Bank of America has reached a milestone in its campaign to become more user-friendly.
It has surpassed 1 million “Clarity Commitments” — its new one-page summaries mailed out to potential homebuyers, the nation’s largest lender said today.
BofA heralded the occasion with an official statement, and also announced it had sent out similar summaries to 40 credit card customers.
The card summaries serve another function. They help BofA adhere to stricter requirements for card issuers to be more “clear and conspicuous” in their disclosures under credit card reform laws taking effect Feb. 22.
The banking giant’s unprecedented campaign — dubbed Clarity Commitment — is also part branding and part customer service enhancement. It was launched in April 2009.
In December, the top lender announced it was adding customers undergoing permanent mortgage modifications under the government’s foreclosure rescue program to the list of those receiving the summaries.
Bank of America conducted a study in December which showed that more than four out of five consumers think it is important to have such summaries, providing basic information on terms such as interest rates, monthly payments and closing costs.
“Customers told us they wanted transparency and ‘no surprises’ in the lending process, and the Clarity Commitment answers that need – helping potential homeowners clearly understand the key terms and conditions of their mortgage agreement prior to closing a loan,” said Barbara Desoer, president of Bank of America Home Loans.
