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.

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