Definition
A mortgage broker is a professional holding an AMF licence in Québec (Mortgage Brokerage Act, CQLR c. C-71.4), whose mission is to shop and negotiate a mortgage at multiple lenders on behalf of a borrower. They represent your interests, not those of a single institution.
Difference vs. a branch representative: a branch rep can only propose their institution's products; a broker accesses 30+ lender grids (banks, credit unions, B alternative lenders, sometimes private) and can compare offers. In Québec, the broker must have signed a written brokerage agreement with you before any work.
Compensation: on most standard A files (purchase, transfer, residential refinance), the broker is paid by a lender commission (typically 0.80 to 1.10% of the loan amount, paid at origination). The service is therefore free to you. On B or private files, direct fees may apply, mandatorily disclosed in the mandate.
Always verify your broker's licence via the public AMF registry before any signing.