FinovateSpring 2013 / Mortgage Harmony
Presenter Profile:
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.
Contacts:
Press: Keith Kelly, CEO, kkelly@mortgageharmony.com, 703-926-8626
Sales: Ray Crosier, President, rcrosier@mortgageharmony.com, 703-825-7330
Website: mortgageharmony.com
Twitter: @harmonyloan
HQ Location: McLean, VA
Founded: December 2008
Product Demoed: HarmonyLoan
Product Launch: September 2012
Metrics: Over $1.5M raised, 8 employees, 12 customers
- Key Executives
Keith Kelly (CEO), Raymond T. Crosier (President), Robert Catalanotto (COO), Marlisa Senchak (EVP Product Management & Strategic Outreach)
Key Stats
- Key Board Members
Keith Kelly (CEO, Mortgage Harmony Corp), Robert Catalanotto (COO, Mortgage Harmony Corp), Richard Spires (CIO, US Federal Government)
- Key Advisory Board Members
Joe Brancucci (CEO, GTE Financial), David Kittle (CMB/Senior Director, IMARC), Mark Hendricks (Principal, Taradin Services), Richard Spires (CIO, US Federal Government), Shane Chalke (President, Mortgage Harmony Corp)
- Key Investors
Robert Glamb, Richard Spires (CIO, US Federal Government), Shane Chalke, (Former President, Mortgage Harmony Corp & Original Founder of Finetre), Warren Capital Group
- Key Partnerships
Cenlar (FSB, loan administration and reporting), Nortridge (software company), Pillsbury (legal counsel), LenderLive
- Key Customers
We market the HarmonyLoan and our related services to financial institutions of all sizes, mortgage companies, and government entities. One key client is GTE Financial, a $1.5B credit union that is offering the HarmonyLoan to its mortgage loan and auto loan customers. The HarmonyLoan is available through the licensed institutions to consumers in all fifty states.