Comment: Brokers brace for mortgage fees resolution
There is, or was, a dichotomy of views on where the ASIC review of mortgages may land, if it arrives on time in December 2016.The detonation of all home loan broker fees - up front, trail, the lot - was the favoured and expected scenario. Or it was, and not that long ago.So confident were the bearers of this assessment they seemed flat out with the implementation of the joyful consequences, namely the elimination of a material cost line in banking. The Australian banking cartel planned for this outcome.A continuation of the status quo on broking commissions may yet be the outcome, with vested interests centred on talking up this result.Australian Finance Group managing director Brett McKeon is custodian of one outfit vulnerable to the whims of prejudice at ASIC.Might commissions be going? we asked McKeon on Friday."I don't think that at all. Quite the contrary," he said."I actually don't thank that would happen at all."ASIC are very aware that consumers are getting a benefit by the current arrangement."Whatever is in the consumer's best interest," McKeon summed up.