Founded in 1989, Biweekly Mortgage Association (BMA) provides a mortgage acceleration service called the Interest Saver Program. The company is not a lender but acts as a third-party payment processor. They automatically debit a homeowner's bank account every two weeks for half of their monthly mortgage payment and then forward the full monthly payment to the mortgage lender. This process results in one extra full mortgage payment per year, which is applied to the loan's principal, thereby reducing the loan term and total interest paid. BMA charges enrollment and periodic transaction fees for administering this service.

Founded in

United States