ING changes mortgage conversion
(8 March 2010 – Australia) ING Direct has announced that it has made a series of changes to the way it calculates mortgage conversion rates after consultations with its broker channels.
Under the changes, pre-approval applications will no longer be used in conversion calculations and a conversion period of six months rather than nine months will be implemented, reported The Adviser.
Mark Woolnough told The Adviser that the new calculation method would provide a more immediate reward for brokers converting deal, and would not have an impact on brokers’ bottom line.
By having a shorter conversion period in place, brokers may see their conversion ratio improve significantly and if brokers face a bad month in terms of loan conversion, this will no longer be on their record for the next six to nine months, Mr Woolnough added.
Mr Woolnough said the changes to conversion had been greatly supported by the bank’s key aggregator groups and feedback had been positive.
A large majority of ING DIRECTS home loans are originated via intermediaries and the group is pleased to provide an alternative to the big four, Mr Woolnough concluded.
Mark Woolnough told The Adviser that the new calculation method would provide a more immediate reward for brokers converting deal, and would not have an impact on brokers’ bottom line.
By having a shorter conversion period in place, brokers may see their conversion ratio improve significantly and if brokers face a bad month in terms of loan conversion, this will no longer be on their record for the next six to nine months, Mr Woolnough added.
Mr Woolnough said the changes to conversion had been greatly supported by the bank’s key aggregator groups and feedback had been positive.
A large majority of ING DIRECTS home loans are originated via intermediaries and the group is pleased to provide an alternative to the big four, Mr Woolnough concluded.
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