A spokeswoman for Capital One, the owner of ING Direct, has confirmed that ING Mortgage has left the wholesale channel.
"Exiting the broker-originated home loans business allows Capital One to focus on its preferred direct-to-consumer mortgage origination model," the spokeswoman said in an email.
But the change does not affect current ING Direct mortgage customers or customers who have applied for loans, she added. "In other words, we'll continue offering Orange Mortgage loans directly to customers."
ING Mortgage sent out a notice to all its loan brokers Tuesday, saying it will cease table funding through the wholesale channel at 6 p.m. Pacific time.
A copy of the notice, provided to National Mortgage News states: "As part of the shut-down of the mortgage broker channel and the termination of our Agreement, you have until 5:00 pm Pacific Time on May 3, 2012 to submit loan applications currently in your possession that were taken on or before April 3, 2012. Any approved home loan applications submitted on or before 5:00 pm Pacific Time on May 3, 2012 must be closed and funded by 5:00 pm Pacific Time on July 2, 2012."
Capital One acquired ING Direct from its Dutch-based parent in February. In August 2007, Capital One got out of the wholesale business when it closed GreenPoint Mortgage, which it acquired in the North Fork transaction.
