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.
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.

Online Lenders

Affirm’s Max Levchin: ‘Walmart doesn’t get enough credit for its customer focus’

  • Walmart has recently rolled out Affirm's POS financing broadly in its stores.
  • CEO and founder Max Levchin sat with Tearsheet to talk about the state of the business.
Zack Miller | June 21, 2019
Online Lenders, Podcasts

Mirador’s Trevor Dryer: ‘The world doesn’t need another high price lender’

  • Banks and credit unions are able to compete digitally with non-bank lenders.
  • Mirador helps them compete on speed and customer experience.
Michael Deleon | June 17, 2019
Online Lenders, Podcasts

MSTS’ Brandon Spear on credit as as service: ‘Find a way to solve payments painpoints and you’ll create a real advocate inside a business’

  • MSTS was started by a Fortune 100 to help with fuel payments.
  • Now, the company wants to help large B2B companies solve complex payment issues.
Zack Miller | June 10, 2019
Finance Everywhere, Online Lenders

LendKey’s Vince Passione on partnering with banks and credit unions and the future of lending as a service

  • Back in 2009, everyone was talking about disrupting banks, not working with them.
  • Founder and CEO of LendKey Vince Passione joins us to talk about his B2B approach.
Zack Miller | May 22, 2019
Online Lenders

LendingClub gets out of direct SMB lending, wants to be a platform again

  • Lending Club changes tack on its growth plans for SMB lending.
  • With Funding Circle and Opportunity Fund, look for the lender to announce more lending partnerships.
Michael Deleon | April 23, 2019
More Articles