SOURCE: Mortgage Harmony

Mortgage Harmony

March 07, 2011 10:38 ET

Money One Federal Credit Union Offers Consumer-Focused HarmonyLoan to Members

CU Members Join Growing Number of Homebuyers Taking Advantage of the One-Click Rate Change™

TYSONS CORNER, VA--(Marketwire - March 7, 2011) - Mortgage Harmony Corp., a provider of innovative residential mortgage products, today announced Money One Federal Credit Union now offers the HarmonyLoan™, allowing members to change their rate with just one click. Money One Federal Credit Union, a not-for-profit, full-service financial institution based in Maryland, is a member of the Credit Union Mortgage Association (CUMA), a full-service mortgage company that originates and services loans for its credit union members.

"Money One Federal Credit Union originated their first HarmonyLoan just one day after initially offering the product," said Scott Toler, president and chief executive officer of CUMA. "This indicates the significant value lenders and members alike see in this product. The consumer-friendly HarmonyLoan is poised to fundamentally change the mortgage lending industry for the better."

The HarmonyLoan is a consumer-initiated interest rate-resetting mortgage that aligns the interests of the consumer and credit union in a way that is unprecedented in the industry. It allows homeowners to adjust their interest rates with the market without the cost and hassle of a traditional refinance or new mortgage.

"Money One Federal Credit Union exists to provide banking products and services to help our members do better financially. We are committed to exceeding our members' expectations, and the HarmonyLoan is an excellent example of the way we're doing just that," said Debra P. Connors, CEO and president of Money One. "The 'one-click rate change' is an outstanding benefit that allows our members to easily manage their own mortgage as they see fit -- without having to incur the time and expense of the traditional refinancing process."

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 interface. Upon resetting, they have the advantage of an at-market interest rate.

"We believe the HarmonyLoan can restore lenders' confidence in mortgage lending, especially in the wake of potential government housing market reforms. Because the HarmonyLoan reduces churning within the portfolio, credit unions like Money One will be able to sustain investments and valuable member relationships while achieving higher returns," said Keith Kelly, chief executive officer and founder of Mortgage Harmony. "As a result, credit unions can expect to experience an overall stabilization of their book of business and maintain more durable investments in the long-term."

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. 

Editor's note: A demo of the HarmonyLoan's One-Click Rate Change™ is available at www.harmonyloan.info:

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 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.

About Money One Federal Credit Union
Money One Federal Credit Union is a not-for-profit, full-service financial institution, formed in 1951, with over 12,000 members, $102 million in assets and 44 employees. Money One is member owned and operated. Its only reason for existence is to help people do better financially. Visit MoneyOneFCU.org