Mortgage Bankers process, underwrite, and fund with their own funds. Mortgage Brokers have relationships with other lenders. There are advantages of mortgage brokers because they have access to many lenders where mortgage bankers are captive. Advantage of mortgage bankers is they have full control because they underwrite and fund their own loans. Mortgage Brokers do not have direct control and need to rely on outside lenders. Both have its pros and cons.