One Million Potential Homebuyers Receive Bank of America Clarity Commitment(R)

Bank of America Is Committed to Responsible Lending Through Clarity and Transparency

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Feb 10, 2010, 08:00 ET

CALABASAS, Calif., Feb. 10 /PRNewswire/ -- Bank of America, N.A., recently marked a major milestone in its efforts to provide more clarity and transparency in the mortgage process by providing more than one million potential homebuyers with the lender's first mortgage Clarity Commitment®, a simple, one-page document that provides key information about mortgage loan terms in easy-to-understand language.

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The milestone was reached less than a year after the Clarity Commitment was introduced to mortgage customers in April 2009. Potential homebuyers receive a Clarity Commitment with their welcome package from Bank of America, and again with their closing documents. The Clarity Commitment provides 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. "Now, with more than one million applicants who have received a Clarity Commitment, we are pleased with how consumers and associates have rallied around this evidence of our brand promise to help lead the industry into a new era of responsible lending."

The Clarity Commitment is now available for most Bank of America home loan products, including home equity loans, reverse mortgages, and most recently permanent mortgage modifications under the government's Home Affordable Modification Program (HAMP).

Bank of America is also providing credit card and deposit customers with tools that respond to their needs for simplicity and transparency. In December, Bank of America mailed a Credit Card Clarity Commitment – a one-page summary of each customer's card rate, fees and payment information – to 40 million consumer credit card customers.

"The Clarity Commitment is a great example of our promise to consumers – to provide a full understanding of the products and services they select from Bank of America," said Aditya Bhasin, Bank of America Consumer Marketing executive. "From e-alerts and our online home loan guide to comprehensive online money management tools, we are committed to helping our customers make informed financial decisions."

The Clarity Commitment was created to provide consumers with greater transparency in the homebuying process. According to a survey conducted by Bank of America in December 2009, more than four out of five consumers think it is important to have such a summary.

Bank of America

Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 59 million consumer and small business relationships with 6,000 retail banking offices, more than 18,000 ATMs and award-winning online banking with nearly 30 million active users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to more than 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients in more than 150 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.

www.bankofamerica.com

SOURCE Bank of America