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

By KIMBERLEY HAAS 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…