Bank of America, one of the largest banks in the US with total assets of US$$2.28 trillion as of December 31, 2017, launched its digital mortgage platform, Digital Mortgage Experience, on April 11, 2018. The new platform allows customers fill out a mortgage application by its mobile apps or online banking site.
In addition, customers do not need to fill in their many details as the app already prefills relevant data and documents available from the bank’s system. The digital mortgage takes approximately 20 days depending on states, compared to 30 to 45 days traditionally.
Bank of America tops its peers in online and mobile banking with about 34 million active accounts. The bank is operating in 35 countries globally with its retail banking footmark covering about 80% of the US population. Wells Fargo and JPMorgan Chase are working on their own digital mortgage platforms and plan to launch them later this year.