In an email sent to Mortgage Brokers today, ING announced they will close the Mortgage Broker division February 16, 2013. My first reaction was one of sadness. In the mid 2000’s, ING was a strong Lender and partner with Mortgage Brokers. They offered some great products, competitive pricing, a fair prepayment penalty calculation and had an excellent team of employees, including their senior management.
Yes, I was sad to hear they would close the Broker division… But then I asked myself how much would this affect me? my clients? How much business was I referring to ING these days? The answer soon made me realize that there isn’t any reason for sadness. I soon realized that since they made the switch to registering all their mortgages as a collateral mortgage charge, back in December 2011, I all but completely stopped recommending them to my clients. Continue reading “Scotiabank closes ING Direct mortgage broker division… but who cares?”