Bank of America has made its Clarity Commitment home loan summary available for home equity lines of credit and home equity loans.
The Clarity Commitment is a one-page summary of key loan terms that lets borrowers review their loan details in plain language. The bank introduced the Clarity Commitment last April for refinance and purchase first-mortgage loans. It has since been expanded to a portion of modified first-mortgage loans; closed-end, fixed-rate, full-draw reverse mortgages; and now, for home equity loans and lines of credit (HELOCs) as of Oct. 25.
Since the document's inception last spring, more than 730,000 first-mortgage Bank of America customers have received Clarity Commitments with their loan documents.
SOURCE: Bank of America