BoA: No-Fee Mortgage Response 'Encouraging'

Bank of America says it is getting an encouraging response to the "no-fee mortgage" that it started offering to bank customers in the state of Washington back in September."We're currently in the pilot program stage," BoA chief financial officer Joe Price said during a teleconference on the bank's fourth-quarter earnings. "Customer reaction so far has been pretty good, but we're at the stage of evaluation to see where it leads." Under the pilot program, the prime mortgage lender waives all application and origination fees. It also pays all third-party fees and even private mortgage insurance, if necessary. "There is no defined time line for expanding it" to other states, a company spokesman said.