A further thought.
Mortgage broking started with solely upfront fees, and has evolved towards a % up front and % trail system with clawbacks. And it did this without academics setting the rules of the game. The current system is likely the least bad system for customers, lenders, and the Mortgage Brokers, and has been tested by time. I think the current system lends itself perfectly to testing out minor changes at the edges, but to ignore the evolution of the industry over time is extreme/dumb arrogance.
