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Brokers help tweak ING HELOC

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Mortgage Broker News | 01 Mar 2012, 10:00 AM Agree 0
ING has now made its HELOC available to all broker-partners, after what it terms a successful pilot resulting in tweaks to the product.
  • Jim T.. Advent Mortgage | 02 Mar 2012, 07:57 AM Agree 0
    ING's Heloc is a good product and a long time coming so congrat's to Kim and her team for making this happen. However, there is a major flaw with their current program of registering mortgages to 100% of the value of the home (another change they introduced at the same time as the HELOC). When registering the mortgage to 100%, what ends up happening is the client is left paying a higher cost in Title insurance (the cost of title insurance increases with the size of the mortgage that is registered). I just had a client whose Title insurance cost was about $1300 because of this when it would have been around $600 otherwise). Of course, there are other issues with this 100% registration (ie client limitations, etc), but this issue is at the forefront for the client at time of closing. Hopefully they recognize this and change this policy.
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