twitter linkedin
facebook google+

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from

Mortgage News Reprints
Put entire stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed stories free on your Web site or for your RSS reader.

News Archives
Archive of stories by month going back to 1999.

Press Releases
Reports and announcements from

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News


Mortgage News

HOT Topics









site map
The Mortgage Graveyard
Failed, closed and a c q u i r e d mortgage-related entities.

ING Exits 3rd-Party Originations

Shutdown follows acquisition of parent

April 4, 2012

By staff

The mortgage broker and correspondent lending origination channels at ING Mortgage are shutting down. The move follows the recent acquisition of the company's parent.

Mortgage broker clients were advised that their origination agreements terminated on Monday.

Brokers have until May 3 to submit loan applications that were already taken by the April 3 deadline. If an application that is submitted by the May 3 deadline is approved, then it must be closed and funded by July 2.

A California account executive for the company, Scott Gray, confirmed that the exit includes the elimination of correspondent originations.

ING departure from third-party lending follows the Feb. 17 acquisition of ING Direct by Capital One Financial Corp. from ING Group for $6.3 billion.

The acquisition made Capital One "the sixth largest depository institution and the leading direct bank in the United States," according to a statement from the McLean, Va.-based company.

Capital One, itself, previously exited wholesale lending with the closing of its GreenPoint Mortgage subsidiary in August 2007.

"Current conditions in the secondary mortgage markets create significant near-term profitability challenges, given the company's 'originate and sell' business model," a statement at the time said. "Further, recent and continuing developments in the mortgage markets reduce the long- term outlook for profitability in the business, as the company expects markets for prime, non-conforming mortgage products are likely to remain challenged for the foreseeable future."

Gray, the ING account executive, explained in a telephone interview that Capital One is only interested in retail originations.

"Their orientation is to do direct loans direct to the consumers and not to do broker loans or correspondent loans," Gray stated, "so they made a decision to shut that channel down."

He noted that ING Mortgage employs around 500 people and has operations centers in Los Angeles and Wilmington, Del. However, only "a handle of people" were specifically dedicated to broker originations.

Gray and his colleagues could find jobs elsewhere at Capital One.

"I'm told they have several thousand openings around the country," he said.

next story

back to current headlines

Corporate Mortgage News
M e r g e r s, a c q u i s i t i o n s and private and public offerings. Other corporate activity including executive appointments, bankruptcies name changes.

Wholesale Lending News | Directory | P r i cing Engine | Originator Newsletter
News about wholesale lenders, correspondent lenders and wholesale mortgage lending programs. Alt-A, subprime and other niche loan programs. Lawsuits between wholesalers and brokers.

Secondary Marketing News | Correspondent Lender Directory
Mortgage portfolio trades and forward commitments. Correspondent lending, r e p u r c h a s e s and warehouse news. Secondary marketing statistics and lawsuits.

Bank news

Logout forgot

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter


mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders