Mortgage brokers arrange residential mortgages.
They don't lend money and can't approve loans or make loan commitments. Their role is to bring borrowers and lenders together. Brokers keep tabs on the mortgage market through ties to local, regional and national lenders and can refer a future borrower to a mortgage banker, savings institution or commercial bank. Brokers provide consumers with choice, convenience and expertise. The consumer receives an expert mentor through the complex mortgage lending process.