Bank of America has become the latest big lender to announce the launch of a digital mortgage platform.
The bank’s Digital Mortgage Experience will allow clients to apply for a mortgage through the mobile banking app or online at the Bank of America website. Many aspects of the customer’s mortgage application will be immediately auto-populated by the platform, Bank of America said. Some clients could receive conditional approval the same day they apply.
“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 bank said that the platform was developed in response to the “growing demand and increasing comfort” that consumers have with digital tools. The platform is the latest of several digital lending offerings from Bank of America, including a mobile car-shopping tool and a digital offering that allows small-business clients to apply for term loans or lines of credit through the Bank of America app or website.
“The new Digital Mortgage Experience is about making things easy, intuitive, simple and fast,” said Michelle Moore, head of digital banking for 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.”