Bank of America rolled out its Clarity Commitment in April, but it added its reverse mortgage Clarity Commitment last week for its fixed rate reverse mortgage product.
The Clarity Commitment is a one-page loan summary which presents borrowers with their interest rate, terms and other details of the loan in plain language says the company website.
Provided to consumers at both application and closing, the document includes information about counseling, servicing, and insurance fees.
As we all know, reverse mortgages can be more complicated to explain and the industry could use a simple set of documents to explain the product. BofA’s Clarity Commitment is a step in the right direction.