SOURCE: Mortgage Harmony

Mortgage Harmony

September 28, 2010 09:35 ET

Credit Union Mortgage Association Partners With Mortgage Harmony Corp. to Offer Harmony Loans to Members

National Mortgage Provider to Become First to Offer Member-Friendly Harmony Loan to Credit Union Market

TYSONS CORNER, VA--(Marketwire - September 28, 2010) -  Mortgage Harmony Corp., a provider of innovative residential mortgage products, today announced a partnership with Credit Union Mortgage Association (CUMA), a full-service mortgage company, that will enable the company to offer the Harmony Loan™ to its more than 40 credit union members based mostly in the Greater Washington, D.C. area.

The Harmony Loan is a consumer-initiated interest rate-resetting mortgage. It allows homeowners to adjust their interest rates with the market without the expense and hassle of a traditional refinance or new mortgage -- aligning the interests of the consumer, loan officer and credit union in a way that is unprecedented in the industry.

"The Harmony Loan removes the inefficiencies of the mortgage process that have made putting a new loan on the books so costly," said Scott Toler, president and chief executive officer of CUMA. "Soon we will be able to offer our credit union members a flexible, consumer-friendly mortgage and we can free up our loan officers to focus on new loan originations that will better serve our credit unions and their members."

CUMA originates and services loans for its credit union members through a private label model.

"The Harmony Loan allows CUMA's members to offer a truly unique product whereby the consumer can take advantage of lower interest rates without going through the refinancing process each time," said Shane Chalke, president of Mortgage Harmony. "Portfolio lenders, like credit unions, benefit from less churn, which translates into longer, more valuable relationships with their members, helping to stabilize their book of business and build a stronger, long-term investment."

Mortgage Harmony works to create innovative mortgage products and services that bring long-term stability to the housing finance industry. For lenders, the Harmony Loan minimizes the prepayment turnover that causes loss of market share, servicing stream and customer loyalty. Investors also benefit from greater market yield.

"We are thrilled to enter into the credit union market with CUMA," said Keith Kelly, chief executive officer and founder of Mortgage Harmony. "Credit unions are known for their dedicated focus on offering the highest quality products and services to their members, and it is an honor to add the Harmony Loan to their mix."

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 Harmony Loan™ 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 Harmony Loan™, please visit 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 www.cumortgage.net.