No further change required…
A recent article confirmed what we have all been hoping for – No further review required.
This decision confirms for all involved that the current remuneration structure is fair and equitable for customers, brokers and lenders.
Brokers will continue to service the community as they have done for the last 30 years and be paid on the current commission model of upfront and trail.
With 60% of all mortgages being processed by the mortgage broking community, any significant change to the way brokers are paid, would have a significant detrimental effect on consumers as well as ruin an industry that employees twenty thousand plus people.
We should all remember that this decision was highly unlikely without the unification of the industry and hard work of both the MFAA and FBAA.
Financial planning did not have the same vigorous support and was decimated. Today we can proceed confidently that our industry is safe and secure for the next generation of mortgage brokers.
Be grateful for the industry we have, be mindful of your obligations and work hard for your clients.
Relationships before revenue and revenue will follow!