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Virginia Credit Union Offers Consumer-Focused HarmonyLoan to Members


February 16, 2011 - Tysons Corner, VA

Mortgage Harmony Corp., a provider of innovative residential mortgage products, today announced Fairfax County Federal Credit Union (FCFCU) will now offer the HarmonyLoan™, which allows members to change their rate with just one click. Fairfax County FCU is a member of the Credit Union Mortgage Association (CUMA), a full-service mortgage company that originates and services loans for its credit union members.

"Fairfax County Federal CU is the latest credit union to see the incredible value the HarmonyLoan brings to members as well as lenders," said Scott Toler, president and chief executive officer of CUMA. "In this time of tremendous change in the industry, the consumer-friendly HarmonyLoan represents the future of mortgage lending."

The HarmonyLoan is a consumer-initiated interest rate-resetting mortgage that aligns the interests of the consumer and credit union in a way that is unprecedented in the industry. It allows homeowners to adjust their interest rates with the market without the expense and hassle of a traditional refinance or new mortgage.

"Members look to us to help them save on their home loans, and we are constantly looking for ways to better serve our members' needs," said Joseph D. Thomas, Jr. president and CEO of FCFCU. "The HarmonyLoan allows our members to take control of their own mortgage with literally just one click each time they want to change their rate. The one-click rate change really couldn't be easier -- there's no need to go through the costly and time-consuming process of traditional refinancing. We're very excited to be able to offer this outstanding service to our members."

Mortgage Harmony's mission is to design innovative mortgage products that bring greater continuity to all the parties in the process and minimize the lender's timeline between product development and launch to homebuyers. The HarmonyLoan removes the costly inefficiencies of the mortgage process and affords greater economic security. Homebuyers can quickly and easily reset their HarmonyLoan by accessing a state-of-the-art, 24/7 web interface. Upon resetting, they have the advantage of an at-market interest rate.

"In the face of the government's plan to fundamentally reform the housing market -- including a call to phase out Fannie Mae and Freddie Mac -- the HarmonyLoan can restore lenders' confidence in mortgage lending. With the HarmonyLoan, there is less churning within the portfolio, so credit unions are able to maintain their valuable investments and member relationships while gaining greater returns," said Keith Kelly, chief executive officer and founder of Mortgage Harmony. "Consequently, their overall book of business is stabilized and the investment stays strong in the long-term. We're happy Fairfax County Federal CU and their members are now able to take advantage of the HarmonyLoan's exceptional benefits, and look forward to serving more credit unions through our partnership with CUMA."

Mortgage Harmony formed a partnership with CUMA in September 2010 to make the HarmonyLoan available to the association's credit union members based primarily in the Greater Washington, D.C. area. As a result of its partnership with Mortgage Harmony, CUMA was able to implement product development, origination and servicing requirements necessary to close its first HarmonyLoan in less than three months.

Editor's note: A demo of the HarmonyLoan's One-Click Rate Change™ is available at www.harmonyloan.info:

About Mortgage Harmony Corp.
Mortgage Harmony Corp. designs, develops and distributes innovative residential mortgage products for mid-size and large banks, credit unions and mortgage companies. Its mission is to create products and services that properly align the economic incentives of all participants of a mortgage transaction and bring long-term stability to the housing finance industry. The HarmonyLoan™ is a consumer-initiated interest rate-resetting mortgage with a recurring compensation structure for the loan officer. For more information on Mortgage Harmony and the HarmonyLoan™, please visit www.mortgageharmony.com.

About Credit Union Mortgage Association
CUMA is a full-service mortgage company headquartered in Fairfax, Virginia and serving the entire United States. It is owned by credit unions in Virginia, Maryland, Washington, D.C. and Pennsylvania. CUMA has been providing mortgage financing exclusively through credit unions for over 32 years. CUMA has a staff of seasoned mortgage professionals who assist credit union members with decisions on choosing the best loan programs. CUMA provides origination, underwriting, closing and servicing solutions to its credit union members. Find more information at www.cumortgage.net.

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