Ally Adds Online Mortgages to Loan Mix

Ally Financial is now making home loans.

The $157 billion-asset, online bank began offering mortgages on its website on Sunday night under the brand name Ally Home, a company spokeswoman said. Ally, based in Detroit, is offering purchase and refinancing options, as well as both fixed- and adjustable-rate mortgages, according to a Monday news release.

Ally, known primarily for taking deposits and making car loans, had announced earlier this year that it planned to add mortgage lending as part of a broader effort to become more of a full-service consumer bank. It bought an online wealth-management firm on June 1 and late that month it introduced credit cards through a partnership with TD Bank.

LenderLive in Denver will provide fulfillment, settlement and document services to Ally for its mortgage product. Terms of Ally's partnership with LenderLive were not disclosed.

This article originally appeared in American Banker.
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Originations Consumer lending Mortgage technology Consumer direct
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