Mirror, mirror on the wall....

Are you sitting down? Of the four rate parts, the MBS price and delivery fees are the only constant between all lenders. All mortgage lenders get the same MBS pricing and all mortgage lenders are using the same delivery fee rules, so the only difference in rates should be based on the lender’s performance – right? It should be, but it doesn’t work that way in reality, which can lead to unhappy borrowers at closing. Mortgage companies, shocker, actually get slapped by the Feds occasionally for delinquencies and defaults, especially companies that deal in high volume or riskier loans.