The financial intermediary, or "middle-man", that sponsors the passage between the lender(s) originating the loan and the ultimate investor(s) of the loan. This conduit makes or purchases loans from third party correspondents, abiding by standardized terms, underwriting and documentation requirements. After sufficient volume has been obtained through this process, the conduit will proceed to pool the loans for sale to investors in the CMBS market (Commercial Mortgage Backed Securities market).