Their own products are distributed by Banks and other lending institutions. Mortgage Markets have become more competitive, the mortgage broker role has become more popular. Mortgage brokers in most developed mortgage markets like U.S., U.K., Australia, Spain and Canada are the largest distributors of mortgage products for lenders. Mostly mortgage brokers are regulated to ensure a level of protection for the consumer. The extent of the regulation depends on the jurisdiction.

Today's many lenders use a list of rate offers and other incentives to attract the customers in competitive markets. Due to infrequent purchases of mortgage products, the mortgage markets appear confusing and some what confusing. Mortgage brokers guide the consumers through the process of selecting a suitable mortgage and offer mortgage and property related financial advice. A broker is someone who does not disclose his name, and is required to disclose his yield spread premium. The borrowers that have poor credit records or other circumstances finding a lender may be difficult. Mortgage broker is valuable resource in obtaining finance because he has specialized knowledge and have multiple lending sources.

The work undertaken by the broker depends on the depth of their service and liabilities.

Typically the following tasks are undertaken:

1 Marketing to attract clients
2 Assessment of the borrower's circumstances. This may include assessment of credit history (normally obtained via a credit report) and affordability (verified by income documentation).
3 Assessing the market to find a mortgage product that fits the client needs.
4 Applying for a lenders agreement in principle (pre-approval)
5 Gathering all needed documents (pay stubs/ pay slips, bank statements, etc.),
6 Completing a lender application form.
7 Explaining the legal disclosures.
8 Submitting all material to the lender.