May 8, 2007-Bank of America today announced the nationwide availability of No Fee Mortgage PLUS, which the Bank claims is the first to eliminate lender fees.  

No Fee Mortgage PLUS was developed following thousands of customer interviews and successful pilot programs in several states. According to the company, this is the first home-purchase mortgage to eliminate lender fees and the need for private mortgage insurance, and guarantees the best deal and an on-time closing for customers.

No Fee Mortgage PLUS features include:

- No Application Fee.

- No Lender Fees: Appraisal fees, loan origination fees, title fees, flood determination fees, etc., are waived.

- No Private Mortgage Insurance: BofA has waived the 20% equity requirement.

- Close-On-Time Service Guarantee - the loan will close within 25 days - unless the customer requests a longer timeframe — or else the customer collects the equivalent of their first mortgage payment (taxes and insurance payments not included).

- Best Value Guarantee - If the borrower is approved for a mortgage with Bank of America but chooses to close with another lender, he or she will receive $250.

Source:  Press release from Bank of America (RisMedia.com) May 8, 2007