Mortgage Harmony Corp., a provider of residential mortgage products, has formed a partnership with Credit Union Mortgage Association, a full-service mortgage company, that will enable the company to offer the Harmony Loan to its more than 40 credit union members based mostly in the Greater Washington, D.C. area.
The Harmony Loan is a consumer-initiated interest rate-resetting mortgage. It allows homeowners to adjust their interest rates with the market “without the expense and hassle of a traditional refinance or new mortgage,” aligning the interests of the consumer, loan officer and credit union, said Scott Toler, president and chief executive officer of CUMA.
CUMA originates and services loans for its credit union members through a private label model.
“Portfolio lenders, like credit unions, benefit from less churn, which translates into longer, more valuable relationships with their members, helping to stabilize their book of business and build a stronger, long-term investment,” said Shane Chalke, president of Mortgage Harmony.
