A mortgage broker acts as an intermediary who connects borrowers with lenders, a role that has grown significantly as mortgage markets became more competitive. In many developed nations like the US, Canada, and the UK, brokers now originate the majority of loans—for instance, a 2004 study found they handled 68% of US residential loans through about 53,000 companies. Their duties typically include assessing a borrower's credit and affordability, gathering documents, and submitting applications, though the scope varies by jurisdiction (e.g., UK brokers face strict liability for advice, while others may just make sales). A key distinction is that a mortgage broker works as a conduit between the buyer and lender, whereas a loan officer is employed directly by the lender. Regulation also differs: US brokers are licensed by states and overseen by the CFPB, and they can be held personally liable for fraud, while in Canada they are typically paid by the lender without charging fees for good credit. This shift has allowed banks to outsource borrower qualification and some liabilities, making brokers the largest sellers of mortgage products in many markets.