ING closes broker channel

ING Direct Canada has decided to close its mortgage broker division.

A company announcement made Wednesday said the firm will be re-branded, drop the ING name, and sell mortgages direct to consumers.

In an email to brokers, Scotiabank and ING said: “We felt that both ING Direct’s and Scotiabank’s objectives would be better served by allowing each entity to focus its efforts on its own relative strengths.”

With one player gone, mortgage brokers in Canada will now have fewer options for their mortgage customers.

Also read:

Scotiabank completes ING acquisition

Pros and cons of Scotiabank’s ING purchase

Fewer mortgages in arrears: CMHC

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.