What's a Mortgage Mulligan?

BOFA's mortgage mulligan- WSJ

How could I resist an article with a title like this?

Google defines 'mulligan' as an informal golf term- 'an extra stroke allowed after a poor shot, not counted on the scorecard.'  So what is Bank of America up to?

When BOFA bought Countrywide in 2008, it became the top home lender in the US... But this was short-lived.  Once the housing market crashed and many people found themselves in homes with mortgages that were under water, Bank of America, like many banks faced very tough times.

The article points out that Bank of America pulled out of the mortgage business at precisely the wrong time.  With record low interest rates pulling in hordes of refinance business, Bank of America could possibly have made up some of its massive losses.  Now the bank is trying to get back into the lending business.  Interest rates can only stay so low for so long and I wonder if BOFA is jumping back into the game too late.

Another point of interest is the article's take on BOFA's customer service levels.  Coming from a position where I am constantly hearing how long the underwriting process takes and how long the entire mortgage loan process takes, it's very nice to hear that it isn't just the bank that I work for!