Brokers v banks
About two weeks ago we heard that the National Bank may be about to cut trail commissions paid to mortgage brokers. So obviously we contacted them to find out whether the rumour was true.
But, as we so often find, the bank said nothing. I find it amazing that still, now that the news is out in the open thanks to Mike Pero Mortgages and NZ Finance - our two listed brokers - that it is still saying nothing, and it hasn't properly consulted with the NZ Mortgage Brokers Association (NZMBA).
The association for its part up out a quite fierce statement yesterday wading into the bank.
"We were told that…the industry would be consulted. While there has been some industry consultation, there has been no consultation with NZMBA and we understand there has been no consultation before release of the final model," it said.
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