Biggest Hayne impact on Heartland will be the ban on mortgage broker commissions

Wed, 06 Feb 2019

By Jenny Ruth Feb. 7 (BusinessDesk) - The biggest impact on Heartland Group’s Australian reverse mortgage business from Kenneth Hayne’s royal commission is likely to be his recommendation to ban lenders paying mortgage brokers commissions. Andrew Ford, chief executive of Heartland Seniors Finance, says mortgage brokers are currently a key part of its distribution network in Australia, accounting for about 70 percent of its reverse mortgage business in that country. Australian Treasurer Josh Frydenberg has promised to ban trail commissi...

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