What is a wholesale mortgage broker?
A wholesale mortgage broker is a licensed intermediary who helps borrowers compare loan options from multiple wholesale lenders, rather than offering a single lender's products. Turn Times, a licensed mortgage broker (NMLS #2099552), shops participating wholesale lenders for California and Colorado borrowers. The selected lender, not the broker, underwrites, approves, locks, and funds the loan. Turn Times may charge an origination fee. All fees are disclosed on your Loan Estimate.
Key facts
- A mortgage broker does not lend money; a wholesale lender underwrites and funds the loan.
- Borrowers typically work with the broker day to day; the wholesale lender's underwriting team reviews the file.
- A broker can present options from more than one participating lender so you can compare terms on Loan Estimates.
- Broker compensation must follow federal loan-originator compensation rules and appears on the Loan Estimate and Closing Disclosure.
- Turn Times is licensed in California and Colorado (NMLS #2099552).
Wholesale vs. retail: the mortgage channels in plain English
- Retail / consumer-direct: You apply to one bank, credit union, or online lender that offers its own products.
- Wholesale: You work with an independent mortgage broker who submits your scenario to wholesale lenders that fund through third-party originators.
- Correspondent: A company originates and closes loans, then sells them to investors (details vary).
In the wholesale channel, the broker gathers your goals and documentation, reviews eligible programs among participating lenders, explains trade-offs, and coordinates the file through underwriting and closing. You choose the lender and loan terms that fit your situation.
Turn Times is a licensed mortgage broker, not a lender. The lender you select issues the Loan Estimate, underwrites the application, and, if approved, locks and funds the loan.
How shopping participating wholesale lenders works at Turn Times
Timelines vary by loan type, lender and file.
- Goals and scenario: purchase, refinance, home equity, investment property, or self-employed income.
- Documentation: credit authorization and the income, asset, and property documents lenders commonly request.
- Lender search: we compare eligible programs among participating wholesale lenders for your full scenario.
- Side-by-side options: you review disclosures so you can see rate structure, fees, and product differences.
- Application with the chosen lender: conditions, appraisal, title, and insurance move through that lender's process.
- Closing: the lender funds; Turn Times stays involved as your broker contact.
A broker comparison does not guarantee a lower rate or a faster close. It gives you more options to compare.
Who often benefits from a wholesale broker
- You want to compare more than one lender without submitting separate applications everywhere yourself.
- Your scenario may fit specialty products, such as certain non-QM, bank-statement, or DSCR options, that vary by lender.
- You prefer one point of contact who coordinates between you and the funding lender.
- You are buying or refinancing in California or Colorado, where Turn Times is licensed.
A broker may be less necessary if you already have an offer from a bank you trust and are comfortable comparing Loan Estimates on your own. The Consumer Financial Protection Bureau (CFPB) encourages shopping and comparing Loan Estimates either way.
California and Colorado notes
- Licensing: Verify any broker or loan originator on NMLS Consumer Access and, for California, through DFPI resources.
- Programs: Conventional, FHA, VA, jumbo, home equity, and certain non-QM options may be available through participating lenders; guidelines vary by lender.
Common questions
Is a wholesale mortgage broker the same as a wholesale lender?
No. The broker shops options and works with the borrower. The wholesale lender underwrites and funds.
Does working with a broker mean I pay more?
Not necessarily. Brokers are paid for their work, either borrower-paid or lender-paid under federal rules. Turn Times may charge an origination fee. All fees are disclosed on your Loan Estimate. Compare the full Loan Estimate, not just a quoted rate.
Can Turn Times approve or lock my loan?
No. Turn Times is a licensed mortgage broker, not a lender. The selected lender underwrites, approves, locks, and funds.
Next step
Want to compare options for a California or Colorado scenario? Schedule a Loan Options Consultation or call 844-999-8876. A consultation is an educational, no-obligation conversation, not a promise of approval or pricing.
Sources
- Consumer Financial Protection Bureau: the difference between a mortgage lender and a mortgage broker; how loan officers and brokers get paid.
- NMLS Consumer Access: license verification.
- California DFPI: financing law licensing resources.
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Just Homes Inc. dba Turn Times · NMLS #2099552 · CA DFPI Financing Law License #60DBO-181268 · CO Mortgage Company Registration #2099552 · Equal Housing Opportunity Loans made or arranged pursuant to a California Financing Law license. Verify licenses at NMLS Consumer Access (nmlsconsumeraccess.org).