It’s official…Can you believe it…Countrywide is no longer….The most recognizable name in mortgage lending, will no longer operate under the name Countrywide….but under it’s parent name Bank of America. With their Clarity Commitment they are reinforcing responsible lending…again…
According to Market Watch
The Clarity Commitment is a simple one-page summary in straightforward language designed to make it easier for customers to understand terms of their loan. The summary includes information regarding interest rate, monthly payment, payment terms, and an explanation of closing costs and other loan information. Provided both at application and at closing, the Clarity Commitment document is available on most new purchase and refinance transactions, including traditional and government-backed loans.
The end of an era….and the beginning of a new one…Responsible lending….What a novel concept!
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