Beyond the mortgage: Alex Song on how Made Card is building homeowner loyalty through everyday engagement

Homeownership really starts at closing, yet that’s often where the relationship between borrowers and lenders ends. As affordability pressures continue to reshape the housing market, borrower engagement needs to shift from periodic marketing to creating continuous value throughout the homeowner journey.

To address this evolution, Made Card is taking a different approach. The fintech has developed a first-of-category credit card designed to help homeowners reduce the ongoing time, stress and cost of homeownership.

Alex Song, Co-founder of Made Card, discusses why homeowner engagement is becoming just as important as customer acquisition, how embedded financial products can strengthen mortgage loyalty and why he believes personalized technology will redefine borrower relationships over the next five years.

Addressing the rising cost of homeownership

HousingWire: What led to the creation of Made Card, and why did homeowners need a different financial product?

Alex Song: Home affordability has become one of the defining challenges in housing today and is the driving force behind Made Card. Mortgage rates remain high, home prices have risen and inflation has increased the cost of everyday living. We wanted to create a solution that helps homeowners manage those growing expenses.

One insight stood out: The average homeowner’s monthly credit card spending is almost equal to their mortgage payment. That made a home-focused rewards card a natural fit. Instead of focusing on a single expense category or categories that are separate from the day-to-day expenses that weigh on homeowners, we built a product that rewards homeowners for many of their largest recurring household purchases while helping to reduce the overall cost of homeownership.

Why borrower relationships shouldn’t end after closing

HW: Why are retention and long-term homeowner engagement becoming just as important as customer acquisition?

AS: Mortgage relationships can last decades, but they’re often fragile. Industry recapture rates generally remain between 20% and 30%, meaning many lenders lose borrowers when borrowers refinance or experience major life events.

The opportunity we’re building into creates stronger, ongoing relationships after closing. Our platform gives lenders a reason to engage with borrowers through a financial product they use every day. That creates more frequent interactions while allowing lenders to offer rewards, savings and relevant homeowner services.

Our launch with Fairway Mortgage reaffirms that both lenders and customers are looking for this kind of solution. Within weeks, we had customers in all 50 states. We already see 73% of customers linking their mortgages to their Made Card within two months of account opening. Other industries have proven how powerful loyalty programs can become. Mortgage lending is simply beginning that evolution.

Creating a homeowner platform, not simply another credit card

HW: Made Card is positioned as more than a traditional credit card. What role does it play in your broader homeowner platform?

AS: Our mission is simple: help homeowners save time, stress and save money. We do that in three ways. First, our rewards program focuses on everyday homeowner spending, including gas, groceries, utilities, furniture and home maintenance. We also offer Mortgage Match, additional rewards points up to the amount of cardholders’ monthly mortgage payment with any lending partner, to create another layer of value.

Second, we’ve built partnerships with companies that help reduce homeowner expenses. Whether it’s home warranties, property tax appeals or other household services, cardholders receive free or discounted access that generates meaningful savings that lower their ongoing home ownership costs.

Finally, our technology proactively helps homeowners manage the administrative stress of homeownership. Our mobile platform combines household spending with property information to help homeowners understand where their money is going and identify opportunities to save. That level of personalized insight has largely been missing in homeownership.

The business case for mortgage lenders

HW: For a mortgage servicer or originator evaluating new customer engagement strategies, what measurable outcomes can a homeowner platform deliver for mortgage companies?

AS: The biggest opportunity is improving post-close engagement. Many lenders struggle to find meaningful reasons to reconnect with borrowers after closing. Because our card becomes part of daily household spending, it creates ongoing touchpoints and valuable engagement opportunities.

Our research has shown that the average homeowner manages $44K+ in annual home-related expenses. We’re seeing active cardholders spend between $1,000 and $3,000 per month in their first few months, suggesting the card becomes a primary payment method rather than going unused.

Our partnership network is also producing measurable value. During the first half of 2026, customers who used our affiliate partners saved an average of 15% on eligible purchases with over 350 homeowner-focused partners.

Our latest success story: Within two months, a Fairway Mortgage customer earned enough rewards to apply those points toward closing costs on another Fairway loan. It’s demonstrating how mortgage rewards can directly support future lending relationships.

Building the future of homeowner engagement

HW: Looking ahead, how do you expect homeowner engagement to evolve over the next five years?

AS: Borrower engagement will become much more personalized and much less dependent on mass marketing. Instead of generic email campaigns, lenders will rely on embedded financial products, home intelligence and personalized homeowner experiences.

Technology, automation and AI will make that possible by helping lenders deliver individualized engagement at scale. As interest rates eventually normalize, lenders that invest today in stronger customer relationships will be positioned to capture significantly more refinance and repeat business. Those that don’t will likely continue seeing recapture rates around today’s levels.

I also believe mortgage loyalty programs will become a meaningful part of the industry over the next several years. Homeowners increasingly expect financial products that provide ongoing value, and lenders that embrace those expectations will strengthen borrower relationships for years to come.

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