TYSONS CORNER, VA--(Marketwire - April 5, 2011) - Mortgage Harmony Corp., a provider of innovative residential mortgage products, today announced Montgomery County Employees Federal Credit Union now offers the HarmonyLoan™, allowing members to change their rate with just one click. Montgomery County Employees Federal Credit Union's (MC EFCU) is a member-owned, not-for-profit financial institution, dedicated to serving Maryland's Montgomery County government employees, local employee groups and their families. MC EFCU 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.
"Montgomery County Employees Federal Credit Union is the first credit union in the country to offer members the advantages of HarmonyLoan's 'One-Click Rate Change' on 30-year fixed rate mortgages," said Scott Toler, president and chief executive officer of CUMA. "The benefits to both lenders and members are significant. For members, the consumer-friendly HarmonyLoan allows them to take control of their own mortgage with literally just one click whenever they want to change their rate. And in a time of increasing costs to originate loans, lenders benefit by being able to keep the loan on their books longer. The HarmonyLoan is truly a win-win for everyone involved."
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.
"Meeting the needs of our members is our top priority," said Jim Norris, CEO of MC EFCU. "We're pleased to be able to offer our members the powerful HarmonyLoan, as it will save them both time and money over 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.
"The pioneering HarmonyLoan reduces churning within the portfolio, allowing credit unions like MC EFCU to maintain their valuable investments and member relationships while increasing returns," said Bob Catalanotto, chief operating officer and co-founder of Mortgage Harmony. "We're happy MC EFCU and its members recognize the benefits of the HarmonyLoan and we're confident that the HarmonyLoan can restore lenders' confidence. We believe the positive change the HarmonyLoan brings to the mortgage lending industry is imperative and absolutely unprecedented."
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:
- Username: demo@mortgageharmony.com
- Password: password1
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 Montgomery County Employees Federal Credit Union (MC EFCU)
Montgomery County Employees Federal Credit Union offers its members a comprehensive portfolio of banking products and services. MC EFCU provides all of the conventional products and services an individual expects from a financial institution, but also provides its members the latest state-of-the-art products and services. Mobile banking, text message banking, personal financial management (PFM) and online banking and bill pay are just some of the cutting edge financial services MC EFCU offers its members. MC EFCU serves the employees of many companies and organizations. These organizations have concluded that MC EFCU's portfolio of financial services should be an important component of their employees' benefits packages. These companies, along with many financial experts, recognize the distinct advantages of credit unions, owned by their members, over conventional banks. As a proud company in the credit union industry, MC EFCU is pleased to be a part of an industry focused on its members, not on outside shareholders. For more information, please visit www.mcefcu.org.