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CHARLOTTE, NC-Bank of America - in conjunction with the official launch of its Bank of America Home Loans rebranding last month - created three new tools and products that focus on providing transparency and responsible lending to consumers, including the "clarity commitment," a one-page loan summary that allows customers to review their loan terms.
This simple form spells out the monthly mortgage payment, the date it is due, the interest rate, what the rate and monthly payment could reset to if it is an adjustable-rate mortgage, and the closing cost. It is available on the retail-originated purchases and refinance programs.
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