Industry NewsMortgage

BofA launches loan summary form

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Bank of America today officially retired the Countrywide Home Loans name, rolling out the Bank of America Home Loans brand and announcing a new one-page loan summary form. The one-page "Clarity Commitment" loan summary form doesn't replace legal loan disclosure documents, but makes clear the interest rate, terms and other details of the loan in plain language, Bank of America said. In an interview with CNBC's Jane Wells, Bank of America Home Loans President Barbara Desoer said the new loan summary form makes borrowers aware of what their maximum payments and fees will be. The one-page summary form is an opportunity for Bank of America Home Loans to talk about the company's "brand promise," Desoer said, which is "being a responsible lender and insuring successful homeownership." Desoer said she believes Bank of America Home Loans is the first company to offer a one-page loan summary form. Regulators are currently at odds with some real estate a...