A Dream Mortgage Becomes a Reality

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HarmonyLoan(TM) is the mortgage product for today - the first HarmonyLoan customer has executed a rate reset without the expense and hassle of the traditional refinancing process

The homeowner took out a HarmonyLoan in December. Now, six months later she logged onto our website and clicked the reset button. Just like that, she obtained a new, lower interest rate.

Mortgage Harmony Corp., a provider of innovative residential mortgage products including the HarmonyLoan, a consumer-initiated interest rate-resetting mortgage product, today announced that the first HarmonyLoan customer executed a rate reset without the expense and hassle of the traditional refinancing process. This historic rate reset, which lowered the homeowner’s mortgage rate by more than a half percent, was executed by a click of a button over the internet while the HarmonyLoan customer was on vacation in Europe.

For many, the dream of homeownership is marred by the nightmare of the mortgage process. Once in the home, consumers are saddled with the prospect of a time consuming and costly refinance process should interest rates go down.

Additionally, over the past several years many homeowners have been unable to take advantage of the market’s lower interest rates because the traditional refinance process has shut them out – maybe a change in their economic profile made it impossible to get through the underwriting process, or foreclosures and short sales in their neighborhood depreciated the value of their home and the appraisal disqualified them. Not any more. The HarmonyLoan has transformed the mortgage market and given consumers who regularly make their mortgage payments the ability to control their mortgage rate in step with the market.

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.

“It was simple,” said Scott Toler, president and chief executive officer of CUMA, one of the first mortgage originators to offer the HarmonyLoan. “The homeowner took out a HarmonyLoan mortgage with one of our member credit unions, Agriculture Federal Credit Union, at the end of December. Now, six months later she logged onto our website from her hotel room in London and clicked the reset button. Just like that, she obtained a new, lower interest rate.”

As numerous other customers of Mortgage Harmony’s HarmonyLoan are learning, it really is that simple. Importantly, there is no need for traditional refinancing – no appraisal, no paperwork, no new mortgage, no additional costs. Following the first 180 days, the homeowner can repeat this process every 120 days, managing their mortgage, saving money, and enjoying the simplicity that HarmonyLoan provides to an otherwise lengthy, complicated, and expensive process. Homebuyers can quickly and easily reset their HarmonyLoan by accessing a state-of-the-art, 24/7 web-based interface and use the One-Click Rate ChangeTM.

Mortgage Harmony’s mission is to create innovative mortgage products that bring greater continuity to all parties in the mortgage process and minimize the lender's timeline between product development and launch to homebuyers.

“The HarmonyLoan removes the costly inefficiencies of the refinancing process and affords greater economic security to the consumer,” said Keith Kelly, chief executive officer and co-founder of Mortgage Harmony Corp. “At the same time, it provides the lender, servicer and investor with a solid mortgage investment that increases consumer loyalty, reduces churning, improves the borrower’s credit profile, and provides a higher yield. We believe the HarmonyLoan will bring positive reform to the mortgage market ensuring greater stability in our housing market going forward.”

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 Credit Union Mortgage Association
CUMA is a full-service mortgage company headquartered in Fairfax, Virginia and serving the entire United States. It is owned by credit unions in Virginia, Maryland, Washington, D.C. and Pennsylvania. CUMA has been providing mortgage financing exclusively through credit unions for over 32 years. CUMA has a staff of seasoned mortgage professionals who assist credit union members with decisions on choosing the best loan programs. CUMA provides origination, underwriting, closing and servicing solutions to its credit union members. Find more information at http://www.cumortgage.net.


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Debbie Kaufmann
The Collingwood Group
(202) 626-9724
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