IMB Banking and Financial Services (IMB) has announced the withdrawal of its residential loan products from the broker channel, effective June 30 2008.
IMB's chief executive Robert Ryan told Mortgage Business this morning that the decision had been made in light of uncertainty in global money markets and the subsequent increased cost of funds.
IMB will continue to distribute its commercial lending products through the broker channel.
The building society will also continue to provide residential loans to commercial lending brokers in situations where the broker originates both commercial and residential loans for a single client.
Mr Ryan said due to the current economic situation IMB is strongly focused on strategies that would grow retail deposits, and would concentrate its efforts on the growth of residential loan origination through IMB’s own channels.
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