For the suspension of "rebates" to mortgage intermediaries by banks in places such as Shanghai, Hangzhou, and Shenzhen, a person in charge of the mortgage department of a bank in Nanjing expressed a different opinion. He believed that "this move is greatly disadvantageous to homebuyers." Mortgage intermediaries also have operating costs. Although they have already collected intermediary fees from both parties involved in second-hand house transactions, if all banks stop giving "rebates" to intermediaries, then they will inevitably charge more intermediary fees to both parties in property transactions to compensate for the loss caused by the banks stopping the rebates.
Chen Chunlin - The mortgage rebate practice in Nanjing has not been halted. Industry insiders stated that the reason why the bank's practice of giving rebates to mortgage intermediaries has recently drawn strong public attention is because some banks have reported to higher authorities that it is unreasonable for mortgage intermediaries to require "rebates" from them since intermediaries have already collected intermediary fees from both parties in second-hand house transactions. This requirement increases the banks' operating costs. Therefore, various regions are currently studying how to address this issue. In this regard, a person from the Provincial Banking Association informed the reporter: "Currently, the association is also studying this issue." According to his understanding, Shenzhen has already issued a banking convention prohibiting member banks from continuing to give "rebates" to mortgage intermediaries. "Whether Nanjing will adopt practices from other regions depends on the attitude of the superior supervisory authority."
The news that the Shanghai Bank Association plans to halt banks giving "rebates" to mortgage intermediaries has left many intermediaries in Shanghai anxious. Similarly affected are intermediaries in Hangzhou. Yesterday evening, relevant sources revealed: over the past period, most domestic banks in Hangzhou have already stopped paying "rebate" fees to intermediaries. Unlike Shanghai's proposed halt on mortgage "rebates," Hangzhou's Administration for Industry and Commerce has quietly intervened in the investigation. Currently, several local intermediary companies have submitted preliminary related materials, and the investigation is ongoing. The Zhejiang Banking Association reminded that Hangzhou's Administration for Industry and Commerce is investigating the fee exchanges between banks and real estate intermediaries. If determined as mortgage "rebate fees," it will be considered as unfair competition and suspected commercial bribery.
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After some banks in Shanghai and Hangzhou stopped paying "rebate" fees for mortgages to intermediaries, reporters interviewed some banks in Nanjing and the provincial banking association. Bank personnel indicated that they have not stopped paying "rebates" to intermediaries for mortgages. A person from the provincial banking association said that whether to halt the practice is still under study. However, some bank personnel believe that banks giving "rebates" to intermediaries is actually beneficial to homebuyers; otherwise, intermediaries would increase the intermediary fees charged to both parties in property transactions, raising the cost for homebuyers.
A person in charge of the mortgage department at a shareholding bank in Nanjing told reporters that in the past one or two months, the bank's "rebates" to intermediaries have significantly decreased because the annual mortgage targets have been met, and they no longer care about the volume of mortgage business at year-end. "As far as I know, most banks in Nanjing still offer 'rebates' to mortgage intermediaries." Another person from the mortgage department of a major state-owned bank in Nanjing informed reporters that regarding the so-called mortgage "rebates," their bank has never clearly defined them with intermediaries. If such "rebate" behavior exists, it is only individual actions by loan officers who take part of their bonus income to return to intermediaries. "Generally speaking, if the relationship between loan officers and intermediaries is good, they may give less; if the relationship is bad, they might give more." However, he also revealed to reporters that in Nanjing's banking sector, giving "rebates" to mortgage intermediaries is relatively common. Some state-owned banks in Nanjing even have specific accounting items for this expense.
The provincial banking association stated "currently under study," and industry insiders believe halting the practice will increase homebuyers' costs. Hangzhou's Administration for Industry and Commerce has intervened in the investigation. Mortgage rebates may involve commercial bribery.
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