To help simplify the car and home loan refinance process, GTE Financial has formed a new alliance to make it happen.
The $1.5 billion credit union in Tampa, Fla., has partnered with Mortgage Harmony Corp., a financial services technology company and provider of lending products, to offer members a Web-based refinance application process.
With the HarmonyLoan, which can be applied to a mortgage or car loan, borrowers click on a personalized website to adjust the interest rate on their loan without the expense and hassle of a traditional refinance, according to GTE Financial and the McLean, Va.-based Mortgage Harmony.
Borrowers can reset their interest rate every 120 days or more, provided their payment history meets certain standards, according to Mortgage Harmony’s website. Upon the first rate reset, annual recurring sales compensation is triggered, which lasts for the life of the loan, the company said.
“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/ CEO of GTE Financial.
Keith Kelly, CEO of Mortgage Harmony, said GTE Financial is the first to contract with the company to use its Mortgage Harmony Loan Retention Software for both car loans and mortgages.
“Over the last several years, the financial services industry has struggled to address the systemic issues affecting many consumers' inability to take advantage of lower interest rates, especially in the housing market,” Kelly said. “We are honored to have GTE and its visionary senior management join us in moving the lending industry forward, and give consumers a more positive lending experience.”
GTE Financial serves nearly 200,000 members.