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Nation’s No. 3 Credit Union Adopts Mortgage Harmony’s ‘Rate Reset’

""Mortgage Harmony Corp."":http://www.mortgageharmony.com/, the provider of Loan Retention Software (LRS) and the HarmonyLoan product, announced that its Rate Reset Protection software has been added to online applications on select mortgage products from ""Pentagon Federal Credit Union"":https://www.penfed.org/ (PenFed), the country's third largest credit union.


Mortgage Harmony's LRS solution streamlines rate modifications, allowing borrowers to ""reset"" their interest rate in seconds on a secure, customized website with a single click and an eSignature. The enhancement to PenFed's applications promises to ""add ease, convenience, and faster processing times to the PenFed mortgage user experience,"" the companies announced in a joint release.

""We are very excited to add this feature to our mortgage loan architecture,"" said PenFed EVP James Schenck. ""Our company-wide philosophy is built around doing what is best for our membership and Mortgage Harmony's Loan Retention Software, with the Rate Reset Protection feature, is consistent with that philosophy.""

Vielka Asia, VP of mortgage operations at PenFed, added that the software will benefit the credit union by allowing it to ""better allocate our back office resources to originate new loans, instead of using resources to retain our existing loans through refinances and modifications.""

""We are thrilled to be working with PenFed and serving their members with a product that promotes their economic interests,"" said Keith Kelly, CEO of Mortgage Harmony. ""We anticipate other credit unions will follow PenFed.""