“Our company-wide philosophy is built around doing what is best for our membership and Mortgage Harmony’s Loan Retention Software, with the Rate Reset Protection feature, is consistent with that philosophy,”said James Schenck EVP of PenFed.
McLean and Alexandria, Va. (PRWEB) January 06, 2014
Mortgage Harmony Corp., the provider of Loan Retention Software (LRS™) and the HarmonyLoan™, announced today that PenFed (Pentagon Federal Credit Union), the third largest credit union in the U.S., has added Mortgage Harmony's "one click" Rate Reset Protection software to its online mortgage application experience on select mortgage products. The software solution enhancement will add ease, convenience, and faster processing times to the PenFed mortgage user experience.
“We are very excited to add this feature to our mortgage loan architecture,” said James Schenck executive vice president of PenFed. “Our company-wide philosophy is built around doing what is best for our membership and Mortgage Harmony’s Loan Retention Software, with the Rate Reset Protection feature, is consistent with that philosophy.”
“We are thrilled to be working with PenFed and serving their members with a product that promotes their economic interests,” said, Keith Kelly, CEO, Mortgage Harmony Corp. “We anticipate other credit unions will follow PenFed.”
Mortgage Harmony’s Loan Retention Software™ (LRS™) solution streamlines rate modifications in the mortgage and car loan industries. Borrowers are able to “reset” their interest rate in seconds on a secure, customized website with just a “click” of a button and an e-Signature—with no out-of-pocket costs, and no administrative hassle.
“Mortgage Harmony’s software creates a very simple process that reaps a lot of benefits to the member and PenFed,” said Vielka Asia, vice president of mortgage operations at PenFed. "We can now better allocate our back office resources to originate new loans, instead of using resources to retain our existing loans through refinances and modifications.”
“Mortgage Harmony’s technology provides the mechanism to put our members in control of their mortgage,” explained Schenck. “For example, PenFed’s branded 5/5 Adjustable Rate Mortgage (ARM) Rate Reset Protection product is consistent with our long-standing goal to provide products tailored for PenFed’s members and their families. This product empowers our members while also improving the overall member experience.”
About PenFed (Pentagon Federal Credit Union): Established in 1935, PenFed is one of the largest credit unions in the country serving over 1.2 million members worldwide; with more than $16 billion in assets. Its longstanding mission has been to provide superior financial services, responsive to members’ needs in a cost effective manner. PenFed offers market leading mortgages, automobile loans, credit cards, checking, and a wide range of other financial services with its members’ interests always in mind. PenFed is federally insured by the National Credit Union Administration, does business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act, and is an equal housing lender.
To learn more about PenFed and to become a member, call 800.247.5626 or visit PenFed.org.
About Mortgage Harmony Corp.: Named by the American Banker’s Bank Technology News (BTN) as "One of the Top Ten Technology Companies" to watch in 2013, Mortgage Harmony Corp. designs, develops, and distributes innovative lending products for banks and credit unions of all sizes, as well as mortgage companies and correspondent lenders. Its mission is to create products and services that properly align the economic incentives of all participants of a loan transaction, and bring long-term stability to the lending industry. The HarmonyLoan™ is a consumer-initiated interest rate-resetting loan feature with a recurring compensation structure for the loan originator.
For more information on Mortgage Harmony and the HarmonyLoan™, please visit http://www.mortgageharmony.com/.