A commercial mortgage broker is often used to connect the borrower with potential lenders, obtain multiple quotes, and to manage the financing process.
[citation needed] In the United States, commercial brokers are represented by a certificate of National Association of Mortgage Brokers (NAMB): Certified Mortgage Consultant (CMC).
[6] In Australia, mortgage brokers must be licensed by the Australian Securities and Investments Commission (ASIC).
To obtain a licence, brokers are required to complete and lodge application form CL01 with ASIC.
Additionally, they must fulfil the fitness and propriety requirements under the National Consumer Credit Protection Act 2009.