Mortgage Harmony Corp., a provider of residential mortgage products, has formed a partnership with Credit Union Mortgage Association (CUMA), 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 that Mortgage Harmony says allows homeowners to adjust their interest rates with the market without the expense of a traditional refinance or new mortgage.
"Soon, we will be able to offer our credit union members a flexible, consumer-friendly mortgage, and we can free up our loan officers to focus on new loan originations that will better serve our credit unions and their members,’ says Scott Toler, president and CEO of CUMA.
CUMA originates and services loans for its credit union members through a private-label model.
SOURCE: Mortgage Harmony Corp.