Bank of America has launched a digital mortgage platform to enable customers to apply for a mortgage through the bank’s mobile banking and online platforms.
Dubbed Digital Mortgage Experience, the platform features advanced prefill capabilities.
To reduce customer’s time and effort, the platform will auto-populating many aspects of mortgage application like their contact information and banking and investment data from their Bank of America accounts.
In many cases, the bank said, customers will receive a conditional approval the same day they apply.
Bank of America head of consumer lending D. Steve Boland said: “Everything we do starts and ends with clients, and the Digital Mortgage Experience is designed to make their lives simpler. Our new end-to-end experience empowers clients with complete convenience and control, while also offering unique access to lending experts every step of the way.”
The Digital Mortgage Experience will also provide users access to lending specialists and personalised loan terms.
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It will also enable them to lock their rate or leave it open to lock later. Furthermore, clients can save an in-progress application and return to it at a later time.
Once the mortgage application is submitted, users will be integrated with Home Loan Navigator that will help them track their loan, view action items, upload documents, and review and acknowledge disclosures.