Bank of America launches digital mortgages
Written by Peter Walker
Bank of America has launched the Digital Mortgage Experience to guide clients through the mortgage process via its mobile app or website.
With advanced application prefill capabilities, clients can have many aspects of their mortgage application auto-populated, significantly reducing time and effort. In many cases, clients will receive a conditional approval that very same day, according to the bank.
“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 mobile app.”
Bank of America surveyed 2,000 US adults who currently own a home or plan to in the future during January and February, and found that almost a third are comfortable applying for a mortgage digitally, compared to just a fifth who are comfortable dating online.
Furthermore, 52 per cent of respondents would apply or have already applied for a mortgage via mobile or online.