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ING moves against pooling abuses

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Mortgage Broker News | 30 Oct 2012, 10:00 AM Agree 0
ING Direct's move Tuesday to introduce a pooling cap meant to increase efficiency is already drawing positive reviews from brokers favouring those restrictions to commission cuts.
  • John Dearin RPA,. AMP. | 31 Oct 2012, 03:49 AM Agree 0
    I am still waiting for the lenders to bonus out strickly on efficiencies. That is what will save them money. The heck with pooling, it is a pain in the backside, the legs, the arms and everywhere else.
  • Jim T, Advent Mortgage | 31 Oct 2012, 05:28 AM Agree 0
    A step in the right direction but in my opinion, still not enough. They should eliminate Volume Bonus altogether and instead pay an efficiency bonus. This way, they are paying for performance (efficiencies) rather than throwing money away because a broker joined a consolidator (Volume Bonus).
  • len lane | 31 Oct 2012, 05:48 AM Agree 0
    ummmm...That's the scotia model for our team already although I wouldn't allow anyone on it who only does two deals a year with them.
  • Ken - MI | 31 Oct 2012, 05:55 AM Agree 0
    Hey - I am liking John and Jim .. cannot agree more. Stop the pooling, save the lenders a lot of $$ and book keeping, so that they can spend on "Efficiencies" .. Good brokers will have majority of doc's up front with the rest to follow within a reasonable length of time. Not shopping from lender A,B,C etc and wasting not only the lenders valuable time, more so the underwriters never mind their own !!! Go Gettem lenders for "E" bonus !!!
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