Skip to main content

Credit Union Mortgage Association Releases New Harmony Rate-Resetting Product

NationalMortgageProfessional.com
Jan 10, 2011

Credit Union Mortgage Association (CUMA) has announced its new residential mortgage product that allows the consumer to initiate the change in their interest rate mortgage, the Harmony loan. The Harmony loan is a consumer-initiated interest-resetting mortgage. It 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 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. The Harmony loan is the first product in the mortgage industry that is truly consumer-centric. Consumers can take advantage of lower rates without going through the pain of refinancing each time. The Harmony loan adapts to lowering interest rates without the risk inherent in adjustable rate products. The Harmony loan works to create innovative mortgage products and services that bring long-term stability to the housing finance industry. The Harmony Loan minimizes the pre-payment turnover that causes loss to market share, service stream and customer loyalty. Harmony loans are now available as 5/1, 7/1, 10/1 adjustable rate mortgage and 15 year fixed rate. “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. “After the last few years of turmoil, I welcome this new consumer-friendly mortgage option. The Harmony Loan has tremendous potential to restore consumer confidence in the real estate industry," said Terry Belt, a real estate agent with Keller Williams in Vienna, Va. and a leader of one of the top Realtors teams in the nation. “With the Harmony Loan, homebuyers are ensured a competitive interest rate. I believe the Harmony Loan will transform the industry and change the way homebuyers perceive their mortgage.” For more information, visit www.cumortgage.net.  
Published
Jan 10, 2011
CHLA Advocates Attorney Opinion Letters As Alternatives To Title Insurance

CHLA asks FHFA to explore use of the letters.

Dec 06, 2023
Helping the H.E.L.P.E.R.s

Federal bill poised to open up market to more teachers, first responders

Dec 01, 2023
Fidelity National Financial Hit By Cyberattack

Industry-leading provider of title insurance and settlement services radio silent on reported breach.

Nov 28, 2023
Citizens Bank Bids Farewell To Wholesale Mortgage Channel

In a strategic pivot, the Providence-based banking giant will stop accepting new wholesale mortgage submissions.

Nov 16, 2023
Surprising Surge In Mortgage Customer Satisfaction, J.D. Power Study Reveals

Study found first-time homebuyers were harder to satisfy, customers don't just shop rates.

Nov 16, 2023
Women Continue To Defy Homebuying Challenges, Representing 22% Of The Market, Survey Finds

Young, educated, diverse, and increasingly savvy, women homebuyers navigate homeownership hurdles with determination.

Nov 15, 2023