduced to the public in April, Bank of America's Clarity Commitment was held up as a model for the lending industry by industry associations and national media. Similar Clarity Commitments for card and deposits products are scheduled to be released in December 2009 and the first half of 2010, respectively.
Bank of America
Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 53 million consumer and small business relationships with 6,000 retail banking offices, more than 18,000 ATMs and award-winning online banking with more than 29 million active users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to more than 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients in more than 150 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.
www.bankofamerica.com
SOURCE Bank of America
http://www.bankofamerica.com
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