Mortgage Brokers

Mortgage brokers are reeling and angry today after the banking royal commission final report put the industry on shaky ground.

The final report from the banking Royal Commission is imminent and mortgage brokers and small lenders say if it leads to an overhaul of broker fees it could be bad for borrowers and good for the major banks.

Mortgage brokers have made a clear statement to the Commonwealth Bank in a new HashChing survey that found more than half would cancel their accreditation with the major bank if they introduce a fee for service model.

A recent report commissioned by the Mortgage Industry Group has given people an insight into what the mortgage broking industry brings to the Australian market.

Mortgage brokers are this week fighting back against Hayne royal commission criticism claiming they are a moderating influence on the lending sector and the dominance of major players.

In the wake of the Financial Services Royal Commission, banks are tightening up on mortgage brokers’ fees.

The number of home loan borrowers going to a mortgage broker first is on the rise, while at the same time the number of people going to their financial institutions is falling.

With the banking Royal Commission in full swing one of the big questions being asked in the mortgage industry right now is should consumers pay service fees to brokers?

The Productivity Commission has raised concerns about mortgage brokers as part of its report on competition in financial services.

Mortgage brokers are now set to be included in the terms of reference of the banking royal commission.