FAIRFAX, Va. (2/18/11)--Fairfax (Va.) County FCU (FCFCU) is the most recent credit union to offer a loan that allows members to change their mortgage rate with one click. The HarmonyLoan is a consumer-initiated, interest rate-resetting mortgage that aligns the interests of the consumer and credit union. It allows homeowners to adjust their interest rates with the market without the expense and hassle of a traditional refinance or new mortgage (Marketwire Feb. 16). “Members look to us to help them save on their home loans, and we are constantly looking for ways to better serve our members’ needs,” said Joseph D. Thomas Jr. president/CEO of the $230 million-asset FCFCU. “The HarmonyLoan allows our members to take control of their own mortgage with literally just one click each time they want to change their rate. The one-click rate change really couldn’t be easier--there’s no need to go through the costly and time-consuming process of traditional refinancing.” In September, Mortgage Harmony formed a partnership with the Credit Union Mortgage Association (CUMA) to make the HarmonyLoan available to the association’s credit union members based primarily in the Greater Washington, D.C., area. As a result of its partnership with Mortgage Harmony, CUMA said it implemented product development, origination and servicing requirements necessary to close its first HarmonyLoan within three months.