How they describe themselves: Mortgage Harmony is a financial technology company, which designs, develops, and operates innovative Loan Retention Software (LRS™) in a SaaS environment. The company’s cornerstone product, the HarmonyLoan™, is a consumer initiated interest rate-resetting mortgage with a patented recurring compensation structure to the loan officer (MARS – Mortgage Annuity Revenue Stream). The target market is mortgage, auto, student and commercial loans.
How they describe their product/innovation: HarmonyLoan™ Central is the client-branded consumer web-interface for borrowers to access their HarmonyLoan™. The Loan Retention Software (LRS™) eliminates a traditional refinance. With one click and an e-signature, a borrower resets their rate, incurring zero closing costs, with no credit check, or underwriting, all in minutes. The FI has no back office processing costs, increases retention, at a premium yield. The servicer reduces portfolio churn, and the originator creates a recurring revenue stream (patent No. 7292995). In other words, everyone wins.