Bank of America Corp (NYSE: BAC) is not looking to a new round of federal regulation to prevent the next mortgage crisis, but rather the Charlotte-based bank is seeking to educate borrowers through a multi-faceted online approach in order to prevent foreclosures before the mortgage is even originated.
Bank of America’s home loans division is offering a new enhanced online home guide which is designed to educate consumers about the home buying process which provides borrowers suggestions as to how much home they can afford, how to create a budget, and choosing the right kind of loan for a consumer’s financial situation.
The website, http://www.bankofamerica.com/myhome, hopes to help consumers understand if homeownership is right for them and get a better understanding of the loan process. Consumers also have access to tools which help them develop savings plan to save up for a down payment and tools which will help consumers setup a monthly budget.
Bank of America originally launched its Home Loan Guide in April 2009. One year later, more than 500,000 consumers have used the website to learn about the home buying process. Bank of America is hoping to expand the website’s reach with a new version as part of the company’s “clarity commitment” in which the bank is seeking to provide transparency during every step of the lending process.
In a press release announcing the new website, Bank of America Home Loans Executive Todd Dal Porto commented, “As part of our commitment to create more transparency and clarity in the lending process, Bank of America is proud to provide interactive tools designed to empower homebuyers to make decisions that are right for them.”
