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Bank of America Introduces Tools that Clarify Mortgage Terms and Foster Informed Homeownership

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RISMEDIA, April 28, 2009-Bank of America introduced its Bank of America Home Loans brand at locations nationwide and unveiled new tools through which homebuyers and homeowners will find greater clarity in the home finance process. The Clarity CommitmentTM, a single, one-page loan summary clearly presents to borrowers their interest rate, terms and other details of the loan in plain language. The Bank of America Home Loan Guide is an interactive website that arms customers with personalized information to prepare for homeownership and make informed home-buying and refinance decisions.

“We met with thousands of customers and created tools that reflect the transparency they want in the home buying process,” said Barbara Desoer, president, Bank of America Home Loans. “Doing the right thing for our customers is the foundation of our brand promise to always be a responsible lender and help create successful homeowners, and these tools exemplify that promise.”

In addition, the company introduced the Bank of America Home Loan Guide as part of the new Bank of America Home Loans website (bankofamerica.com/homeloans).

The unique interactive guide is designed to provide prospective homebuyers and existing homeowners looking to refinance with a personalized simulation of the home loan process. It helps consumers understand the criteria that drive lenders’ decisions, steps they can take to be more successful in the search for the appropriate home loan, and how a home loan fits into their budget and total financial picture.

By explaining key data inputs, highlighting “rules of thumb” and tips with each step, and providing context around the results, the easy-to-use guide gives consumers relevant, personalized information that helps them to understand their options and make informed decisions.

“Purchasing a home is one of the biggest decisions an individual makes, and we take seriously our responsibility to educate customers and arm them with the information they need to make smart decisions,” said Desoer. “Especially in this environment, it’s important that consumers understand the true, comprehensive costs of homeownership so they can buy a home and enjoy it with confidence.”

Bank of America Home Loans also introduced Flat Fee Mortgage Plus through the 6,100 Bank of America banking centers. A new mortgage product, Flat Fee Mortgage Plus has no application fee and one single closing fee that represents the lender and other fees required for third-party services. The product features a close-on-time guarantee and best value guarantee. The Flat Fee Mortgage Plus will be available through additional channels in the future.

The Bank of America Home Loans brand represents the combined operations of Bank of America’s mortgage and home equity business and Countrywide Home Loans, which Bank of America acquired on July 1, 2008. The Countrywide brand has been retired.

Countrywide customers already have access to Bank of America’s 6,100 banking centers, a coast-to-coast network of Bank of America Home Loans retail locations, and one of the nation’s largest ATM networks. As the new brand becomes more visible through rebranded locations, account statements, marketing materials and advertising, customers should continue to use current methods for managing their accounts and contacting customer service until the full systems conversion later this year.

The company originates and services one out of every five loans in the country, representing a servicing portfolio of almost 14 million loans. During Q1 2009, Bank of America funded $85 billion in first mortgages, helping more than 382,000 Americans purchase a home or refinance their existing mortgage. More than $16 billion of those mortgages were for 102,000 low- and moderate-income borrowers.

“Bank of America Home Loans has the scale, capacity and capability to respond to the significant customer demand we’ve seen recently,” Desoer added. “We are actively lending in this economic environment and continue to be open for business to new and existing customers.”

For more information, visit https://www.bankofamerica.com.

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