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ING DIRECT has terminated funding agreements with close to half of its mortgage manager partners.
A spokesperson for the lender confirmed today that it will reduce its mortgage manager partners from 17 to 10, reallocating funds to its bigger volume clients.
The spokesperson emphasised that the changes would not see ING DIRECT’s mortgage business reduce but simply give those remaining business a bigger slice of its funding pie.
Approximately 22 per cent of ING DIRECT’s mortgage portfolio is originated via mortgage managers and 75 per cent via brokers.
The spokesperson was adamant that this would not change and that the lender was looking to continue to grow its mortgage business.
The terminated mortgage managers will have around six weeks to find alternative funding.
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