BofA Makes ‘Clarity Commitment’ Loan Summaries Available For HELOCs

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

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