TAMPA, Fla. GTE Financial announced this morning it has become one of a handful of credit unions-the first outside the Washington metro area—to offer its members the HarmonyLoan, allowing the borrower to adjust the interest rate on their mortgage or car loan with a single click of the mouse.
“We are looking forward to offering our members a simple and cost effective way to take advantage of market rate changes that better their financial interests," said Joe Brancucci, president of the $1.5 billion credit union.
The HarmonyLoan, which is offered by Mortgage Harmony Corp. , is a consumer-initiated interest rate-resetting loan feature with a recurring compensation structure for the loan originator. It allows a borrower with just one click on a personalized, secure, web-based (SaaS) site to adjust the interest rate on their loan without the expense and hassle of a traditional refinance.
GTE Financial is the first credit union to use the company’s Mortgage Harmony Loan Retention Software for both car loans and mortgages. Prior customers, including HEW FCU, Montgomery County Employees FCU, Money One FCU, Fairfax County FCU, Agricultural FCU, all contracted for the mortgage loan product.