How One Bank is Changing the Way You Get a Mortgage

If you have ever applied for — or successfully taken on — a mortgage, you can easily appreciate the complicated nature of the process. There is a host of causes, but Bank of America is trying to ease the process.

Their new Home Loan Navigator is making things simpler for all by putting more of the mortgage application process online. That moves mortgages closer to other consumer applications, such as online banking and online investing. Bank of America refers to it as the <em>”high-touch and high-tech”</em> approach, and hopes to make home loans simpler and less stressful for borrowers.

The Home Loan Navigator

Bank of America launched their Navigator this past June. It is an online portal that enables homebuyers to conveniently and remotely access the progress of their mortgage application at any stage of the process.

The Home Loan Navigator can be used to:

• View the current status and details of a loan application
• View a “to-do” list and complete outstanding tasks
• Choose to receive disclosures and other loan documents electronically
• Electronically sign certain loan documents
• Submit supporting borrower documentation online, easily and securely
• Communicate with the Home Loans team via secure messaging
• Receive email alerts when new loan documents are available for download

As a former mortgage loan originator, I can tell you that there are two issues that stand out as common obstacles in the mortgage process: documentation requirements, and contact between the borrower and lender. The Home Loan Navigator provides relief on both fronts.

Navigator Streamlines the Document Gathering Process

The mortgage process involves an almost blinding number of documentation requirements. It is both difficult and confusing for applicants to understand what’s needed. The ability to get email alerts and see which documents are the on the “To-Do list,” as well as to be able to receive and sign them electronically, eliminates much of the confusion.

The Navigator’s “To-Do List” tab provides a comprehensive rundown of information and borrower documentation that is needed to keep the application moving forward. The gives both the bank and the borrower a better chance at a fast loan approval and a timely closing.

Improved Borrower-Lender Communication Process

The ability to communicate with the lending team online will help eliminate the “telephone tag” process that’s so frustrating for both borrowers and lending personnel. Navigator will provide a greater sense of feeling connected to your loan officer throughout the process. You will also be assigned a mortgage specialist, who will be there to help you every step of the way.

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Home Loan Navigator has two-way messaging capabilities to facilitate ongoing dialogue between clients and their Bank of America professionals. Thanks to this, there can exist a strong and consistent personal connection between both parties.

“Staying connected with our clients and helping them through their mortgage experience – either online, in-person or over the phone – is critical to a smooth process and satisfied clients,” said D. Steve Boland, Consumer Lending executive, Bank of America. “We’re giving that process an even bigger boost with the introduction of Home Loan Navigator.”

The Bank of America Real Estate Center

The Home Loan Navigator is part of the Bank of America Real Estate Center. This portal provides you with all the tools and educational resources you need to start the mortgage loan process, whether for a refinance or to purchase a new home. And this is important — most people assume that the mortgage and homebuying process is easier than it is. But like nearly everything else in modern life, this has only become more complicated over time. Taking advantage of these resources can give you the “edge” that you need to get the mortgage that will best serve your needs, and in the most efficient manner.

The Real Estate Center provides tools, like the Monthly Mortgage Payment Calculator, which can estimate your monthly mortgage payment based on various rate options. It also has a market value calculator, which provides an estimate of the value of your home for refinance purposes. However, it can also come in handy in determining the value of your current home, especially if you plan to sell it and use the proceeds for the down payment on your next home.

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The Real Estate Center also has numerous articles and videos that will explain such topics as steps to getting a mortgage, the refinance process, how to negotiate when selling your home, preparing as a first time homebuyer, and home equity lines of credit. With all of the tools and resources that Bank of America provides, you never need to go into the mortgage process “flying blind.”

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Signing Up For the Home Loan Navigator

Existing Bank of America clients who have Online Banking access can already take advantage of the Home Loan Navigator. New clients can get started by enrolling in Bank of America Online Banking. The Navigator is exclusively for clients who apply for a mortgage or want to refinance with Bank of America, and is part of the bank’s secure Online Banking platform.

To learn more about Bank of America’s Home Loan Navigator, you can check out the Home Loan Navigator web page.

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