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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