In just 36 months Mortgage Alliance’s RightMortgage® product, which allows consumers “customize” their mortgages, has topped $3 billion in mortgage origination.
Mortgage Alliance was the first “super broker” to launch their own mortgage product with a unique and proprietary consumer benefit. The Right Mortgage gives mortgage consumers the freedom to choose things such as term, prepayment options, payment frequency and length of rate guarantee that allow them to personalize the mortgage and impact the interest rate they receive.
“From the minute we launched the Right Mortgage it seemed to resonate with consumers. The entire premise for the product was to demystify the mortgage process,” said Michael Beckette, President and CEO of Mortgage Alliance.
Added Tony Bartolomeo, product manager for Mortgage Alliance, “this product gets an agent and the customer engaged in a process that helps build trust.”
While giving consumers choice, RightMortgage also gives brokers flexibility when it comes to fees, according to Bartolomeo. Their choice of compensation models ranges from “up-front” to “trailer fees or a combination of both.
“It’s been our network of mortgage professionals that has really helped to make this a success,” explained Beckette. “We create new mortgage products by listening to consumers and our brokers and it was [brokers] early adoption and support that’s created this remarkable industry achievement.”
- John Tenpenny, Editor, CMP