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Update on Mortgage Alliance’s Right Mortgage

Right-MortgageWhen Macquarie offloaded its broker originations to Canadiana/Paradigm, Mortgage Alliance lost the funding source for its trademark Right Mortgage.

Mortgage Alliance is presently in discussions with Paradigm Quest to continue the product, but the company hasn’t “finalized any details yet,” says CEO Michael Beckette.

“We are optimistic at the process so far,” Beckette adds. “With some will and continued commitment RightMortgage will continue to develop as a unique product and process consumers can’t get through traditional channels.”

Hopefully it continues unscathed because it’s a great concept. In fact, it’s probably the most creative private-label product in the brokerage industry.

Launched in 2007, the Right Mortgage lets clients customize their mortgage and theoretically pay only for the features they want. See Right Mortgage Debuts for more…

$3.7 billion of Right Mortgages have closed since it was introduced three and a half years ago. That’s a sizeable number for a white-label product, making it one of the most successful private-label mortgages in Canada.

Side Note: Existing Right Mortgage customers are unaffected by the above.

Rob McLister, CMT