Bank Of Americ Bank Lending Practices Essay

889 Words Sep 23rd, 2016 4 Pages
Bank Lending Practices
Bank of America Corporation including all of its subsidiaries, makes up one of the world’s largest financial institutions. Bank of America serves individual consumers, small to middle sized businesses as well as large corporations. (Bank of America, 2016)
Bank of America 's lending practices are vast and encompasses many financial services to individual and commercial customers. Both individuals and businesses can make use of Bank of America’s full range of banking, investing, and asset management services. Currently, 49 million consumers and businesses take advantage of Bank of America’s financial services. (Bank of America, 2016)
Consumer lending makes up the majority of North American bank lending of which residential mortgages make up the largest share. Other types of consumer lending are auto loans and credit cards. (Bank of America, 2016)
Bank of America offers mortgage and home equity loans for consumers. They include fixed-rate, adjustable-rate, FHA and VA, as well as Jumbo loans. (Bank of America, 2016)
The type of car loans that Bank of America offers are dealer purchases (new or used), lease buyouts and refinancing of current auto loans. There are some varied restrictions to attaining an auto loan such as age, mileage and value of the vehicle. The seller should be either an automobile manufacturers franchise dealer or an individual who is the registered owner of the vehicle. (Bank of America, 2016)
Bank of America offers credit…

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