An innovative housing finance company is poised to introduce a new approach to mortgage lending, just when mortgage finance reform has put the future of the 30-year fixed rate mortgage in doubt.
The Northern Virginia-based company is called Mortgage Harmony Corp. and it has dubbed the new product the Harmony Loan. The adjustable-rate mortgage, after a period of seasoning, allows the borrower to reset his or her interest rate with a click of a button and a tiny amount of paperwork.
The company most recently partnered with Denver-based LenderLive, which will allow the Harmony Loan to become a regular part of LenderLive's mortgage offerings. Currently, nine credit unions offer the product and two are the pipeline to do so, but were not ready to be announced as of press time, according to Ray Crosier, president of the firm.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
