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Bank of America Mortgage

Bank of America is now the largest mortgage originator and loan servicing company in the USA. It acquired Countrywide Financial in 2008 and made it a subsidiary under the name Bank of America Home Loans the next year. With this acquisition, BofA became a dominating force in the US home mortgage industry with nearly 25 percent market share. Countrywide Financial was known to be the market leader before merger, with the largest number of customers nationwide, serviced through its banking division Countrywide Home Loans. The current president of BOA Home Loans and Insurance is Barbara J. Desoer.

Bank of America Home Loans

Now a subsidiary of Bank of America Corporation, the largest bank holding company in the country in terms of assets, Bank of America Home Loans consists of four separate divisions Mortgage Banking, Banking, Capital Markets and Global Operations. The banking division, which was earlier known as Countrywide Bank, N.A., creates investment portfolios for mortgage loans and home equity lines of credit originated by the mortgage division. The capital markets segment, on the other hand, has specialization in underwriting mortgage-backed securities and acts as a residential loan manager and commercial loan originator.

The Mortgage Banking division of BOA Home Loans offers a range of loan origination and servicing solutions through different departments. The Loan Production department, which consists of Consumer Markets, Full Spectrum, Correspondent Lending and Wholesale Lending, is the division to fund and originate new loans. The Loan Servicing department maintains escrow accounts of the borrowers and collects payments on behalf of the company. Loan Closing Services that include real estate appraisal, title, valuations and credit report services are accomplished through a B of A subsidiary known as Land Safe.

Bank of America Mortgage Products

Consumers have a choice of mortgage options no matter whether they are a first-time home buyer or one with refinancing and second mortgage needs. The home finance options can be grouped into the following categories:
  • Fixed Rate: Get a financing solution with the interest rate fixed for the life of the loan term, which could be 15, 20 or 30 years.
  • Adjustable Rate: Choose from a selection of ARMs including the most popular 3/1 and 5/1 adjustable-rate mortgages to enjoy low interest and monthly payments for the initial few years.
  • Government Loans: Government-sponsored FHA and VA loans offer low down payment and flexible income and credit requirements. Moreover, Private Mortgage Insurance (PMI) is not required with these kinds of loans.
  • Specialized Loans: Included under this category are Affordable Loan Solutions, Fannie Mae Expanded Approval Program, Fannie Mae Flexible 97 Program and Interest Only Loan Option.
Apart from the aforementioned categories, BofA offers Jumbo Loans for a borrowing amount that does not conform to the Fannie Mae guidelines (known as non-conforming loans).

Bank of America Mortgage Customer Service

You can dial 1.866.699.2979 to talk to a loan officer for anything regarding the products and services of the bank. The customer service department is accessible at 1.888.683.6405 for all mortgage and refinance-related questions and complaints. To get latest information on rates today call 1.800.586.9861. BOA offers a variety of tools and resources online, chief among them are down payment calculator, mortgage payment calculator, closing costs estimator and rate tracker. Online learning center offers guidance in choosing a suitable product and service of the company.

Application status can be checked online by providing loan number but to make payment online you need to enroll first and get your login ID to sign in to your online banking account. To pay off early, you can make a request for the payoff statement by dialing the phone number 1.800.763.1255. For loan modification and payment-related problems, contact the loss mitigation department at 1.800.451.6362.

Bank of America has a huge network of branches at almost all locations in the country. You can approach any of these to seek help of any kind. Bank of America Home Loans has headquarters in Calabasas, CA whereas the corporate headquarters of BAC is located in Charlotte North Carolina. Here is the complete address

Bank of America Corporation (BAC)
100 North Tryon Street,
Charlotte, NC


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