ING Direct USA is withdrawing from the wholesale mortgage business.
According to the Dow Jones News Service, ING sent notices to its business partners earlier this week that said it would stop doing business with correspondent lenders and mortgage brokers this month. In a separate notice, ING stated it would cease acquiring residential mortgages from correspondent lenders on April 10.
ING, which primarily focused on the jumbo mortgage market, was acquired by Capital One Financial Corp. In an email statement, a spokesperson for ING said this decision would allow Capital One ‘to focus on its preferred direct-to-consumer mortgage origination model.’