The name Countrywide Financial has been retired and Bank of America Home Loans has taken its place.

Bank of America Home Loans has renamed its one-page loan summary presented to borrowers the Clarity Commitment. The bank said it will contain interest rate, terms and other details of the loan in plain language similar to the Good Faith Estimate.

Provided both at application and at closing, the Clarity Commitment document, says Bank of America, is available on most new purchase and refinance transactions, including traditional and government-backed loans.

In addition, the company said it has introduced the Bank of America Home Loan Guide as part of the new Bank of America home loans Web site.

By explaining key data inputs, highlighting "rules of thumb" and tips with each step, and providing context around the results, the guide is supposed to give consumers relevant, personalized information that helps them understand their options and make informed decisions.

Considering RESPA changes to the Good Faith Estimate and changes to the HUD-1 if this Clarity Commitment is really necessary.  I know I would appreciate one less form to sign at a closing.

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