I am pleased to see 1st Commonwealth Bank of Virginia taking the lead with this innovative product and approach to managing back office demands, while at the same time providing a consumer oriented product that is good for the industry.”
McLean, VA (PRWEB) December 07, 2011
Mortgage Harmony Corp., a provider of innovative residential mortgage products that includes the HarmonyLoan™, a consumer-initiated interest rate-resetting mortgage product with a patented recurring compensation structure for loan officers, today announced that 1st Commonwealth Bank of Virginia converted an existing borrower from a traditional loan product into a HarmonyLoan.
The HarmonyLoan, designed by Mortgage Harmony Corp., allows borrowers to quickly and easily adjust their interest rates as the market changes, taking advantage of lower interest rates without the expense and hassle of a traditional refinance or new mortgage.
“We recognized the opportunity that the HarmonyLoan provides our bank in managing the current refi wave. Historically low interest rates and the pending onslaught of refinances from the administrations’ enhanced HARP program are challenging every lenders back office,” said Craig Chapman, Managing Director of 1st Commonwealth Bank of Virginia. “Why add to the back office strain refinancing your existing customers when you can simply convert them into a HarmonyLoan.”
Mortgage Harmony Corp. provides its customers with a “conversion tool” that allows lenders to convert existing loans into HarmonyLoans. The HarmonyLoan removes the costly inefficiencies of the mortgage process and affords greater economic security. Homebuyers can quickly and easily reset their HarmonyLoan by accessing HarmonyLoan Central, a state-of-the-art, 24/7 web-based interface, and using the One-Click Rate Change™. Upon resetting, they have the advantage of an at-market interest rate. The “ conversion tool” allows lenders to focus their resources on bring in new loans, as opposed to keeping their existing loans.
“I called my existing lender when I decided to refinance my loan,” said Andrew Levetown. “That is when 1st Commonwealth Bank of Virginia informed me about the HarmonyLoan conversion option. I was surprised to find I could convert my loan to a HarmonyLoan and avoid the cost and hassles of the traditional refinance. It sounded too good to be true, but on December 5, 2011 I reset my rate with a click of a button with no cost and no hassle… unbelievable!”
“The HarmonyLoan conversion tool is attracting a great deal of interest among banks and credit unions,” said Keith Kelly, CEO of Mortgage Harmony Corp. “ I am pleased to see 1st Commonwealth Bank of Virginia taking the lead with this innovative product and approach to managing back office demands, while at the same time providing a consumer oriented product that is good for the industry.”
About Mortgage Harmony Corp.
Mortgage Harmony Corp. designs, develops and distributes innovative residential mortgage products for mid-size and large banks, credit unions and mortgage companies. Its mission is to create products and services that properly align the economic incentives of all participants of a mortgage transaction and bring long-term stability to the housing finance industry. For more information on Mortgage Harmony and the HarmonyLoan, please visit http://www.mortgageharmony.com.
About 1st Commonwealth Bank of Virginia
1st Commonwealth Bank of Virginia is a local community bank owned and operated by local people for the benefit of the community. Its experienced team is dedicated to providing high quality personalized business and consumer banking solutions to our valued neighbors. For more information on 1st Commonwealth Bank of Virginia, please visit http://www.1cbv.com