Items Tagged with 'Bank of America Home Loans'


  • Bank of America aims to boost homeownership, will give borrowers up to $10,000 to close a loan

    Launches $5 billion affordable homeownership initiative
    Bank of America is committing $5 billion to help boost homeownership for “low- to moderate-income and multicultural homebuyers and communities” across the country, the bank announced Tuesday. And as part of the program, Bank of America is rolling out a host of new loan programs and options, including grants of as much as $10,000 to help a borrower close a loan.
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  • Bank of America launches digital mortgage platform

    Becomes latest big bank to go digital
    Everybody’s doing it, and now Bank of America is doing it too. Bank of America revealed Wednesday that it is launching a digital mortgage platform, which allows customers to complete the mortgage application process either via their mobile device or on Bank of America’s website.
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  • Bank of America doubles down on 3% down mortgages without insurance

    Expands "Affordable Loan Solution" for low- and moderate-income homebuyers
    Earlier this year, Bank of America, in partnership with Freddie Mac and Self-Help Ventures Fund, began offering mortgages that only required consumers to put down 3% and did not require the consumers to obtain mortgage insurance either. Bank of America said Thursday that the "Affordable Loan Solution" program is proving so successful in its first few months that the bank is doubling its annual commitment to the program – from $500 million to $1 billion.
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  • DOJ again rebuked in effort to enforce massive BofA 'Hustle' mortgage fine

    Billion-dollar settlement for Countrywide home loans denied
    Needless to say, the federal government probably isn’t too happy with the United States Court of Appeals for the Second Circuit right now. That's because for the second time in three months, the Second Circuit rebuked an effort by the government to extract one of the largest fines to come out of the housing crisis.
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  • 'Face of the housing crisis' exonerated by Appeals Court Countrywide Hustle ruling

    Former Countrywide exec Rebecca Mairone cleared
    Lost in the shuffle of the United States Court of Appeals for the Second Circuit's decision to toss the $1.27 billion penalty against Bank of America was the fact that the court also overturned the fraud charges and voided the $1 million penalty against Rebecca Mairone. Mairone is the same person who the New York Times once referred to as the "face of the housing crisis."
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  • BofA's low-down payment promising but what about the FHA?

    Urban Institute: It's not a substitute
    Ever since Bank of America announced its new 3% down payment mortgage program, the Affordable Loan Solution, it’s being looked at as an effort for borrowers to skirt around the Federal Housing Administration. Urban Institute research associate Karan Kaul says that though such efforts are an alternative to FHA lending, they are not a substitute.
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  • CFPB, regulatory concerns drive Bank of America out of MSAs

    Megabank joins Wells Fargo, others in discontinuing marketing agreements
    Citing “recent regulatory developments,” Bank of America will become the latest lender to discontinue its use of marketing services agreements. The move comes just days after the CFPB issued guidance on MSAs, which some in the industry viewed as a "strong warning" against using the marketing agreements.
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