1st Commonwealth Bank of Virginia Converts Portfolio Loan to Harmonyloans

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First Bank to Convert Existing Portfolio Loan to Consumer-Centric HarmonyLoan™

“I am certain this is the first product in the mortgage industry that is truly consumer-centric. My clients can take advantage of market rates without the stress of re-qualification constraints.”

Mortgage Harmony Corp., a provider of innovative residential mortgage products, today announced that 1st Commonwealth Bank of Virginia has become the first bank to convert an existing portfolio loan to a HarmonyLoan™, a consumer-initiated interest rate-resetting mortgage product with a patented recurring compensation structure for loan officers. HarmonyLoan aligns the interests of consumers and mortgage originators in a way that is unprecedented in the industry.

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. They can lower their rate as often as every 120 days with a click of a button, assuming their payment history is solid.

“With Mortgage Harmony, our customers will benefit from the ability to convert their existing portfolio mortgage loan into a HarmonyLoan. This is a groundbreaking endeavor that all of us at 1st Commonwealth Bank of Virginia are incredibly excited to offer in the marketplace,” said Craig Chapman, Managing Director, Mortgage Services for 1st Commonwealth Bank of Virginia. Jeff Thomas, CLA, CMPS, Senior Loan Officer with 1st Commonwealth Bank of Virginia, agrees. “The feedback from clients and real estate agents is overwhelmingly positive on the HarmonyLoan”, said Thomas. “I am certain this is the first product in the mortgage industry that is truly consumer-centric. My clients can take advantage of market rates without the stress of re-qualification constraints.”

Mortgage Harmony’s mission is to create innovative mortgage products that bring greater continuity to all parties in the process and minimize the lender's timeline between product development and launch to homebuyers. 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 a state-of-the-art, 24/7 web-based interface and using the One-Click Rate ChangeTM. Upon resetting, they have the advantage of an at-market interest rate.

“From a retention standpoint, the HarmonyLoan allows 1st Commonwealth Bank of Virginia to offer value-added products to new and existing customers. Mortgage Harmony and its HarmonyLoan product are integral in assisting 1st Commonwealth Bank of Virginia to maintain high levels of customer satisfaction,” said Greg Murray, CFO, 1st Commonwealth Bank of Virginia.

“We are delighted to provide our HarmonyLoan™ product to 1st Commonwealth Bank of Virginia,” said Keith Kelly, CEO of Mortgage Harmony. “We are proud that HarmonyLoan is bringing positive changes to the mortgage finance industry. For banks, HarmonyLoan can help increase customer satisfaction and build greater brand loyalty, and for bank customers, HarmonyLoan can help them manage their mortgages. It’s a win-win for all, even the mortgage originators.”

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
Founded in February 2009, 1st Commonwealth Bank of Virginia is federally chartered and serves business and individual customers in the Metropolitan D.C. area. It provides standard checking and savings accounts, mortgages, lines of credit, business loans and IOLTAs for lawyers. The most dynamic community bank in Arlington, 1st Commonwealth Bank of Virginia was started by seasoned bankers and mortgage professionals to deliver high-quality, high-touch service to customers in its neighborhood and beyond. For more information, please visit http://www.1cbva.com.

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Debbie Kaufmann
The Collingwood Group
(202) 626-9724
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