NAMB legislative update: RESPA amendment to HR 1728 accepted

MBA's Courson applauds Bank of America's "clarity commitment" MortgagePress.comBank of America, Mortgage Bankers Association, John Courson, Clarity Commitment John A. Courson, President and CEO of the Mortgage Bankers Association (MBA) has issued the following statement applauding Bank of America Home Loans's "Clarity Commitment," a new one page summary of loan information, terms and closing costs that the company will give borrowers both at loan application and at loan closing. "MBA applauds this initiative to help ensure that all borrowers clearly understand the loan they are getting and the fees they are paying. We have long believed that an educated, informed borrower is far less likely to end up in a loan they do not understand and cannot afford. Efforts like these will help restore faith and rebuild confidence in the housing and mortgage markets." For more information, visit www.mortgagebankers.org.