Online Lenders

Bank of America adds preapproval to its digital mortgage experience

  • Bank of America is rolling out new functionality for its digital mortgages.
  • Borrowers can now get pre-approved for a home loan.
close

Email a Friend

Bank of America adds preapproval to its digital mortgage experience

Bank of America introduced preapproval capabilities to its digital mortgage application.

What’s going on: Preapproval gives a homebuyer the buying power of cash when negotiating the purchase of a home. It also helps in budgeting for a new home.

“Preapproval sets buyers apart in a competitive market,” said Kathy Cummings, svp of homeownership solutions at Bank of America. “It means that a lender has actually examined your credit and other expenses to help you determine how much mortgage you can afford.”

BoA’s digital lending: Bank of America launched its Digital Mortgage Experience in April 2018. It’s a hybrid experience, providing clients and non-clients of the bank the option of completing a digital mortgage application or to be connected to a professional for help when they want.

The mortgage app is integrated into Bank of America’s banking platform, so clients of the bank can prefill information on their application, saving them time.

The Digital Mortgage Experience joins BoA’s other digital lending offerings, including auto and small business loans.

Digital mortgages are happening: More banks and technology startups are introducing and expanding their digital mortgage capabilities. 34 percent of individuals first initiate contact with a home lender online.

0 comments on “Bank of America adds preapproval to its digital mortgage experience”

Online Lenders, Podcasts

Zest AI’s Mike de Vere: ‘You don’t have to give up economics to be more fair’

  • Machine learning and AI models are changing the face of lending.
  • They're able to clarify the tradeoffs between fairness and economics and optimize them.
Zachary Miller | September 08, 2020
Online Lenders

How Fiserv’s partnership with VMware enabled it to launch a PPP application in 8 days

  • Time was of the essence for SMBs when the Cares Act was announced.
  • The two companies stood up a PPP app that was responsible for distributing $1.4 billion in PPP loans.
Zachary Miller | September 04, 2020
Online Lenders

‘No knee-jerk reactions’: How LendUp quickly adapted to be resilient during the pandemic

  • Anu Shultes is a cancer survivor with 25 years experience in financial services.
  • She brings her own personal resilience to the challenges her firm faced during the pandemic.
Zachary Miller | August 20, 2020
Online Lenders, Podcasts

Earnest’s David Green on student lending in today’s economic environment

  • The pandemic's impact is being felt on the student lending side.
  • Earnest's chief product officer David Green joins us to discuss how to help students pay for school.
Zachary Miller | July 31, 2020
Online Lenders, Podcasts

Upstart’s Paul Gu: ‘AI is a mindboggling change in the economics of lending’

  • Upstart's lending models have been shown to expand access to capital without taking on more risk.
  • The fintech firm is rolling out a new auto product in addition to a credit decisioning API.
Zachary Miller | July 29, 2020
More Articles