Bank of America: 81% Of Mortgage Applications Initiated Through Digital Tool


Leaders at Bank of America say home loan applications initiated through their Digital Mortgage Experience accounted for 81% of total mortgage applications in 2021.

That is up from 45% in 2020.

Last year, Bank of America funded $53.7 billion in first mortgage loans through the Digital Mortgage Experience, 2.5 times their 2020 volume.

People can use the digital tool to prequalify for loans, apply for a new mortgage, and refinance their existing mortgage.

“Clients expect fast, smart digital tools that help make their banking, investing, and lending experience easy and convenient,” Matt Vernon, Retail Lending Executive for Bank of America, said in a statement.

Vernon said that the combination of digital capabilities and support from lending specialists helps them meet what clients need when it comes to speed, thoroughness, and accuracy.

Last week, Bank of America leaders reported that they added more than two million active digital clients last year, which is a single-year record. People logged in to the company’s digital platforms a record of 10.5 billion times in 2021.

David Tyrie, Chief Digital Officer and Head of Global Marketing at Bank of America, said now, more than ever, consumers and businesses depend on digital services.

“Our digital capabilities allow our clients to easily manage every aspect of their financial lives across banking, investing, lending and retirement, with access to advice and guidance from our financial professionals and through our financial centers when they need it,” Tyrie said in a statement.

Bank of America serves approximately 67 million consumer and small business clients in the United States. They have about 4,200 retail financial centers and 16,000 ATMs.

Email story ideas to Editor Kimberley Haas: [email protected]