Mortgage broker code omits bonus disclosure
Mortgage brokers will have a new code of conduct that provides a guide on the perks they can accept from lenders, and what they must disclose. The code may not deal with all soft-dollar commissions, however. Mortgage Industry Association chief executive Phil Naylor said that the broker code would detail the rules around alternative forms of payment to brokers but was unlikely to cover bonus commissions. Mortgage Choice this week confirmed that it received, but did not disclose, bonus commissions from Commonwealth Bank.