Report Finds Homebuyers Ready and Waiting for
“NextGen” Tools; More Comfortable With a Digital Mortgage Than
Online Dating
Bank of America’s Digital Mortgage Experience™, launched this
week, seamlessly guides clients through the mortgage process via
the bank’s award-winning mobile banking and online platforms. With
advanced application prefill capabilities, clients can apply for a
mortgage through the mobile banking app or online at
bankofamerica.com and immediately have many aspects of their
mortgage application auto-populated, significantly reducing time
and effort (see how it works here). In many cases, clients will
receive a conditional approval that very same day.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20180411005448/en/
Personalized Loan Options - Consider a
variety of loan options and combinations and select the features
that matter most, including flexible monthly payments, closing
costs and loan terms. (Photo: Business Wire)
“Everything we do starts and ends with clients, and the Digital
Mortgage Experience is designed to make their lives simpler,” said
D. Steve Boland, head of consumer lending at Bank of America. “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 new experience responds to the growing demand and increasing
comfort consumers have with using digital tools in every aspect of
their lives – from managing finances to dating. In fact, a recent
survey by Bank of America shows that consumers are actually more
comfortable applying for a mortgage digitally than dating
online.
The introduction of the Digital Mortgage Experience is the
latest of the bank’s digital lending offerings, which include the
recent broad availability of its mobile car shopping tool that
enables clients to search 1 million cars in inventory from more
than 2,400 auto dealers nationwide. In addition, Bank of America
small business clients can apply for a Business Advantage Term Loan
or Business Advantage Credit Line from the Bank of America mobile
banking app and bankofamerica.com, which offer a loan product tool
that helps small business clients find the right loan for their
needs, and a monthly loan payment calculator. To complement these
high-tech capabilities, clients can receive guidance and advice
about their lending needs from the bank’s approximately 5,200 home,
auto, personal and business loan officers.
“The new Digital Mortgage Experience is about making things
easy, intuitive, simple and fast,” said Michelle Moore, head of
digital banking at Bank of America. “It’s the latest example of our
high-tech, high-touch approach to serving clients – we designed the
Digital Mortgage Experience by listening to our customers,
understanding their needs, and delivering the full experience to
them right in our award-winning mobile app.”
Inside the experienceBeyond the flexibility to apply for
a mortgage whenever, wherever and however consumers want, the
Digital Mortgage Experience provides full customization throughout
the process to best fit users’ unique needs, including:
- Access to lending specialists –
With just one click or a phone call, clients can consult a
professional lending specialist every step of the way. Lending
specialists can even pick up an in-progress application and assist
the client in completing it.
- Personalized loan terms – Users
can consider a variety of loan options and combinations and select
the features that matter most to them, including flexible monthly
payments, closing costs and loan terms.
- Ability to lock interest rates –
Users can lock their rate or leave it open to lock later.
- Flexible application process –
Clients have the ability to save an in-progress application and
return to it at a later time.
- Seamless integration with Home Loan
Navigator® – Once submitted, users integrate with Home Loan
Navigator to track their loan, view action items, upload documents,
and review and acknowledge disclosures, all from their mobile
device.
NextGen homebuyingThe new Bank of America Homebuyer
Insights Report shows consumers have been longing for more digital
solutions in the mortgage space, as more Americans would be
comfortable applying for a mortgage digitally (32 percent) than
dating online (20 percent). Furthermore, 52 percent of respondents
would apply or have already applied for a mortgage via mobile or
online.
In its third year, the report finds technology and homebuying
are becoming inseparable. Nearly all first-time buyers feel
technology will play a role during every stage of homebuying,
including researching (98 percent), getting a mortgage (94
percent), and negotiating and buying (92 percent). Perhaps this is
because Americans are most likely to seek a homebuying experience
that is efficient (64 percent), simple (59 percent) and
personalized (51 percent).
The adoption of these technologies appears to be a thing of
today, not tomorrow. Many consumers report they are already
comfortable using emerging technologies throughout the homebuying
process, specifically using a real estate app (78 percent), taking
a video tour of a home (48 percent) and attending an open house
using virtual reality (36 percent). Looking ahead to the next 10
years, Americans believe:
- Smart home and energy-efficient
features will be standard in new construction (67 percent).
- Mortgage applications will be entirely
paperless (55 percent).
- Open houses will only be through
virtual reality (24 percent).
- All appraisals will be done via drones
(6 percent).
To learn more about the Digital Mortgage Experience and download
multimedia, visit bankofamerica.com. For additional information
about the Bank of America Homebuyer Insights Report, click
here.
Bank of America’s Digital Banking LeadershipBank of
America’s digital banking platform is an evolving source of
increased client engagement and satisfaction serving nearly 35
million digital clients, including more than 24 million active
mobile users. Its award-winning mobile app was the first to receive
J.D. Power’s certification for “An Outstanding Mobile Banking
Customer Experience.” During 2017, mobile banking clients logged
into their accounts 4.6 billion times, or approximately 190 times
per user, and deposited 123 million checks via mobile.
About the Bank of America Homebuyers Insights
ReportConvergys Analytics conducted an online survey on behalf
of Bank of America between January 16 and February 2, 2018.
Convergys surveyed a national sample of 2,000 adults age 18+ who
currently own a home or plan to in the future. In addition, an
augment was conducted to reach 300 adults in seven local markets:
Austin, Boston, Charlotte, Dallas, Nashville, Phoenix, and San
Francisco. The margin of error for the national quota is +/- 2.6
percent, and the margin of error for the oversampled markets is
approximately +/- 5.8 percent, with each reported at a 95 percent
confidence level.
Bank of AmericaBank 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
47 million consumer and small business relationships with
approximately 4,500 retail financial centers, approximately 16,000
ATMs, and award-winning digital banking with approximately 35
million active users, including approximately 24 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
owners through a suite of innovative, easy-to-use online products
and services. The company serves clients through operations in all
50 states, the District of Columbia and more than 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, visit the Bank of America
newsroom. Click here to register for news email
alerts.
www.bankofamerica.com
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180411005448/en/
Reporters May Contact:Terry Francisco, Bank of America,
213.345.9024terry.h.francisco@bankofamerica.comKris Yamamoto, Bank
of America, 805.526.1910kris.yamamoto@bankofamerica.com
Bank of America (NYSE:BAC)
Historical Stock Chart
From Apr 2024 to May 2024
Bank of America (NYSE:BAC)
Historical Stock Chart
From May 2023 to May 2024