Bank of America Home Loans has begun providing its clarity commitment to customers entering permanent mortgage modifications under the government’s Home Affordable Modification Program (HAMP).
Bank of America has said that the clarity commitment, one-page summary of key terms, will be offered with loan modifications made under any non-government program in the coming weeks.
Homeowners participating in HAMP will receive a clarity commitment statement with their modification documents. Their modification package is sent after they successfully complete a trial payment period. Those who are being offered assistance under other programs will receive the clarity commitment with the documents to be signed for their modification.
Rebecca Mairone, national servicing executive at Bank of America Home Loans, said: “Our clarity commitment for new mortgages has been very well received as a demonstration of our dedication to responsible lending and the creation of successful homeowners. Modified mortgages may have considerably different terms than the original contract. As our customers transition to their new affordable payment, it is important that they have this simple and concise explanation of the terms of their modified loan.”
