Bank of America has rolled out a digital mortgage service, enabling customers to apply online or via the bank’s mobile app, often getting conditional approval on the same day.
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.”