new to market
Credit Union Mortgage Association Releases New Harmony Rate-Resetting Product
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Matthew Dohman, president of Optimum First Mortgage. “The increased transparency in quality has improved our effectiveness in purchasing leads. LeadClass delivers on its promise as we are able to see clear performance differences between LeadClass bands and are able to better optimize our marketing budget.” Since its inception, LeadPoint has facilitated nearly 15 million lead transactions. “We are very excited to launch
LeadClass in mortgage,” said LeadPoint Chief Executive Officer Marc Diana. “The mortgage lead industry has struggled since the downturn in the housing market starting in 2007. The challenging environment has unfortunately caused a lack of innovation in the category. LeadClass for mortgage leads is a win for the industry and has been instrumental in helping us grow this segment.” For more information, visit www.leadpoint.com.
Credit Union Mortgage Association (CUMA) has announced its new residential mortgage product that allows the consumer to initiate the change in their interest rate mortgage, the Harmony loan. The Harmony loan is a consumer-initiated interest-resetting mortgage. It allows homeowners an automatic rate-reset modification option, and no additional paperwork. The consumer manages their own loan and
Ahh yes… the broker approval desk.
KeyLink Announces the Release of Its REO Management Model
Gets you all warm and fuzzy just thinking about having to approve and reapprove your brokers, now doesn’t it?
At Comergence, helping lenders holistically manage relationships with their mortgage broker clients is the most important thing we do. And with FHA now holding lenders accountable and responsible for approving brokers, there’s no better time than the present to have us show you how we can help with this important change to your business. For more information and to schedule an appointment, call 714.740.9000 or visit us at www.ComergenceCompliance.com Comergence is preferred by leading lenders nationwide.
©2011 Comergence Compliance Monitoring, LLC. All rights reserved.
FEBRUARY 2011
MASSACHUSETTS MORTGAGE PROFESSIONAL MAGAZINE
NationalMortgageProfessional.com
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decides when they want to refinance. Just a “click” and the loan is reset. The consumer does not incur any costly refinance fees, no lender fees, no attorney fees, and they will continue to reduce their principal balance as schedule. The Harmony loan is the first product in the mortgage industry that is truly consumer-centric. Consumers can take advantage of lower rates without going through the pain of refinancing each time. The Harmony loan adapts to lowering interest rates without the risk inherent in adjustable rate products. The Harmony loan works to create innovative mortgage products and services that bring long-term stability to the housing finance industry. The Harmony Loan minimizes the prepayment turnover that causes loss to market share, service stream and customer loyalty. Harmony loans are now available as 5/1, 7/1, 10/1 adjustable-rate mortgage (ARM) and 15-year fixed rate. “The Harmony loan removes the inefficiencies of the mortgage process that have made putting a new loan on the books so costly,” said Scott Toler, president and chief executive officer of CUMA. “We are excited to offer an innovative mortgage product that gives a new meaning to consumer-friendly. Through access to state-of-the-art, 24/7 Web interface, consumers are able to monitor and reset their mortgage rate with literally one click. “After the last few years of turmoil, I welcome this new consumer-friendly mortgage option. The Harmony Loan has tremendous potential to restore consumer confidence in the real estate industry,” said Terry Belt, a real estate agent with Keller Williams in Vienna, Va. and a leader of one of the top Realtors teams in the nation. “With the Harmony Loan, homebuyers are ensured a competitive interest rate. I believe the Harmony Loan will transform the industry and change the way homebuyers perceive their mortgage.” For more information, visit www.cumortgage.net.
KeyLink Asset Management has announced the release and implementation of a unique asset management model that assigns dual agents to each asset throughout the pre-listing and marketing stages of the real estate-owned (REO) process. In addition, the model contains a “task-based commission structure” that rewards listing agents for high performance and creates income opportunities for servicers in the case of low performance. Dual assignment and task based compensation are both industry firsts. In addition to the Listing Agent, KeyLink assigns a full-time Surveillance Agent to every asset, responsible for weekly reporting on the marketing and