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Brokers fret about possible ING sale

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Mortgage Broker News | 07 Aug 2012, 10:00 AM Agree 0
Mortgage brokers are worried that one of Canada’s big five banks might snap up ING Direct – its parent company now announcing the review of “strategic options” to sell the broker channel lender.
  • Ron Butler | 08 Aug 2012, 03:09 AM Agree 0
    It's a cycle. Many of us remember a time a few years ago when a new "Alt A" or sub prime lender opened up once a month. That was a very good time for brokers and our share of the market peaked.

    Now we approach the other end of that cycle, no "Alt A" and cut throat competition for Prime business. This is not the fun end of the cycle.
  • JM | 08 Aug 2012, 03:38 AM Agree 0
    No sense of worrying about ING,you can be assured they are not even giving one thought with respect to us (mortgage agents and brokers. They will do whatever suits them favorably. Move forward and wish everyone well.
  • jvice | 08 Aug 2012, 07:58 AM Agree 0
    Brokers should be supporting the broker friendly lenders not the big banks, they will cut you out sooner or later anyway.

    I am also a financial advisor and ING recently dropped all brokers from there investment products. Cost me thousands in residual income trailers.

    So that might be a sign of what's to come on the mortgage side.
  • Rob Campbell | | 08 Aug 2012, 10:34 PM Agree 0
    All of these comments are bang on.
    Count ING out. Within a year, they'll be sold and continue funding in house but will cut us out of the mix.
    These types of companies will just hammer away at current client retention, as well as market straight to the consumer.
    Support the Monolines. First National and Street Capital will grow immensely these next few years, but as Ron pointed out these times ahead will be very, very different than the gravy train we've been riding the last little while.

  • chris | 11 Aug 2012, 02:30 AM Agree 0
    I am soo tired of the threat that "Banks will cut us out" & "Support the monolines"....I have been left hanging by the monolines more times than I care to count...remember Macquarie? Brokers started in the marketplace when all there was were banks....and we will remain so with our great service and supporting the lenders that support us....Scotia has been amazing to me, as have credit unions and a few other lenders. The market will continue to change and we will just have to change with it...Read Boris Bozic's blog about brokers in Australia....big banks and brokers are what they have ...and Brokers have better market share than we do in Canada...I'm know every market is different, but ING was absolutely useless for us here in small town BC....
  • Bonnie | 11 Aug 2012, 06:19 AM Agree 0
    When they changed to collateral mortgage registration last year, we should not be surprised by this recent news. They are positioning themselves to be sold to a big bank.
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