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Derrick24
191 Posts |
 Posted - 10/01/2008 : 5:42:03 PM
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| anyone? |
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khoiey
1573 Posts |
Posted - 10/01/2008 : 6:22:48 PM
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google ING wholesale. I don't think they accept any new brokers? I could be wrong though.
quote:
Originally posted by Derrick24
anyone?
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P.I. agent
5 Posts |
Posted - 10/01/2008 : 8:23:27 PM
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It's www.ingloans.com
I know they aren't accepting new brokers in california, not sure about other states. |
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GVDenny
329 Posts |
Posted - 10/01/2008 : 9:15:13 PM
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They'll take forever and the minute you inform your client you are placing them with ING, they will see a huge orange ad that offers a lower rate than you can give them, from ... wait for it ...
ING
Don't waste your time! |
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kbaker
907 Posts |
Posted - 10/02/2008 : 05:35:50 AM
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Link to sign up:
http://www.ingloans.com/wholesale/get_approved.html |
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Derrick24
191 Posts |
Posted - 10/02/2008 : 09:51:20 AM
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| thanks for the info guys, appreciate the good and bad feedback, Ill look them up and Ill let you know how my personal experiance with them goes |
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ingloans.com
18 Posts |
Posted - 10/09/2008 : 11:51:39 AM
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ING is currently accepting seasoned brokers that we feel will be a good fit with our products in all states. Further, we recently got licensed in all 50 states so please do not shy away from applying. Visit us at www.ingloans.com and click on the get approved tab.
For clarification, our retail division (ING Direct) will never solicit upon the ING Mortgage wholesale pipeline. I understand the concern, but I am sorry to hear that you will not send loans in lieu of this misconception. |
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FundStar14
755 Posts |
Posted - 10/09/2008 : 1:12:08 PM
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| We just got signed up with them in August and closed our first Jumbo with them this week. Everything went very smoothly. So far, they have been great..... |
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ingloans.com
18 Posts |
Posted - 10/09/2008 : 2:31:23 PM
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quote:
Originally posted by FundStar14
We just got signed up with them in August and closed our first Jumbo with them this week. Everything went very smoothly. So far, they have been great.....
Hi-Five! |
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natetheskate
611 Posts |
Posted - 10/09/2008 : 3:05:42 PM
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| 877-464-0555 |
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OHlo61
64 Posts |
Posted - 10/09/2008 : 3:19:37 PM
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Got signed up with them a little bit ago, sent our first deal over and they cut the appraisal from 1.3 million to $525,000. Yeah, thats right, cut it by $775,000. I've spoke to our appraiser about it at length and his exact words were "they don't have the slightest clue what the hell they are doing". They actually used the square footage off the auditor's website (which happened to be a few thousand off the actual), but they weren't even interested in looking at the rebuttal. And on top of it all it took them over 45 days to cut it.
So we sent them our first and our last. |
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ingloans.com
18 Posts |
Posted - 10/09/2008 : 3:32:55 PM
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| Ohio, I am sorry to hear that. Our valuations team is very experienced and ultimately they are here to protect the interest of the bank. We are conservative in many aspects, but that is also why we hold 100% of the loans on our own books with one of the lowest default ratios. In this type of market, we value quality over quantity. In leading america back to savings, we truly have the interest of bolstering our economy with strong loans in an arena that lack an abundance of options. |
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bwp4u
72 Posts |
Posted - 10/09/2008 : 4:38:33 PM
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| It is common for them to cut appraisals, I have had them cut one from 3.2mil down to 2mil. No complaints though, client got a rate at 6% on a 1.4 mil loan and took a million dollars cash out! |
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hmorales007
194 Posts |
Posted - 10/09/2008 : 7:59:22 PM
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Your appraiser should be relocated to the cooler - 3 hots and a cot. Foreclosures are not just a part of the market - they are the market and cannot and should not be ignored when it comes to an opinion of value. ING does not want to end up like the other 300 loser banks on the mortgageimplode.com list. Good for them.
quote:
Originally posted by OHlo61
Got signed up with them a little bit ago, sent our first deal over and they cut the appraisal from 1.3 million to $525,000. Yeah, thats right, cut it by $775,000. I've spoke to our appraiser about it at length and his exact words were "they don't have the slightest clue what the hell they are doing". They actually used the square footage off the auditor's website (which happened to be a few thousand off the actual), but they weren't even interested in looking at the rebuttal. And on top of it all it took them over 45 days to cut it.
So we sent them our first and our last.
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OHlo61
64 Posts |
Posted - 10/09/2008 : 8:19:40 PM
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hmorales007, the old saying goes something like "keep your mouth closed and let others think you are a fool, or open it and remove all doubt". Foreclosures have nothing to do with our appraisal being cut. There was no mention of foreclosures pulled by ING on their review. The ING reviewer (not even close to local) decided that he knew our market better than an appraiser that has spent the last 25 years of his life appraising real estate in my market. The reviewer decided that the subject property was not in as "up-scale" an area as 2 of the comps (less than 1 mile away), and that the county auditor's website was the final say in square footage. Our appraiser spent hours at the subject measuring because it was obvious the auditor had not reassessed the property.
So you can take your off hand comments about a respected professional and stuff them where the sun don't shine.
And ingloans.com I can understand wanting to be conservative and trying to protect your bank, but bull**** is bull****. I have no problem with a lender cutting an appraisal for valid reasons, or cutting it and at least giving consideration to the appraisers rebuttal, but to cut it and assume that your reviewer (aka desk jockey) knows more about the property and the local area than an appraiser in the area is just ridiculous
Ok now I feel somewhat better. |
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Derrick24
191 Posts |
Posted - 10/10/2008 : 08:03:53 AM
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| WA - If it was a good loan youd of rehomed it already instead of b*tching, so quit complainging I happen to think ING is great, the are picky but like I said if it was a solid deal in the 45 days you were pissing and whining youd have closed it huh? |
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OHlo61
64 Posts |
Posted - 10/10/2008 : 08:10:03 AM
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Derrick, why do people use ING? Oh yeah, its cause no one else offers rates that are remotely competitive on jumbo deals. So the only outlet we had was ING. Doesn't change the fact that they have reviewers 100s of miles away from the subject cutting appraisals based on erroneous info they find online.
Use your head for a few minutes, everyone knows going in that ING is strict on appraisals. Do you really think intelligent people (which I consider myself) would waste their time, along with the clients time and money (on the appraisal) to submit a half-azzed appraisal/file? Maybe you folks got the time to waste submitting crap, but I don't. |
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Derrick24
191 Posts |
Posted - 10/10/2008 : 08:13:35 AM
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| well I used my head, and as far as wasting your time, unfortunatly you did |
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jnseabolt
22 Posts |
Posted - 10/10/2008 : 08:46:05 AM
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I'm trying to locate the rate sheet for North Carolina on the website but all I'm getting is ARMs and HELOCs, Is this all you offer?
Seabolt |
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ingloans.com
18 Posts |
Posted - 10/10/2008 : 08:51:56 AM
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Hello Seabolt,
Yes we offer a 5/1 and 7/1 portfolio ARM with interest only options available on either. The HELOC comes in the form of a piggyback only available as a concurrent 2nd behind our 1st (no standalones). |
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ross@rhcooperltd
50 Posts |
Posted - 10/12/2008 : 02:45:46 AM
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My Complaint with ING is I had to quote a Jumbo 7-1 arm used ING but the client went to ING directly and got a much better deal! My policy is not to use wholesale if you can’t complete with retail with there own product.
Thanks
Ross
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ingloans.com
18 Posts |
Posted - 10/14/2008 : 08:07:21 AM
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quote:
Originally posted by ross@rhcooperltd.com
My Complaint with ING is I had to quote a Jumbo 7-1 arm used ING but the client went to ING directly and got a much better deal! My policy is not to use wholesale if you can’t complete with retail with there own product.
Thanks
Ross
ING Mortgage Wholesale is geared toward the jumbo market. For loan amounts less than $500k, retail may have more competitive rates. However, if you compare our retail rates vs our wholesale rates on loan amounts exceeding $500k, you will see that we beat them by a long shot. |
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