BofA launches digital mortgage service

The system’s prefill capabilities means that customers can apply for a mortgage through the app or online and immediately have much of the application auto-populated. They will then receive conditional approval but will need to close the deal in person.

Customers can also at any point in the process consult a lending specialist online or over the phone, pick from a variety of loan options and combinations, and lock their interest rates.

Mortgage applications have largely escaped the digital banking revolution, often cited as an example of a major decision that customers are more comfortable navigating in-person with the help of an expert.

Yet a recent BofA survey found that Americans are actually more comfortable applying for a mortgage digitally than dating online.

Michelle Moore, head, digital banking, BoA, says the new service is “the latest example of our high-tech, high-touch approach to serving clients – we designed the Digital Mortgage Experience by listening to our customers, understanding their needs, and delivering the full experience to them right in our award-winning mobile app.”