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.