$325 billion of commercial mortgages as of June 30, 2013. Mortgage brokers Mortgage brokers do not provide commercial mortgage loans, but are often used to obtain multiple quotes from different potential lenders and to manage the financing process. Correspondent Lenders Correspondent Lenders do not loan their own money, but provide front end services such as origination, underwriting, and loan servicing for lenders that utilize these types of companies. The correspondent often represents lenders in a particular geographic area. Other markets United Kingdom Commercial mortgage market Analysis of HM Revenue and Customs data for property transaction completions in the United Kingdom between 2005 and 2013 shows that, unlike residential lending, mortgage lending for non-residential property was on the decline prior to the 2008–2009 global recession. Gross commercial and residential lending began picking up at a similar pace from 2009 onwards, exhibiting 16.2% and 18.2% non-inflation adjusted growth respectively between 2009 and 2013. In 2014, commercial lending represented just 5.2% of overall gross mortgage lending by volume, but 25.3% by value. The average commercial mortgage in this year was £1.46 million, compared to the average residential mortgage of £236,400. Slotting Regulations introduced in 2013 by the Financial Services Authority (FSA) required banks to hold a risk-weighted amount of capital against commercial mortgages – ranging from 50% to 250% of the loan amount – in order to limit their exposure to commercial property assets. Critics predicted that the larger capital requirements for large banks could adversely affect the availability of commercial credit; however, the Bank of England’s 2013 Q4 Credit Conditions Survey indicated that commercial credit availability to the corporate sector had increased throughout the year. Regulation As regulated mortgage contracts are defined as relating to properties that will be used “as or in connection with a dwelling by the borrower… or a related person”, individual commercial mortgage contracts and the sale thereof are not regulated by the Financial Conduct Authority (FCA). There is an exception for mixed-use properties where 40% or more of the property will be used as a dwelling. By March 2016, however, the UK will be required to have implemented new rules to comply with the pan-European Mortgage Credit Directive, which does not draw a distinction between commercial and semi-commercial properties; it is therefore currently unclear whether all mixed-use properties will be brought under FCA regulation when the new regulations take effect, irrespective of the proportion that is used