SOURCE: Mortgage Harmony

Mortgage Harmony

April 26, 2011 11:31 ET

CMG Mortgage Insurance Company First MI Company in U.S. to Insure HarmonyLoan for Credit Unions

More CU Members Now Able to Take Advantage of One-Click Rate Change™

TYSONS CORNER, VA--(Marketwire - Apr 26, 2011) - Mortgage Harmony Corp., a provider of innovative residential mortgage products, today announced CMG Mortgage Insurance Company (CMG MI) is the first MI company to confirm that it is willing to insure the HarmonyLoan™ products, subject to applicable CMG MI underwriting and policy requirements for qualified credit unions. CMG MI is a member of the CUNA Mutual Group of companies, and the leading provider of private mortgage insurance products and services for credit unions nationwide.

The HarmonyLoan allows members to reset their mortgage interest rate with just one click. It is a consumer-initiated mortgage product that aligns the interests of consumer and credit union in a way unprecedented in the industry. With the HarmonyLoan, homeowners may adjust their interest rates as the market changes, without the expense and hassle of a traditional refinance or new mortgage.

"In the wake of great turbulence in mortgage lending in recent years, the consumer-friendly HarmonyLoan represents a significant industry advance," said Scott Toler, president and chief executive officer of the Credit Union Mortgage Association (CUMA). "By insuring the HarmonyLoan, which allows credit union members to make lower down payments, CMG MI enables more people to realize their dream of owning a home sooner and at the same time take advantage of the reliable and straightforward 'one-click rate change' offered by HarmonyLoan." CUMA is the first mortgage company in the nation to offer the HarmonyLoan program through its credit union partners across the country.

"CMG MI is committed to supporting sustainable, long-term homeownership through its mortgage insurance products and services for credit unions," said Joel Luebkeman, CMG MI's Director of Marketing and Product Development. "Giving credit union members the opportunity to have more involvement with their mortgages is an outstanding advantage in light of the uncertainty many homeowners have faced in recent years."

Mortgage Harmony's mission is to design innovative mortgage products that bring greater continuity to all the 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 Change™. Upon resetting, they have the advantage of an at-market interest rate.

"Mortgage Harmony Corp. is pleased to have a well-respected insurer like CMG MI working with us to move this innovative loan product forward," said Keith Kelly, chief executive officer and founder of Mortgage Harmony. "The HarmonyLoan is transforming the industry and changing the way members perceive their mortgages. I believe having CMG MI on board is another indication of the benefits the product offers everyone involved in the mortgage lending process. For credit unions, the HarmonyLoan enhances overall portfolio stability, so they are able to maintain their valuable investments and strengthen member relationships while gaining greater returns."

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. The HarmonyLoan™ is a consumer-initiated interest rate-resetting mortgage with a recurring compensation structure for the loan officer. For more information on Mortgage Harmony and the HarmonyLoan™, please visit www.mortgageharmony.com.

About CMG MI
Licensed in all states, CMG Mortgage Insurance Company (CMG MI) operates as a joint venture between CUNA Mutual Insurance Society and PMI Mortgage Insurance Co. The company provides private mortgage guaranty insurance to protect credit unions against potential losses in the event of borrower default. By covering default risk on residential first mortgage loans, CMG MI facilitates the sale of low-down-payment mortgages in the secondary mortgage market and expands homeownership opportunities by enabling credit union members to buy a home with a down payment of less than 20 percent. For more information, visit www.cmgmi.com or call 800.909.4264.