Bank of America 2007 Annual Report Download - page 21

A MORTGAGE WITHOUT
THE WORRIES
Dr. Victor Tovar and Dr. Elizabeth
Gressle-Tovar know a little some-
thing about listening. Victor is a
medical resident at the University
of Kentucky. His wife, Elizabeth,
a family nurse practitioner, is also a Ph.D. who
teaches at the College of Nursing. They both work
long hours, mainly listening — to doctors, instruc-
tors, students and, most importantly, patients.
“The most valuable lesson of my training was
learning to understand my patients’ needs,” said
Dr. Tovar. “I believe in paying close attention to
what they tell me, asking thoughtful questions
and working together to find a solution.”
When the Tovars met Mortgage Loan Officer
Veronica Martinez in Bank of America’s Houston
office, they knew they had found someone who
would offer the same kind of care. “The Tovars
were leaving Texas, relocating to Kentucky,”
recalled Martinez. “As newlyweds and first-time
home buyers, they were concerned about navi-
gating the intricacies of financing and closing,
coordinating their move and beginning new jobs.”
Martinez recommended No Fee Mortgage PLUS,
Bank of America’s innovative mortgage product.
In April, Bank of America became the first
lender to offer customers looking to buy a home
one product with no application fee, no closing fee,
no private mortgage insurance and two worry-free
guarantees. The Best Value Guarantee states that
if the borrower is approved for a mortgage with
Bank of America but chooses to close with another
lender, the bank will send the home buyer $250.
And the Close-On-Time Service Guarantee prom-
ises that the loan will close within 25 days after
the application is complete or the bank will pay
the first month’s principal and interest.
In addition to offering great value, No Fee
Mortgage PLUS is available via phone, online
and through a nationwide network of loan
officers and banking centers. “The process was
smooth and quick, and we saved so much on
closing costs,” said Dr. Gressle-Tovar. And since
Bank of America also services the mortgages it
sells, customers know an associate like Veronica
Martinez will be there, ready to listen.
FOR FIRST-TIME HOME BUYERS, THE RIGHT MORTGAGE FROM THE
RIGHT LENDER IS KEY TO GREATER PEACE OF MIND.
With special attention
from their Bank of
America loan officer,
Dr. Victor Tovar and
Dr. Elizabeth Gressle-Tovar
had an easy time buying
their first home in
Lexington, Kentucky.
▲
Bank of America 2007 1919
Thanks in part to No Fee Mortgage PLUS, which generated
more than $13 billion in funded loans in 2007, Bank of America
achieved its goal of becoming a leading direct-to-consumer
mortgage lender. First-mortgage production increased by
22 percent last year, while the overall mortgage market
declined by 15 percent.
The bank’s first-mortgage portfolio is largely untouched by
recent events. We exited the subprime mortgage business in
2001 and have one of the lowest foreclosure rates in the industry.
Even so, Bank of America is an active participant in public-private
partnerships that reach out to distressed homeowners. “Our
objective is to put people in homes and keep them in their homes,”
said Floyd Robinson, president of the Consumer Real Estate &
Insurance Services Group. “Not only is Bank of America a leader
in market share, we also are leading the way in creating solutions
for homeowners in 2008 and beyond.”
Innovation, leadership and advocacy
Source: Bank of America
Percent of our deposit
customers who originate
mortgages with us
More
Mortgages
2007 Q3
2007 Q1
2006 Q3
2006 Q1
2005 Q3
14.6%
10.4%
9.0%
7.6%
7.0%