Record 81% of Bank of America Mortgage Applications Initiated Through Digital Mortgage Experience
Rapid growth in consumer digital engagement contributed to substantial momentum in Bank of America’s home lending business over the last year. Home loan applications initiated through Bank of America’s Digital Mortgage Experience® accounted for 81% of total mortgage applications in 2021, up from 45% in 2020.
The Digital Mortgage Experience guides clients through the mortgage process via the company’s award-winning digital platforms. In 2021, Bank of America funded $53.7 billion in first mortgage loans through its Digital Mortgage Experience, 2.5 times 2020 volume.
With advanced application prefill capabilities, existing clients can apply for a first mortgage or home equity line of credit (HELOC) through the Bank of America mobile app or online and have many parts of their mortgage application auto-populated, saving them time and effort.
“Clients expect fast, smart digital tools that help make their banking, investing and lending experience easy and convenient,” said Matt Vernon, Retail Lending Executive for Bank of America. “The combination of our digital capabilities and support from our dedicated lending specialists helps us meet clients’ needs for speed, thoroughness and accuracy when securing financing for a home.”
As announced last week, digital engagement by Bank of America clients soared over the past year, up 15% year-over-year. The company added more than 2 million active digital clients, a single-year record which brought its total number of verified digital users to 54 million.
Already this year, Bank of America has been recognized for its superior home lending capabilities and client experience, for instance:
Nearly 90% of Bank of America’s low-down-payment loans, closing cost assistance and down payment grants are made to first-time homebuyers. These programs are available through the unique Bank of America Community Homeownership Commitment®, first launched in 2019 and expanded in 2021 to a $15 billion commitment to help 60,000 homebuyers through 2025. As of the end of 2021, Bank of America had originated more than $8.1 billion in loans and made over $300 million in grants, assisting nearly 32,000 homebuyers through this program, which is designed to help low- and moderate-income homebuyers begin to build their personal wealth and family legacy through homeownership.
“We are deeply committed to helping first-time homebuyers achieve the dream of homeownership,” said AJ Barkley, Neighborhood and Community Lending Executive. “We believe that homeownership strengthens communities and can lead to better financial footing for individuals and families.”
Bank of America is one of the world’s leading 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 approximately 67 million consumer and small business clients with approximately 4,200 retail financial centers, approximately 16,000 ATMs, and award-winning digital banking with approximately 41 million active users, including approximately 33 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
For more Bank of America news, including dividend announcements and other important information, register for email news alerts.
Susan Atran, Bank of America