When 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
I wonder if DLC White Label & other firms will be affected or if they are shopping for a new funding source as well.
Hi there,
The DLC white Label will not be affected. We will be business as usual for the Dominion Brand.
That does not seem to be a step in the right direction! Bad pun!
Can they change it to your choice mortgage?
3.7 Billion in 4 years… that’s impressive volume by any standard!
The word on the street is that the both DLC and Mortgage Alliance have done a deal with
Mynext Mortgage.
The new name of the company will be called Radius Financial.