Bank of America latest product look quite nice. A No fee mortgage!
No application fee
no closing fees
no PMI (private mortgage insurance).
Guarantee to close your loan within 25 calendar days after the date you submit your completed loan application to them, or your first month's mortgage payment (principal & interest) is on them!
Actually, as a Realtor and a mortgage broker I can usually do better as I can provide backup approvals
from Wells, Wamu, TBW, or Provident, or whatever. Since a purchase loan should be controlled by the realtor who represents the buyer, I will let you know that there is usually a longer turnaround time and the possibility that BoA might not close by the deadline. And I have doubt the deal is really so good as they advertise it. BoA is "well" known for their customer satisfaction.
In this case they would pay you something, but is a possibly lost deal worth that hassle?
I don't think you as a Realtor want this, nor the buyer. I don't know any Realtor who wants to do business with BoA as they will lose their grip on the loan process and they know going with a big bank means delay. It's just like gambling... Either they make it in time or not.
By going with a broker, not only can the Realtor bother the broker by calling up daily but can ask us to give backup approvals from another lender for "just in case" as well. After all, it's doesn't look that great with the higher rate.
I always feel that the purchase transaction is so personalized that the broker and the realtor have to interact daily to weed out the loose ends and the little glitches here and there. Unfortunately for Realtors not aware of the glitches of the system the BoA program might just generate a lot of system turndowns.
IMO: A wise Realtor who really knows how the systems work would hardly recommend this program.