Mortgage Harmony Corporation, a provider of innovative residential mortgage products, has announced that it has signed an agreement with 1st Commonwealth Bank of Virginia that makes the bank the first to sell the Harmony Loan, a mortgage designed to adapt to consumer needs in changing economic environments. The Harmony Loan also brings a patented, ongoing compensation structure to the loan officer, which aligns the interests of the consumer, the loan officer and the bank in a way that is unprecedented in the mortgage industry. The bank’s first Harmony Loan will be originated this week. “The Harmony Loan is the first product in the mortgage industry that is truly consumer centric. In the past, homeowners had to choose between playing roulette with an adjustable rate loan or refinancing every time interest rates dropped with a fixed rate mortgage,” said Shane Chalke, president of Mortgage Harmony. “The Harmony Loan adapts to lowering interest rates without the risk inherent in adjustable rate products. As a relatively new financial institution, 1st Commonwealth Bank of Virginia recognizes the days of short-term mortgage products are behind us and we applaud their taking a leadership position by becoming the first to sell this product.” “The Harmony Loan is unique in that it is win-win for everyone: The bank keeps a loan they might lose to a refinance; the consumer has the flexibility to change their rate when it goes down; and the loan officer is assured recurring compensation from the bank,” said Ernie Tressler, president and chief executive officer of 1st Commonwealth Bank of Virginia. 1st Commonwealth Bank of Virginia customers who secure a Harmony Loan will be able to take advantage of lower interest rates without the effort and expense of refinancing. They can generally lower their rate as often as every 120 days with a phone call, assuming their payment history is solid and they meet the rate reset parameters. “We believe the Harmony Loan is the first mortgage product that a homeowner can feel confident will last as long as they stay in their home,” said Craig Chapman, managing director, Mortgage Services for 1st Commonwealth Bank of Virginia. “It’s a flexible, durable offering that will enable us to build stronger relationships with our customers and retain the best loan officers in the business.” For more information, visit www.mortgageharmony.com or www.1cbva.com.