Ally Financial Partners with HouseCanary to Grow Mortgage Business

Key Takeaways:

– Ally Financial Inc. is partnering with HouseCanary to grow its mortgage business.
– The co-branded ComeHome solution will provide homebuyers with access to listings and loan options.
– Existing homeowners can track property values, estimate renovation costs, and apply for refinancing or HELOCs.
– Lenders can use ComeHome to pre-underwrite properties and offer instant approvals.
– Ally Financial has a strategic partnership with Better Mortgage.
– Ally Bank originated $731 million in mortgages in the first nine months of 2023.
– The collaboration with ComeHome allows Ally to give homebuyers and homeowners a seamless experience.
– Ally Financial is also an investor in Better, but wrote down the value of its ownership stake.
– The old way of doing business is over and businesses need to adapt to market challenges and future opportunities.

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The verdict is in — the old way of doing business is over. Join us at Inman Connect New York Jan. 23-25, when together we’ll conquer today’s market challenges and prepare for tomorrow’s opportunities. Defy the market and bet big on your future.

Ally Financial Inc. is looking to grow its mortgage business by providing home search powered by national real estate brokerage HouseCanary’s ComeHome platform.

The co-branded ComeHome solution on Ally’s website will provide would-be homebuyers with access to listings and loan options, and also generate alerts on new listings and property status changes. Existing homeowners will be able to track their property values, get a handle on the cost of renovation projects, and apply for refinancing or home equity lines of credit (HELOCs).

Lenders can use ComeHome to pre-underwrite properties, offer instant approvals and monitor buying signals with engagement analytics that can be integrated into their own customer relationship management (CRM) software.

Jeremy Sicklick

“Given the current market environment and high rates, we want to ensure our customers feel confident they’re making the most informed decisions,” HouseCanary co-founder and CEO Jeremy Sicklick said in a statement Tuesday. “ComeHome has been built to enable consumers and lenders to efficiently navigate the homeownership journey, and we’re delighted Ally’s customers can remain rest assured that they’re staying on top of market trends.”

Ally Financial has a strategic partnership with Better Mortgage in which Better processes, underwrites, closes and sells the bank’s digital mortgages, while Ally markets, advertises, prices and funds the loans.

Better rolled out a new “One Day Mortgage” product in January at Inman Connect New York, and also launched a digital HELOC product in the first quarter. In reporting third-quarter earnings Tuesday, Better said it had provided HELOC funding to 326 borrowers through Sept. 30, and that 45 borrowers are locking rates on HELOCs per week.

According to Ally Financial’s most recent quarterly report to investors, Ally Bank originated $731 million in mortgages in the first nine months of 2023 through its “powered by Better” direct-to-consumer channel.

Brandon Snow

“We are committed to meeting consumers wherever they are on their homebuying journey from dreaming and shopping to owning and managing,” said Ally Home Executive Director Brandon Snow in a statement. “Our collaboration with ComeHome enables us to build on this mission, giving homebuyers and homeowners alike the ability to see a home’s full potential in one seamless experience.”

Ally is also an investor in Better, but wrote down the carrying value of its ownership stake in Better to $9 million as of Sept. 30, 2023, after the company’s shares lost most of their value after Better went public in an August merger with a special purpose acquisition company (SPAC).

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