CHARLOTTE, N.C., May 7 /PRNewswire/ -- Bank of America today announced nationwide availability of No Fee Mortgage PLUS, its groundbreaking home- purchase mortgage product. No Fee Mortgage PLUS is the latest consumer- friendly, no-fee personal finance product from Bank of America, following other recent innovations such as Keep the Change and $0 online equity trading.
(Logo: http://www.newscom.com/cgi-bin/prnh/20050720/CLW086LOGO-b )
"No Fee Mortgage PLUS takes the mystery and complexity out of the mortgage process. We've already seen unprecedented demand from homebuyers responding to this opportunity for mortgage financing that is truly free from confusing fees, and backed up by our service and value guarantees," said Liam McGee, Bank of America's president of Global Consumer and Small Business Banking. "We believe we have set a new standard for homebuyers with an innovative customer solution made possible by the size and scale of Bank of America."
No Fee Mortgage PLUS was developed following thousands of customer interviews and successful pilot programs in several states. This is the first home-purchase mortgage to eliminate lender fees and the need for private mortgage insurance, and guarantees the best deal and an on-time closing for customers.
"As the financial services provider of choice for more than 50 million American households, we believe we have an important responsibility to do our best to provide the lowest cost financial products and services to our customers," added McGee. "Our size and scale make it possible for us to continually innovate and deliver best-value personal finance solutions and, in this case, enable home ownership."
No Catches, No Surprises, Five Key Advantages
With No Fee Mortgage PLUS, Bank of America offers the following benefits to its customers:
-- No Application Fee: Future homeowners can embark upon their home
purchasing process with Bank of America as a true financial partner-no
strings attached.
-- No Lender Fees: Appraisal fees, loan origination fees, title fees,
flood determination fees ... you name it ... they're gone. Forget the
closing table fee surprises; Bank of America simplifies the home
purchasing experience from start to finish.
-- No Private Mortgage Insurance: No Fee Mortgage PLUS eliminates the need
for PMI, which is usually required for a loan-to-value greater than 80
percent. Bank of America enables borrowers to get into their home
without the need to bring 20 percent to the closing table in order to
eliminate PMI, which not only reduces cost but also eliminates anxiety
and uncertainty in the homebuying experience.
-- Close-On-Time Service Guarantee - Bank of America guarantees the loan
will close within 25 days - unless the customer requests a longer
timeframe -- or else the customer collects the equivalent of their
first mortgage payment (taxes and insurance payments not included).
This means less worry about getting into your home when you want.
-- Best Value Guarantee - If the borrower is approved for a mortgage with
Bank of America but chooses to close with another lender, he or she
will receive $250 - just another way Bank of America minimizes consumer
concern about complex pricing and ensures they are getting the best
deal possible.
"Bank of America redefined the home equity industry when we were the first to introduce a no fee, no cost, home equity line of credit," said Floyd Robinson, president of Consumer Real Estate. "Today we have market leadership in home equity with a loan portfolio approaching $100 billion. So, we've done this before, and we like the results."
No Fee Mortgage PLUS is available through Bank of America's nearly 6,000 banking centers, as well as through its phone and online sales channels, including bankofamerica.com, the financial industry's leading eCommerce marketplace. No Fee Mortgage PLUS is also available from more than 2,000 Bank of America mortgage loan officers nationwide who serve the bank's home buying customers while developing relationships with home builders, real estate agents and brokers.
Bank of America is committed to help all borrowers achieve the dream of homeownership. In 2006, one in three home loans originated by Bank of America were for minority borrowers. More than one in five loans originated by Bank of America were for low-to moderate-income borrowers.
New Online Consumer Tools for Mortgage Research
Today, as part of the introduction of No Fee Mortgage PLUS, Bank of America launches a new multi-media microsite that creates a personalized user experience for mortgage customers based on their level of home-buying experience. Utilizing a blend of green-screen video and Flash technology, the site revolves around "Susan," a friendly and knowledgeable mortgage specialist who walks, talks and guides site visitors, all the while serving up relevant information. Highlights of Susan's offerings include authoritative mortgage articles, robust custom calculators, an in-depth glossary and interactive mortgage checklists - among many other features. The microsite was developed to serve as an information center around the mortgage process and provide a more engaging, high-profile online presence for Bank of America's suite of mortgage products. Visit http://www.bankofamerica.com/nofeemortgageplus to learn more about No Fee Mortgage PLUS.
Teleconference Information
Liam McGee and Floyd Robinson will host a teleconference today for media at noon EDT. To participate, please dial 800-895-0198 or call 785-424-1053 if dialing from an international location. Participants should use confirmation code 7BOA58. Playback will be available by calling the same number shortly following conclusion of the call.
About 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 more than 56 million consumer and small business relationships with more than 5,700 retail banking offices, more than 17,000 ATMs and award-winning online banking with nearly 22 million active users. Bank of America is the No. 1 overall Small Business Administration (SBA) lender in the United States and the No. 1 SBA lender to minority-owned small businesses. The company serves clients in 175 countries and has relationships with 98 percent of the U.S. Fortune 500 companies and 80 percent of the Fortune Global 500. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
Photo:
http://www.newscom.com/cgi-bin/prnh/20050720/CLW086LOGO-bAP Archive:
http://photoarchive.ap.org/PRN Photo Desk, photodesk@prnewswire.com
SOURCE: Bank of America
CONTACT: Terry Francisco of Bank of America, +1-704-516-0231,
Terry.h.francisco@bankofamerica.com
Web site: http://www.bankofamerica.com/
