Inventory
info icon
Single family homes on the market. Updated weekly.Powered by Altos Research
722,032+456
30-yr Fixed Rate30-yr Fixed
info icon
30-Yr. Fixed Conforming. Updated hourly during market hours.
7.00%0.01
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.

Most Popular Articles

Latest Articles

Lower mortgage rates attracting more homebuyers 

An often misguided premise I see on social media is that lower mortgage rates are doing nothing for housing demand. That’s ok — very few people are looking at the data without an agenda. However, the point of this tracker is to show you evidence that lower rates have already changed housing data. So, let’s […]

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

Log In

Forgot Password?

Don't have an account? Please