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About ING DIRECT
About Products and Services
1. What is the ING DIRECT lending area?
The lending area includes all of Canada.
2. To what associations does ING DIRECT belong?
ING DIRECT is a member of the Canadian Association of Accredited Mortgage Professionals (CAAMP), the Alberta Mortgage Brokers
Association (AMBA) and the Mortgage Brokers Association of British Columbia (MBABC).
3. Does ING DIRECT offer a finder’s fee or volume bonus program?
Yes! Please contact your head office or your ING DIRECT Sales Representative for details on the current program.
4. On what types of properties does ING DIRECT offer Mortgages?
ING DIRECT offers first mortgages on rental and owner-occupied single-family residences, condominiums, duplex, triplex and
fourplex.
5. Does ING DIRECT offer Variable Rate Mortgages?
Yes. The ING DIRECT Variable Rate Mortgage features:
- payment amounts are re-set every three months from IAD date
- convertible to a fixed rate term of 3 years or more at any time
- a 5 year closed term
- a very competitive finders fee
- Must qualify based on Bank of Canada benchmark rate
6. Does ING DIRECT offer multiple advance (or progress advance) mortgages?
ING DIRECT offers single-advance mortgages only.
7. Does ING DIRECT offer high ratio mortgages?
ING DIRECT is able to offer high ratio mortgages through the use of Genworth Financial Canada and CMHC.
8. How do I send ING DIRECT a Mortgage Deal?
Mortgage applications can be submitted via Filogix or MorWeb. Faxed or e-mailed applications are not accepted.
9. How do I order an Appraisal for ING DIRECT?
Appraisals must be ordered and sent directly to ING DIRECT from Centract www.BrokerWorx.ca, NAS www.nationwideappraisals.com or Solidifi www.solidifi.com
10. How are the ING DIRECT rates guaranteed?
ING DIRECT guarantees the best rate for 120 days for all mortgage deals (Purchase, Switch, Refinance) and terms. The rate
will be held from the date of application if the timeframe to closing is less than 120 days. Commitment or Approval letters
must be signed by clients to ensure these rate guarantees.
11. What is an EIQ?
An EIQ is an Express Income Qualifier mortgage with the following features:
EIQ 65
- EIQ 65 is available to Business-for-Self, Commissioned and Salaried applicants with good established credit and stable employment
- Maximum 65% LTV
- Minimum Beacon score for primary applicant must be 680 with established credit history
EIQ 50
All of the EIQ 65 guidelines are applicable to EIQ 50 with the exception of the following enhancements:
- Minimum Beacon score for primary applicant must be 650 with good established credit
- Maximum 50% LTV
EIQ Product Sheet
12. How do I apply for an EIQ?
On whichever system you use to enter your client's mortgage applications (e.g. Expert or MorWeb), ensure the words "Express
Income Qualifier" are added in the 'notes' section of the screen.
13. Does ING DIRECT collect Municipal Property Taxes?
ING DIRECT no longer collects the Municipal Property Taxes on behalf of the Client. Clients are strongly encouraged to take
advantage of the flexible Prepayment options that are available through their Municipality.
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