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Q: What are the pros and cons of working with a mortgage broker vs. a mortgage lender? --Malik A: There are several, although in some respects, the gap between mortgage brokers and mortgage bankers has narrowed in the wake of the foreclosure/housing market crisis.Generally speaking, mortgage brokers are licensed, independent contractors associated with independent, licensed brokerage companies, who work on 100 percent commissions to connect mortgage consumers (those seeking to finance a home purchase, and those seeking to refinance their current homes) with loans from a variety of mortgage banks and lenders. Mortgage bankers or lenders, on the other hand, are usually employees of a mortgage bank who work on some combination of salary and commissions to connect borrowers primaril...