Thursday, April 5, 2012

ING Exits Third Party Mortgage Origination to Brokers

Broker and Correspondent channels continue to constrain.  ING Jumbo Products were a staple for many brokers.  This trend is a result of banks adjusting to a steeper yield curve, opportunities in a post recessionary bank environment, and the negative relationship between tier 1 capital rules and mortgage operations.

ING Mortgage stated it will cease the origination of home loans through mortgage brokers effective at 6:00 PM Pacific Time on April 3, 2012.

Southeast Mortgage, SEM, is not dependent on Broker or Correspondent channels.  SEM executes a Non-Bank vertically integrated strategy utilizing its Seller / Servicer Certifications and Title II Unsupervised Direct Endorsed certifications for product access and delivery.  SEM is moving towards funding the majority of its monthly production from its own balance sheet cash further reducing its dependence on external sources.

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