TYSONS CORNER, VA--(Marketwire - Apr 20, 2011) - Mortgage Harmony Corp., a provider of innovative residential mortgage products, today announced HEW Federal Credit Union now offers the HarmonyLoan™, allowing members to change their rate with just one click. Established in 1936, HEW Federal Credit Union (HEWFCU) serves more than 20,000 members throughout the Washington, D.C. metropolitan area and has assets of nearly $150 million. Based in Alexandria, Va., HEWFCU 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.
"HEW Federal Credit Union is the latest in a growing list of credit unions that see the tremendous value the HarmonyLoan brings to their credit union members," said Scott Toler, president and chief executive officer of CUMA. "The HarmonyLoan is a ground-breaking product that is truly changing 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.
"HEW Federal Credit Union has a 75-year history of providing its members with the best possible financial products and services," said Kathleen O. Geary, president and CEO of HEWFCU. "We're very pleased to be able to offer the HarmonyLoan as another extraordinary benefit to our many members. With the 'one-click rate change,' our members are now able to take control of their mortgage and change their rate with the market."
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.
"Mortgage Harmony sees the HarmonyLoan as a much-needed way to restore lenders' confidence in mortgage lending, especially during these uncertain economic times," said Marlisa Senchak, SVP product management and strategic outreach for Mortgage Harmony. "With the HarmonyLoan, credit unions such as HEWFCU can expect to experience less turbulence in their book of business. Less churning within the portfolio means higher returns, sustained investments and enhanced member retention."
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.
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 HEW Federal Credit Union
HEW Federal Credit Union (HEWFCU) is a member-owned, not-for-profit financial cooperative formed in 1936. With more than 20,000 members throughout the Washington, D.C. metropolitan area, HEWFCU has nearly $150 million in assets and $80 million in loans. For more information, visit www.hewfcu.org.