Bank of America Disclosure Documents Surpass 1 Million Mark

Since it introduced its Clarity Commitment document in April 2009, Bank of America, Charlotte, N.C., has issued more than 1 million of them to its mortgage customers. Potential homebuyers receive a Clarity Commitment with their welcome package and again with their closing documents. The Clarity Commitment provides basic information on terms such as interest rates, monthly payments and closing costs. "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 Bank of America Home Loans. The Clarity Commitment is now available for most B of A home loan products, including home equity loans, reverse mortgages, and most recently, permanent mortgage modifications under the government's Home Affordable Modification Program.