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An innovative housing finance company is poised to introduce a new approach to mortgage lending, just when mortgage finance reform has put the future of the 30-year fixed rate mortgage in doubt.

The Northern Virginia-based company is called Mortgage Harmony Corp. and it has dubbed the new product the Harmony Loan. The adjustable-rate mortgage, after a period of seasoning, allows the borrower to reset his or her interest rate with a click of a button and a tiny amount of paperwork.

The company most recently partnered with Denver-based LenderLive, which will allow the Harmony Loan to become a regular part of LenderLive’s mortgage offerings. Currently, nine credit unions offer the product and two are the pipeline to do so, but were not ready to be announced as of press time, according to Ray Crosier, president of the firm.

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