A mortgage innovation that allows mortgage borrowers to more easily change their mortgage interest rate promises to save the CUs who use it both money and time.
The innovation is part of what a firm called Mortgage Harmony has dubbed a HarmonyLoan. It lets the borrower reset the interest rate without having to go through the trouble and expense of refinancing their loan.
Keith Kelly, CEO and cofounder of Mortgage Harmony in Tysons Corner, Va., said the firm has a partnering relationship with the Credit Union Mortgage Association, a mortgage CUSO headquartered in Fairfax, Va., and owned by credit unions in Virginia, Maryland, Pennsylvania and Washington, D.C.
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