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ISCOVER
Staff Reporter
While ING DIRECT remains committed to the Australian third party distribution channel, the lender shocked the Canadian market last week when it announced it would close its mortgage broker division.
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According to a report in the Canadian paper, Canadian Mortgage Trends, ING DIRECT will shut down its broker operations next month, allowing broker submissions to flow through until 16 February.
The news, which comes as a shock to many within the broker industry, follows just months after Scotiabank acquired ING DIRECT.
In a letter to brokers, Soctiabank said it felt as though “ING DIRECT’s and Scotiabank’s objectives would be better served by allowing each entity to focus its efforts on its own relative strengths”.
According to the letter, there was an overlap between Scotiabank’s broker offering and ING DIRECT’s offering.
“Rest assured that Scotiabank remains fully committed to the broker market,” the letter read.
