Lending

Ally Bank gets back to mortgage lending big time

Introduces its new Ally Home mortgage offering

Digital online mortgage

Ally Bank announced Monday it is finally back into the mortgage business big time, and introduced its new direct-to-consumer mortgage offering – Ally Home.

After the housing crisis, Ally fell on hard times as seen here, here and here.

Eventually, the company announced it would slowly leave the mortgage industry, and then put the final nail in the coffin as it reported its successful move away from mortgages.

Just a few years later, however, Ally announced it would be re-entering the industry. In December of last year the company said it would be re-entering the market slowing during 2016. 

Now, one year later, Ally made it official with its new offering, Ally Home, which expands the company’s newly-growing mortgage business to include home loans.

Ally’s new product features mortgage products with varying term options for competitively priced, fixed rate and adjustable rate loans to serve customers seeking to purchase a new home or refinance an existing mortgage.

The bank’s president expressed her commitment to “do it right” as the company moves back into the space.

“At Ally, our goal is to ‘Do It Right’ for our customers, many of who have expressed a desire to deepen their relationships with us through additional products to meet their personal finance needs,” said Diane Morais, Ally Bank president and CEO.

“Because a home loan is a cornerstone financial product and the largest market within the consumer lending space, this is a natural next step for Ally,” Morais said.

The new product allows consumers to begin the process of applying online, where they leave their contact information for a bank representative to reach out to the borrower to finish the process.

Ally will team up with LenderLive on this effort, a premier mortgage services provider with a focus on fast, compliant, mortgage fulfillment, settlement and document services.

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