“We are looking forward to offering our members a simple and cost effective way to take advantage of market rate changes that better their financial interests," said Joe Brancucci, president of the $1.5-billion credit union.
The HarmonyLoan, which is offered by Mortgage Harmony Corp., is a consumer-initiated interest rate-resetting loan feature with a recurring compensation structure for the loan originator.
Borrowers can click on a personalized, secure, web-based (SaaS) site to lower the interest rate on their loan.
GTE Financial is the first credit union to use the company’s Mortgage Harmony Loan Retention Software for both car loans and mortgages.
Prior customers, including HEW FCU, Montgomery County Employees FCU, Money One FCU, Fairfax County FCU and Agricultural FCU, all contracted for the mortgage loan product.