following tasks are undertaken: marketing to attract clients assessment of the borrower's circumstances (Mortgage fact find forms interview) – this may include assessment of credit history (normally obtained via a credit report) and affordability (verified by income documentation) assessing the market to find a mortgage product that fits the client's needs. (Mortgage presentation/recommendations) applying for a lenders agreement in principle (pre-approval) gathering all needed documents (paystubs/payslips, bank statements, etc.) completing a lender application form explaining the legal disclosures submitting all material to the lender upholding their duty by saving their clients as much money as possible by offering best advice for the clients circumstances Mortgage brokerage in the United States According to a 2004 study by Wholesale Access Mortgage Research & Consulting, Inc., there are approximately 53,000 mortgage brokerage companies that employ an estimated 418,700 employees and that originate 68% of all residential loans in the United States. The remaining 32% of loans is retail done through the lender's retail channel, which means the lender does not go through a broker. The banks have used brokers to outsource the job of finding and qualifying borrowers, and to outsource some of the liabilities for fraud and foreclosure onto the originators through legal agreements. During the process of loan origination, the broker gathers and processes paperwork associated with mortgaging real estate. Difference between a mortgage broker and a loan officer A mortgage broker works as a conduit between the buyer (borrower) and the lender (banks and non-bank lenders), whereas a loan officer typically works directly for the lender. Many states require the mortgage broker to be licensed. States regulate lending practice and licensing, and the rules vary from state to state. Most states require a license for those persons who wish to be a "Broker Associate", a "Brokerage Business", and a "Direct Lender". A mortgage broker is normally registered with the state, and is personally liable (punishable by revocation or prison) for fraud for the life of a loan. A loan officer works under the umbrella license of an institution, typically a bank or direct lender. Both positions have legal, moral, and professional responsibilities and obligations to prevent fraud and to fully disclose loan terms to both consumer and lender. Agents of mortgage brokers may refer to themselves as "loan officers". Mortgage brokers must also hold individual and company licenses through the Nationwide Multi-State Licensing System and Registry (NMLS). The goal of