A look at Biden’s first week in office

This episode reviews last week’s inauguration of President Joe Biden, examining which housing issues the new administration has already taken action on.

Biden’s executive order will extend foreclosure moratorium

President Biden revealed his plan to sign 17 executive orders his first day in office, including am extension of the eviction and foreclosure moratorium to at least March 31.

How servicers continue to protect neighborhoods amid COVID

We spoke with MCS CEO Caroline Reaves about self-service technology, the shift to virtual and how servicers can prepare for post-COVID success by improving processes today.

HomeBridge’s Brian White on diversity at a practical level

HomeBridge's Brian “Woody” White discusses ways to increase diversity within the housing finance industry.

Mortgage

New mortgage product increases Ally Financial net income in Q4

Mortgage finance nearly doubles

Ally Financial saw a net income increase in the fourth quarter, pushed up slightly by the company’s new direct-to-consumer mortgage, Ally Home.

Net income increased in the fourth quarter to $248 million, up from $209 million in the third quarter but down from $263 million in the fourth quarter of 2015.

After being in and out of the consumer mortgage market over the past several years, Ally announced the introduction of a direct-to-consumer mortgage offering, Ally Home, to further expand its financial services product portfolio. Now, the company’s mortgage finance department nearly doubled.

The result? Mortgage finance activity in the fourth quarter nearly doubled to $15 million.

This is up from $8 million last quarter. For the entire year, mortgage finance increased from $11 million in 2015 to $34 million in 2016.

Total net revenue increased to $5.4 billion for the year, up from the prior year’s $4.8 million. Net revenue for the fourth quarter decreased to $1.36 billion, down from $1.38 billion in the third quarter, but up from $1.34 billion the year before.

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3d rendering of a row of luxury townhouses along a street

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