Churchill Mortgage has partnered with Mortgage Harmony to provide borrowers with its HarmonyLoan Rate Reset product, a patented consumer-initiated interest rate-resetting mortgage that provides the benefit of a refinance without the expense and time associated with the traditional process. Churchill is a leader in the mortgage industry providing conventional, FHA, VA and USDA residential mortgages across 33 states.
Churchill joins Mortgage Harmony’s network of lenders and will now offer the HarmonyLoan feature on selected products, enabling them to compare the terms of their existing mortgage to the HarmonyLoan offer of the day and reset interest rates as often as every 180 days. Borrowers can review the offer on a secure, customized website that is powered by Mortgage Harmony’s Loan Retention Software (LRS). If eligible, the borrower selects the offer and completes the Rate Reset via e-Signature, reducing the process from 30 days or more to less than 10 minutes. The HarmonyLoan also eliminates out-of-pocket costs and administrative hassles borrowers face with traditional refinancing.
“The HarmonyLoan alleviates the headaches and duplicate processes that riddle traditional refinances, while providing borrowers with a higher degree of transparency and encouraging them to take more control of their mortgage,” said Mike Hardwick, president of Churchill Mortgage. “Partnering with Mortgage Harmony enhances our overall level of service and strengthens the relationships we have with the community, as well as the industry at large.”
“Churchill’s borrower-focused approach to lending compliments our mission to provide financial institutions with solutions that streamline and accelerate internal processes,” said Keith Kelly, CEO of Mortgage Harmony Corp. “In addition to empowering borrowers with the HarmonyLoan, Churchill will also help their local bank and credit union partners foster new relationships and improve their overall loan retention rates.”
The HarmonyLoan is offered on select sets of adjustable rate mortgage products and is available in select states.