For months, brokers have phoned the offices of federal politicians, fired off angry emails and held town-hall style meetings to berate MPs for an attack on their livelihoods after both sides promised to implement most of the commission's recommendations on broker pay.
At the same time, TV personality Bouris, a business ally of the Prime Minister whose financial advice firm Yellow Brick Road collects $53 million annually in trailing commissions, personally lobbied Scott Morrison and Frydenberg to reverse the government's earlier pledge to adopt Hayne's recommendation.
In an email on Wednesday afternoon to associates, Bouris was quick to take credit "for the great work that has been undertaken by your leadership team and myself in relation to the royal commission recommendations".
"I have personally remained proactive in lobbying both the Prime Minister, the Treasurer and their departments to ensure there was a clear understanding of the current broker remuneration structure and how any change in broker remuneration would impact competition," Bouris wrote.
"This is not only a positive outcome for the industry but also demonstrates there is power in being unified and collaborative (the industry) and important to fight for what you believe is right!"
Seselja copped an earful
Even before a stone-faced royal commissioner Kenneth Hayne handed his damning report to the Treasurer on February 1, many of the country's 17,000 mortgage broker owners had mobilised to protest any elimination of their commissions worth about $130,000 in revenue a year to the average broker.
Mortgage brokers, who make up less than 0.1 per cent of the population, executed the perfect case study in successful lobbying.
Robert, a major Liberal fundraiser who lived with Morrison in Canberra before he was promoted to Prime Minister, liaised closely with the industry and pushed the case internally in the government for it to compromise on the Hayne recommendations.
When Frydenberg spoke to colleagues at the government's cabinet meeting in Melbourne on Tuesday, fresh in his mind would have been pressure from backbenchers and brokers.
The Treasurer proposed the government reverse course on its pledge to end trailing commissions that make up a large share of more than $2 billion in annual commissions paid to mortgage brokers.
Liberals, both ministers and backbenchers, were delighted with the backflip after earlier feeling the heat from brokers.
Assistant Minister for Treasury Zed Seselja copped an earful from brokers just days after the royal commission report was released, sentiment that he passed to senior colleagues.
Seselja came face-to-face in February with mortgage brokers in his home city of Canberra and also Adelaide, where two sold-out meetings of about 250 brokers convinced the junior minister that the government had made a mistake in originally adopting Hayne's ban on trail commissions.
South Australian Liberal senators David Fawcett and Anne Ruston were also present to witness the uprising.
Reflecting on the consultations, Seselja says mortgage brokers are "good for consumers" and "good small business people".
"They're certainly good for small lenders and competition, so we support the industry," Seselja says.
One lobby group representing mortgage brokers spent hours analysing the electoral boundaries to find out where mortgage brokers were concentrated.
Sydney MP Julian Leeser has more than 200 mortgage brokers in his electorate and had been visited by some of them before the commission's final report was tabled.
He raised their concerns directly in conversations with the Prime Minister and Treasurer.
"Mortgage brokers are absolutely essential at boosting competition in lending and many constituents talked about the thousands of dollars mortgage brokers had saved them over the years," Leeser says.
Boosting the case for mortgage brokers on a February 18 visit to Canberra was Bouris for a property industry round table with Morrison and Frydenberg. The meeting was set up to critique Labor's housing tax policies and raise concerns about tighter credit conditions.
Over a series of weeks Bouris gently nudged the Prime Minister and Treasurer to reconsider their pledge.
Combined with Aussie Home Loans founder John Symond, Mortgage and Finance Association of Australia chief executive Mike Felton and Australian Finance Group chief executive officer David Bailey, the industry leaders leaned on government ministers and backbenchers.
"We had conversations with the Prime Minister and the Treasurer," Bouris says in an interview.
"There's been extensive lobbying by the broker industry to both parties.
"It's now a sensible position from the Liberals because Hayne's recommendation needs to be reviewed because it would break down the intermediary segment, empower the big banks and hurt consumers."
Mortgage brokers arrange about 60 per cent of home loans and are crucial to smaller lenders which have far fewer branches to issue loans through.
Mid-tier bank leaders from AMP Bank, Bank of Queensland, Bendigo and Adelaide Bank, Suncorp, ING, ME Bank and MyState paid a February visit to the Treasurer's Canberra office in February to rally against the planned ban on trailing commissions.
They argued the erosion of the mortgage broker channel would simply give the big banks more power.
In contrast, Commonwealth Bank of Australia chief executive Matt Comyn, head of the country's largest home lender writing 25 per cent of mortgages and boasting the biggest branch network, was supportive of overhauling the broker remuneration model.
'Very passionate and animated'
Though the industry says the average mortgage broker earns $80,000 a year, Comyn has said there are 1300 brokers earning more than $1 million a year, and the top 200 brokers are pocketing more than $2.5 million.
Financial futures were on the line.
In Queensland, Liberal National Party MP Andrew Wallace had "robust" discussions in a meeting of about 50 local mortgage brokers on February 15.
"They were very passionate and animated," says Wallace.
"Their advice to me was their business model couldn't operate if they had no trails."
Wallace, a former builder and construction lawyer, says in the last 24 hours he has received phone calls and emails from brokers thanking him for the policy reversal.
The government will still impose new requirements on the industry.
Similar to financial advisers, brokers will be legally bound by a new best interest duty obligation towards customers.
The value of upfront commissions must be linked to the amount drawn down by borrowers – the actual amount borrowed, not the total loan facility available.
Hayne effectively shelved
There will also be a ban on campaign-based and volume-based commissions, the latter which lenders pay to mortgage aggregators for reaching a target in loan settlements over a particular period. The payments incentivise riskier levels of borrowing and brokers favouring certain banks.
Frydenberg says that in three years both upfront and trailing commissions will be reviewed by regulators, effectively shelving the Hayne recommendations.
Labor has committed to ban trailing commissions. Rather than adopting Hayne's recommendation for a customer-paid commission model, Bowen would cap the upfront commission at a maximum 1.1 per cent of the loan size.
The Mortgage and Finance Association of Australia's Felton, a financier who represents brokers, lenders, home loan aggregators and mortgage insurers, admits he was "somewhat surprised" by Frydenberg's change of heart.
"It's not often that you get significant positions like that moving," Felton says. "We believe it's the absolutely correct position for customer outcomes that trails assist in driving."
Brokers are hoping Labor backs down.
Bouris says Labor has "left the door open for consultation".
Another industry insider says the industry is up for a fight before and after the election – exactly what the Liberals are counting on.
"The key now is whether Labor matches this. Does Shorten really want to fight an election on this?"