In simple terms, a mortgage broker is a business that acts as an intermediary between consumers (either individuals or businesses) and lenders (such as a bank or mortgage company) for the purpose of securing a loan for the purchase, refinancing, or renovation of a residential or commercial property.
Mortgage brokers have business relationships with multiple lenders (in this case, “wholesale lenders”), which enables them to match the requirements of a particular consumer with a lender who can provide financing to meet that consumer’s needs.