Work only with a broker willing to provide you with the wholesale rate sheets for their preferred lenders. There are MANY wholesale lenders and they all have different pricing, requirements, add-ons, restrictions, etc.
Most brokers submit most of their loans to one or two lenders because they expect ADDITIONAL rebates for high volume and/or sometimes a wholesale lender will approve loans they would normally decline for a broker who brings them LOTS of business.
Some wholesale lenders advertise the lowest rates, but provide inferior service, lose documents, don’t meet deadlines and might decline a loan application to avoid having to fund because they would lose money on the loan. It’s a complicated business and there’s a lot more to watch out for than the quoted rate.
Don’t get hung up on half a point, especially if it’s a purchase. Closing on time and without major stress is often much more important.
Many brokers ADVERTISED much lower rates and even highly regarded loan professionals were TEACHING how to quote 1/2 point less on the phone and then lying about a rate increase when the borrowers came to the office to complete the application.
As a credit consultant this information will come in handy giving you expert status with potential clients.