CUMA Closes First HarmonyLoan
CUMA Closes First HarmonyLoan
CUMA Closes First HarmonyLoan
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January 11, 2011 (Jeff Alan)
credit_union_image
The Credit Union Mortgage Association (CUMA) announced that it has closed the first HarmonyLoan for a member of the Agriculture Federal Credit Union in conjunction with Mortgage Harmony Corporation. The HarmonyLoan allows homeowners an automatic rate-reset modification option, and no additional paperwork. The consumer manages their own loan and decides when they want to refinance. Just a “click” and the loan is reset.

The HarmonyLoan is a consumer-initiated interest rate-resetting mortgage that aligns the interests of the consumer and credit union by allowing homeowners to adjust their interest rates with the market without the expense and hassle of a traditional refinance or new mortgage. The consumer does not incur any costly refinance fees, no lender fees, no attorney fees, and they will continue to reduce their principal balance as schedule.

Mortgage Harmony formed a partnership with CUMA in September to make the HarmonyLoan available to the association’s credit union members based primarily in the Greater Washington, D.C. area. As a result of its partnership with Mortgage Harmony, CUMA was able to implement product development, origination and servicing requirements necessary to close its first HarmonyLoan in less than three months.

Harmony loans are now available as 5/1, 7/1, 10/1 adjustable rate mortgages and 15 year fixed rate mortgages and were created with the objective of minimizing the pre-payment turnover that causes loss to market share, service stream and customer loyalty.

Through access to a state-of-the art, 24/7 web interface, credit union members are able to monitor and reset their mortgage rate with literally one click.

“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. “We are excited to offer an innovative mortgage product that gives a new meaning to consumer-friendly. Through access to state-of-the-art, 24/7 Web interface, consumers are able to monitor and reset their mortgage rate with literally one click.

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.

“After the last few years of turmoil, I welcome this new consumer-friendly mortgage option. The HarmonyLoan has tremendous potential to restore consumer confidence in the real estate industry,” said Terry Belt, a Realtor with Keller Williams Realty in Vienna, Va. and leader of one of the top 100 Realtor teams in the nation. “With the HarmonyLoan, home buyers are ensured a competitive interest rate. I believe the HarmonyLoan will transform the industry and change the way homebuyers perceive their mortgage.”

It’ll be interesting to see what the big banks think about that.

Tags: mortgage loan, automatic rate-reset, refinance fees, lender fees, attorney fees, customer loyalty, service stream, mortgage products, interest rates, harmonyloan

FILL OUT THE FORM
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WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
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NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Helpful Tools
Mortgage
Calculator

Estimate your monthly mortgage payment
Auto Loan
Calculator

Determine how much car you can afford before buying
Learn About
Mortgage Loans

Learn about the different types of home loans
15 Year vs 30 Year
Loan Comparison

Compare 15 year and 30 year mortgage loans
Todays Mortgage
Rates

See today's mortgage rates. Shop, compare and save.

January 11, 2011 (Jeff Alan)
credit_union_image
The Credit Union Mortgage Association (CUMA) announced that it has closed the first HarmonyLoan for a member of the Agriculture Federal Credit Union in conjunction with Mortgage Harmony Corporation. The HarmonyLoan allows homeowners an automatic rate-reset modification option, and no additional paperwork. The consumer manages their own loan and decides when they want to refinance. Just a “click” and the loan is reset.

The HarmonyLoan is a consumer-initiated interest rate-resetting mortgage that aligns the interests of the consumer and credit union by allowing homeowners to adjust their interest rates with the market without the expense and hassle of a traditional refinance or new mortgage. The consumer does not incur any costly refinance fees, no lender fees, no attorney fees, and they will continue to reduce their principal balance as schedule.

Mortgage Harmony formed a partnership with CUMA in September to make the HarmonyLoan available to the association’s credit union members based primarily in the Greater Washington, D.C. area. As a result of its partnership with Mortgage Harmony, CUMA was able to implement product development, origination and servicing requirements necessary to close its first HarmonyLoan in less than three months.

Harmony loans are now available as 5/1, 7/1, 10/1 adjustable rate mortgages and 15 year fixed rate mortgages and were created with the objective of minimizing the pre-payment turnover that causes loss to market share, service stream and customer loyalty.

Through access to a state-of-the art, 24/7 web interface, credit union members are able to monitor and reset their mortgage rate with literally one click.

“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. “We are excited to offer an innovative mortgage product that gives a new meaning to consumer-friendly. Through access to state-of-the-art, 24/7 Web interface, consumers are able to monitor and reset their mortgage rate with literally one click.

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.

“After the last few years of turmoil, I welcome this new consumer-friendly mortgage option. The HarmonyLoan has tremendous potential to restore consumer confidence in the real estate industry,” said Terry Belt, a Realtor with Keller Williams Realty in Vienna, Va. and leader of one of the top 100 Realtor teams in the nation. “With the HarmonyLoan, home buyers are ensured a competitive interest rate. I believe the HarmonyLoan will transform the industry and change the way homebuyers perceive their mortgage.”

It’ll be interesting to see what the big banks think about that.

Tags: mortgage loan, automatic rate-reset, refinance fees, lender fees, attorney fees, customer loyalty, service stream, mortgage products, interest rates, harmonyloan

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
HOW LOANRATENETWORK
LOAN CENTER WORKS
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Helpful Tools

January 11, 2011 (Jeff Alan)
credit_union_image
The Credit Union Mortgage Association (CUMA) announced that it has closed the first HarmonyLoan for a member of the Agriculture Federal Credit Union in conjunction with Mortgage Harmony Corporation. The HarmonyLoan allows homeowners an automatic rate-reset modification option, and no additional paperwork. The consumer manages their own loan and decides when they want to refinance. Just a “click” and the loan is reset.

The HarmonyLoan is a consumer-initiated interest rate-resetting mortgage that aligns the interests of the consumer and credit union by allowing homeowners to adjust their interest rates with the market without the expense and hassle of a traditional refinance or new mortgage. The consumer does not incur any costly refinance fees, no lender fees, no attorney fees, and they will continue to reduce their principal balance as schedule.

Mortgage Harmony formed a partnership with CUMA in September to make the HarmonyLoan available to the association’s credit union members based primarily in the Greater Washington, D.C. area. As a result of its partnership with Mortgage Harmony, CUMA was able to implement product development, origination and servicing requirements necessary to close its first HarmonyLoan in less than three months.

Harmony loans are now available as 5/1, 7/1, 10/1 adjustable rate mortgages and 15 year fixed rate mortgages and were created with the objective of minimizing the pre-payment turnover that causes loss to market share, service stream and customer loyalty.

Through access to a state-of-the art, 24/7 web interface, credit union members are able to monitor and reset their mortgage rate with literally one click.

“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. “We are excited to offer an innovative mortgage product that gives a new meaning to consumer-friendly. Through access to state-of-the-art, 24/7 Web interface, consumers are able to monitor and reset their mortgage rate with literally one click.

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.

“After the last few years of turmoil, I welcome this new consumer-friendly mortgage option. The HarmonyLoan has tremendous potential to restore consumer confidence in the real estate industry,” said Terry Belt, a Realtor with Keller Williams Realty in Vienna, Va. and leader of one of the top 100 Realtor teams in the nation. “With the HarmonyLoan, home buyers are ensured a competitive interest rate. I believe the HarmonyLoan will transform the industry and change the way homebuyers perceive their mortgage.”

It’ll be interesting to see what the big banks think about that.

Tags: mortgage loan, automatic rate-reset, refinance fees, lender fees, attorney fees, customer loyalty, service stream, mortgage products, interest rates, harmonyloan

HOW LOANRATENETWORK
LOAN CENTER WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.