The non-major bank’s head of third-party distribution and direct mortgages has left the group and is understood to have taken up a new position with a peer-to-peer lender.
Mark Woolnough, who has held numerous roles at ING during his 18-year tenure, most recently as head of third-party distribution and direct mortgages, has moved on.
The Adviser understands that Mr Woolnough is joining peer-to-peer lender RateSetter, though no official announcement has been made yet.
ING’s former CEO of Australia and Banking Asia, Vaughn Richtor, had also joined RateSetter as chairman of the board last year.
An ING spokesperson confirmed that the former head of third-party distribution and direct mortgages is no longer working at the bank, but was not able discuss ING’s next steps with regards to the newly vacant role that is temporarily being filled by national sales manager Ray Esho.
The non-major bank also this week halted lending to Australian expatriates.
Under ING’s updated credit policy, which came into effect on 18 June 2018, Australian citizens living overseas — of which there are more than 1 million — will no longer be eligible for loans to purchase property in their native market.
Loan applications received prior to 18 June 2018 are still to be considered under ING’s previous guidelines.
The ING spokesperson told The Adviser that expat loans were a very small part of the bank’s business.
At the start of the year, the non-major bank had also announced that it will no longer be accepting a residential property as security on “a standalone basis” for commercial loans.
“Mixed purpose” properties, however, used for both residential and commercial purposes, continue to be accepted as security, although ING reduced the loan-to-value ratio (LVR) from 80 per cent to 75 per cent on credit obtained with a mixed-purpose property as security.
ING additionally limited equity release against residential collateral to 20 per cent of the property value. If borrowers use such funds to purchase a commercial property, equity release cannot exceed 20 per cent of the commercial property’s value.
Tas Bindi is the features editor for The Adviser magazine. She writes about the mortgage industry, macroeconomics, fintech, financial regulation, and market trends.
Prior to joining Momentum Media, Tas wrote for business and technology titles such as ZDNet, TechRepublic, Startup Daily, and Dynamic Business.
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