Simple One-Page Summary of Key Loan Terms Allows Borrowers to Review Their Loan Details in Plain Language

CALABASAS, Calif. – Bank of America announced today that its popular Clarity Commitment™ home loan summary – a consumer-friendly document hailed as a lending industry model – is now available for home equity lines of credit and home equity loans.

The Clarity Commitment is a tangible demonstration of the Bank of America Home Loans brand promise to lend responsibly and help customers become successful homeowners. A simple one-page summary of key loan terms, this document lets borrowers review their loan details in plain language so they are confident they have chosen a loan that is right for them.
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Company Continues Momentum in Comprehensive Effort to Help Struggling Homeowners

CALABASAS, Calif. – Bank of America announced today it has surpassed its previously stated target of helping at least 125,000 financially distressed homeowners begin trial modifications through the federal government’s Home Affordable Modification Program (HAMP) by November 1.

Bank of America has initiated nearly one in five HAMP trial modifications industrywide since the company began participating in the program in April. Since beginning its HAMP outreach efforts, the bank’s homeownership retention division has contacted nearly 600,000 potentially eligible homeowners to ascertain their interest in HAMP and has extended more than 200,000 offers… Read more

In this rapidly changing environment, Bank of America continually evaluates its credit card offers in order to best meet customer needs and to reflect the overall value of the product.  We recently notified less than .5% of our consumer credit card portfolio that we would begin assessing an annual fee on their account. Customers who are affected by this change have received written notification. … Read more