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BAC Home Loans Servicing, LP is a subsidiary of the larger Bank of America. This subsidiary allows the bank to centralize the servicing process and to some extent financially isolate the servicing element of retail and commercial loan sales. This means that the people who sold you the loan are not the same people who will service the loan throughout the process of repayment.

Bank of America has a Reputation That Precedes Them

Bank of America is a large company that offers many kinds of financial products, including home loans. Their loan options include fixed rates, adjustable rates, jumbo mortgages, FHA loans, VA loans, bridge loans, down payment loans, renovation and construction loans. Each has its own characteristics but they are all subject to evaluation in relation to your own financial situation. Furthermore, Bank of America has gone through several make-overs, especially in relation to customer service. Their reputation was less than sterling in that they treated their corporate customers as much more important than their individual customers. They have made great efforts to rebrand themselves, but the basic problems were mostly masked as opposed to corrected.

Formerly the Countrywide Loan Servicing Company, LP

There is really no way to know what kind of loan servicing Countrywide can offer compared to other lending institutions without doing a comparison to other options. However, caution at minimum seems like the best approach. The stated APR measure is designed to present the actual cost of obtaining financing, by requiring that some, but not all, closing fees are included in the APR calculation. These fees in addition to the interest rate determine the estimated cost of financing over the full term of the loan. Since most people do not keep the mortgage for the entire loan term, it may be misleading to spread the effect of some of these upfront costs over the entire loan term.