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After extensive consultation with its broker channel, ING DIRECT has announced it will change the way it calculates conversion rates.
Under the changes, pre-approval applications will no longer be used in conversion calculations and a conversion period of six months rather than nine months will be implemented.
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While the changes to the conversion calculations will not have an impact on a broker’s bottom line, ING DIRECT’s head of broker partnerships Mark Woolnough told The Adviser that the new calculation method would provide a more immediate reward for brokers converting deals.
“By having a shorter conversion period in place, brokers may see their conversion ratio improve significantly,” Mr Woolnough said.
“”If they have a bad month in terms of loan conversion, this will no longer be on their record for the next six to nine months.”
Mr Woolnough said the changes to conversion had been greatly supported by the bank’s key aggregator groups and feedback had been positive.
“A large majority of our home loans are originated via intermediaries and we are pleased to provide an alternative to the big 4.”
