Self-Adjusting HarmonyLoan Gets Private Mortgage Insurance

Register now

TYSONS CORNER, Va. – Mortgage Harmony Corp. said CMG Mortgage Insurance Co. has agreed to provide private mortgage insurance for its self-adjusting HarmonyLoan.

The HarmonyLoan, which is being piloted by a handful of Washington, D.C., credit unions, allows members to reset their mortgage interest rate with just one click. With the HarmonyLoan, the company said homeowners may adjust their interest rates as the market changes, without the expense and hassle of a traditional refinance or new mortgage.

By providing private mortgage insurance for the HarmonyLoan, credit union members can make lower down payments.

CMG Mortgage Insurance is a member of the CUNA Mutual Group of companies, and the leading provider of private mortgage insurance products and services for credit unions nationwide.

"Giving credit union members the opportunity to have more involvement with their mortgages is an outstanding advantage in light of the uncertainty many homeowners have faced in recent years,” said Joel Luebkeman, CMG MI's director of marketing and product development.

 

For reprint and licensing requests for this article, click here.
Lending
MORE FROM AMERICAN BANKER