President of the MFAA, James Symond, has warned the banks that any further changes to commissions would be inappropriate and could kill off the industry.
"I think if there was any fundamental change to commission structures it will radically change the mortgage broking proposition, that is...will people be able to survive?...I think the banks also know that," Symond said in an interview with MPA.
To date the MFAA has not spoken out publicly on commission cuts.
Symond, who is also executive director at Aussie, said brokers were worth more than what they are currently being paid.
"I think the value the broker brings to the consumer well exceeds the commission they get paid and to reduce it any further would be very inappropriate."
He said though that he was not hearing any talk of further reductions and that things had settled down since the changes made last year.
However, while brokers will be pleased to hear Symond speaking out, the signs remain ominous.
Since the start of the year, Suncorp has already overhauled its commission model while BankWest has cut commissions and may change them again mid-year.