Forum

Broker news forum is the place for positive industry interaction and welcomes your professional and informed opinion.

ING contemplating Canadian exit strategy

Notify me of new replies via email
Mortgage Broker News | 03 Aug 2012, 12:00 PM Agree 0
Struggling to stay in the black amid bad loans and declining margins, Netherlands-based ING says it is considering selling off its very successful Canadian operation.
  • Broker who no longer supports ING | 07 Aug 2012, 01:13 AM Agree 0
    ING have exited the market a while ago with the changes that they have implemented. They have gone from one of the best broker friendly lenders to one of the worst. Examples of some of their anti-broker changes are:
    -move to collateral charge with all their mortgages
    -registration to 100% of the value of the home
    -move to 25 yr amortization for conventional deals while the entire market is at 30
    -elimination of their BFS program
    -one of the most aggressive retention policies. I have had clients offered 2.85% for renewing their 5 yr mortgage with ING
    -the worst service levels in the industry. Try to get them to review docs within a week. Good luck.
    -mortgage rates that are 3rd tier.

    It is clear that their intention was to clean up their internal operations (not enough staff to service brokers) and margins (higher than average rates) in order to attract the best price possible for the impending sale.
Post a reply