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ING's broker days numbered, says vet

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Mortgage Broker News | 04 Sep 2012, 01:00 PM Agree 0
Brokers clinging to the notion that it will be business as usual with a Scotia-owned ING are facing certain disappointment because the popular discount banking brand is bound to disappear in Canada after 18 month, according to a seasoned mortgage professional.
  • John Dearin RPA,. AMP. | 05 Sep 2012, 05:44 AM Agree 0
    well, for the first time, I have to completely disagree with Ron Butler. The 18 months is the time frame to drop the ING name and logo. I don't read it the same as Ron. Most ING customers do not want to deal with Scotia Bank, keeping it at arms lenght will allow ING to continue under another name.

    Having said that, I Can see the logic behind Ron's comments. I guess this conversation will be rekindled in March 2014?
  • Lorne Rackel | 05 Sep 2012, 06:06 AM Agree 0
    It is very rare that when one company purchases another that both brand names survive. The company that is purchased is very likely to lose it's name over the short term. There is usually an overlap of customers or products. They integrate what they want and close or sell the remaining units.
  • mtg man | 05 Sep 2012, 10:49 AM Agree 0
    I have to disagree with Ron. ING has a very profitable model, including the broker channel. I can't see Scotia removing the brokers as this adds to their bottom line. I am more worried for the monoline lenders that ING currently supports.
  • Jason | 05 Sep 2012, 09:05 PM Agree 0
    With all due respect to hear from two mortgage people what is going to happen to ING without actually knowing anything at all is laughable. I would like to know the inside sources that either Ron or Dan know that no one else does in the industry. at this point it is simply just a guess and when people look at this site they take all of this info literally and this is how gossip starts.... until we know any different it is business as usual.
  • chris | 06 Sep 2012, 03:22 AM Agree 0
    Think...Maple Trust....Nothing wrong with Scotia, they are one of my favorite lenders, but I have a personal BRM, when I dealt with just the warehouse underwriting dept I hated them....but I wasn't a big fan of ING products or services either....Scotia will do what is best for their bottom line so whatever will be will be, and the good brokers will change and adapt as required....nothing we can do about it other than deal with the lenders we approve of
  • Audrey Wamboldt | 06 Sep 2012, 03:48 AM Agree 0
    Anybody remember Maple Trust? When Scotia bought them- we lost a broker lender, and they contacted all the broker clients to say you no longer have a broker- we are now your lender. Their days are probably numbered.
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