Since then, the RightMortgage has racked up $2 billion in sales—a solid number given that it’s available only through Mortgage Alliance agents.
The RightMortgage’s popularity is based on customization. It lets borrowers choose and pay for only the features they want or need. For example, if you choose minimal pre-payments, a short-term rate hold, and a 5-year fixed term, the rate would be roughly 3.88% as of today (normal terms and qualifications apply). According to Mortgage Alliance, the features that people customize the most are the rate hold period and the annual prepayment amount.
President, Michael Beckette, says that, “Unlike a typical ‘white label’, RightMortgage is a branded, customer-focused product..not a lender’s product with a broker’s name attached to it.”
“We didn’t see any great value in simply white labelling something and calling it a Mortgage Alliance mortgage,” he said. “In fact, we believed it would diminish our value proposition as a mortgage broker.”
“When we created RightMortgage,” Michael adds, “we focused on process, product differentiation and the ability to build the RightMortgage brand with consumers.”
A key to the product’s success, he says, is that “it’s a process that educates and empowers the customer and the mortgage professional…and they seem to like that.”
About Mortgage Alliance: Mortgage Alliance is a national mortgage brokerage, with over 1,700 mortgage professionals throughout Canada. Its RightMortgage product is funded by Macquarie Financial.