Bank Of America Promotes Responsible Lending via New Home Loans Site

I sat in on a preview of Bank of America’s new Home Loan website designed specifically with promoting responsible lending. As we all know many consumers are burdened with mortgages they can’t afford and banks made loans that were less than honest. Bank of America seeks to promote responsible lending via new site which encourages the consumer to think past the interest rate and monthly payment.

The Goal

To make the loan process transparent while educating consumers on more than just the monthly payment.

The new site addresses this by putting the information in the consumers hands thereby giving them a 3-dimensional view of the process. Previously, homeowners relied on a mortgage broker to run mystical calculations which often varied depending on your broker resulting in a 1 Dimensional perspective which is usually the interest rate and monthly payment.

Bank of America seeks to change that by presenting the potential home buyers with a 3 dimensional, insightful view of the process which educates the consumer an puts them in control with the necessary information needed to make an informed decision.

What’s Different?

Bank of America demystifies the process so that the process of buying a home or refinancing is easier and you’re well informed along the way about your own financial situation and expectations
The borrower will understand through the information presented if they are ready for home ownership and how much they can afford.
After going through this process, user is given a comprehensive summary to use with BOA or another lender

Question: What do you think of the new BOA site? Does this arm you with more information to help decide if home ownership is the right thing for you at this time?

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About the Author

GingerGirls Just Wanna Have Funds is a personal finance website dedicated to educating and empowering women in the area of personal finance. Our articles center on money management: making it, saving it and growing it which supports our theme: Breaking Financial Ceilings One Stiletto At A Time. We have been featured in Business Insider (contributor), Lifehacker, Consumerist, MSNBC, Essence, Wall Street Journal, Good Morning America and MSN Project Engage Web Series. I believe in a future where women can have financial freedom and choose the life they want to live by taking control of their finances. You only need to want it hard enough while letting go of limiting beliefs around money. Join me as I share tips that will help you light up your financial life and take control.View all posts by Ginger →

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Thank you!

This is just what I was looking for. Keep up the great work!
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I found your blog from one’s of the bookmarking sites. It’s so interesting to read your post. Usually I don’t like to make a comment, but I can stop my self to made a comment here. I will regularly check your site. Thanks
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Mortgage from bank is not the only way to solve our problem,But your article is absolutely great and to the point thx for share.
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As a Newbie, I am always searching online for articles that can help me. Thank you
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I found your blog on google and read a few of your other posts. I just added you to my Google News Reader. Keep up the good work. Look forward to reading more from you in the future.
Natasha

My mortgage is with BOA. I do think the website will provide clarity especially to those who require visual illustrations to completely grasp the concept. Consumers would be able to have a visual understanding of the mass mumbo jumbo being stated to them by a rep eager to get a "point" for a successful closing.

Where I feel BOA needs to improve is on the cohesiveness of their departments. Mortgage is clueless about home equity; home equity is clueless about estates and trusts; estates and trusts clueless about taxes; taxes clueless about checking. My relative was dead for a year with closed checking accounts before it finally "got" to the estates department.

Isn't there an intranet where information about deceased persons can be shared within the company? How is it that a death can be reported in one department, yet, credit cards are not automatically halted in another?

Sadly, BOA customer service is among the most clueless and harmfully ignorant that I have encountered. Even Sprint has a default "customer finance" that knows more than the average rep. In an impatient worst case scenario, I can always ask for Sprint's "Cancellation Department" to readily attend to my needs; and they do. There is not such default with BOA. I have tried unsuccessful for 1/5 years to speak with a human that can say more that "we're sorry that happened". You may not lower my interest rate, waived the balance on my mortgage, but surely someone can contact me to discuss.
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I never knew B of A gave risky loans but the NY times is reporting that B of A needs $34 billion of fresh capital, so I guess they were. or maybe it was acquiring Merrill Lynch exacerbated their problems.
lisa

Ginger, thanks for the review of the new home loan branded site by Bank of America. i really appreciate the work that went into providing clear guidance for potential home buyers. the guide is like nothing out there in the home lending space.
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Ginger, Now um, do you trust a home loan from Bank of America? LOL