Mortgage banking can be a profitable segment, but shrinking margins, competitive pricing strategies, and lower volumes, it can just as easily be ruthless.
The 1.2 million-member-strong credit union opted to white-label the platform for its users, calling it a One Click Rate Reset Protection.
To check out the user experience for ourselves, Kelly provided us with a link to a test environment (click here to access). Here is what it looked like after we logged in to the “GTE Financial” test environment:
The system shows us the details of our current mortgage, along with what it will look like after the rate is reset.
After opting to reset the loan, the customer is prompted to sign the new document using DocuSign:
Once the signature is confirmed, the site notifies the consumer that the process was successful and informs them when the new rate will take effect.
The Virginia-based company has been busy after the successful implementation of the One-Click Rate Change product with PenFed.
When asked what is next for Mortgage Harmony, CEO Kelly replied that the company is working on a product for auto loans, and plans to go live with the new product with an existing partner this year. What’s more, the company is in the middle of a funding round, which it hopes to close later this year. Check out it’s AngelList site here.
Watch Mortgage Harmony’s demo of its HarmonyLoan product that it debuted at FinovateSpring 2013.