Lenders can no longer compete by simply having a branch on the corner and waiting for someone to walk in and ask for a mortgage.

Independent Mortgage Brokers now operate across the country on an electronic delivery system, which provides up to the minute information on over 40 lenders, including most of the major banks. This information is supplied by the lenders in the hopes that the independent brokers will have broader access to the public and therefore deliver more business.

Since the Broker will return again and again with more mortgages, it is a highly effective way for the lenders to increase their business. The broker will deal directly with the client on behalf of the lender, saving the lender the cost of administration and other associated overhead. The lender only pays a fee to the broker when the client takes a mortgage. Without the costs normally associated with branches, salaries, benefits, etc., the lender can offer the client a better rate.

Mortgage Brokerage is one of those truly rare situations in life where it is WIN/WIN for everyone involved.