Print this page or keep it open while you talk with at least two lenders about mortgage rates. It goes with the 5 guides on Types of Mortgage Lenders. Sections are ordered by how often those guides discuss each topic, and each one quotes what the guides say about it. Write each lender's answer in its column, then compare. Nothing here is collected or sent; the boxes are for pen and paper.
Read before you call
One point from each guide on this site, so you can follow what each lender tells you.
- “Some keep certain mortgages on their books; many sell them.” From Banks, Mortgage Lenders, Brokers and Credit Unions
- “Federal loan originator compensation rules prohibit paying loan officers based on a loan’s interest rate or terms, which reduces incentives to steer borrowers.” From How Loan Officers Are Paid
- “A mortgage broker works with multiple wholesale lenders and arranges the loan with one of them.” From Mortgage Broker vs. Direct Lender: Compensation Rules
- “Banks take deposits and may keep some mortgages on their books.” From Credit Unions, Banks and Nonbank Lenders: What Differs
- “Ask whether the company is a direct lender, a broker or a credit union, and who will actually fund and service the loan.” From Questions to Ask Any Lender, Broker or Credit Union
Questions from this site's guides
| Question | Lender 1 | Lender 2 |
|---|---|---|
| How is the loan officer compensated on this loan? | Lender 1 answer | Lender 2 answer |
| Does the borrower pay any originator compensation? | Lender 1 answer | Lender 2 answer |
| What alternative loan options were presented? | Lender 1 answer | Lender 2 answer |
| Where does compensation appear on my estimate? | Lender 1 answer | Lender 2 answer |
| Who funds the loan at closing? | Lender 1 answer | Lender 2 answer |
From the checklist on this site.
Pricing questions
What the guides on this site say:
- “Existing customers sometimes receive relationship pricing.” From Banks, Mortgage Lenders, Brokers and Credit Unions
- “Brokers must present options including the loan with the smallest interest rate and the one with the smallest total origination costs among options for which you likely qualify.” From How Loan Officers Are Paid
- “Compensation cannot be based on a loan's terms, such as the interest rate.” From How Loan Officers Are Paid
| Question | Lender 1 | Lender 2 |
|---|---|---|
| Which details of my file is this quote based on: credit, loan-to-value, loan amount, property type and occupancy? | Lender 1 answer | Lender 2 answer |
| Can you issue the Loan Estimate on the same day as the other lenders I am comparing? | Lender 1 answer | Lender 2 answer |
| Which items on this quote could still change before closing? | Lender 1 answer | Lender 2 answer |
Questions based on CFPB: Loan Estimate explainer.
Your Loan Estimate
What the guides on this site say:
- “Broker compensation is disclosed on the Loan Estimate and regulated by federal loan originator compensation rules.” From Banks, Mortgage Lenders, Brokers and Credit Unions
- “Federal Loan Estimate and Closing Disclosure rules apply.” From Banks, Mortgage Lenders, Brokers and Credit Unions
- “Compensation appears on the Loan Estimate and Closing Disclosure.” From How Loan Officers Are Paid
| Question | Lender 1 | Lender 2 |
|---|---|---|
| Can you send me an official Loan Estimate for this exact scenario? | Lender 1 answer | Lender 2 answer |
| Which fees in the Loan Costs section are your own charges, and which are third-party charges? | Lender 1 answer | Lender 2 answer |
| Which services on the Loan Estimate can I shop for myself? | Lender 1 answer | Lender 2 answer |
Questions based on CFPB: Loan Estimate explainer.
Rate lock
What the guides on this site say:
- “Ask for a Loan Estimate, whether the quote is locked, what the lock costs and how long it lasts, and which fees could change before closing.” From Questions to Ask Any Lender, Broker or Credit Union
| Question | Lender 1 | Lender 2 |
|---|---|---|
| Is my interest rate locked yet? If so, on what date does the lock expire? | Lender 1 answer | Lender 2 answer |
| What happens if closing is delayed past the lock date, and is there a cost to extend it? | Lender 1 answer | Lender 2 answer |
Questions based on CFPB: What's a rate lock?.
Points and lender credits
What the guides on this site say:
- “Ask whether lender credits or points are included and what the offer would be with neither.” From Questions to Ask Any Lender, Broker or Credit Union
| Question | Lender 1 | Lender 2 |
|---|---|---|
| Does this quote include discount points or lender credits? | Lender 1 answer | Lender 2 answer |
| What would the same quote look like with no points and no credits? | Lender 1 answer | Lender 2 answer |
Questions based on CFPB: Discount points and lender credits.
Loan features
What the guides on this site say:
- “Ask also whether your loan will be serviced in-house or transferred after closing, since that affects who you call for years, and whether local staff can help with escrow questions.” From Credit Unions, Banks and Nonbank Lenders: What Differs
| Question | Lender 1 | Lender 2 |
|---|---|---|
| Does this loan have a prepayment penalty? | Lender 1 answer | Lender 2 answer |
| Can the interest rate or monthly payment change after closing? If so, when and how? | Lender 1 answer | Lender 2 answer |
| Will I have an escrow account for property taxes and insurance? | Lender 1 answer | Lender 2 answer |
Questions based on CFPB: What is a prepayment penalty?.
Before you choose
What the guides on this site say:
- “They are licensed by each state where they lend and appear on NMLS Consumer Access.” From Banks, Mortgage Lenders, Brokers and Credit Unions
- “Loan originators must be registered or licensed through NMLS.” From Banks, Mortgage Lenders, Brokers and Credit Unions
- “The type of company matters less than the specific offer, the programs available and the service you receive.” From Banks, Mortgage Lenders, Brokers and Credit Unions
| Question | Lender 1 | Lender 2 |
|---|---|---|
| What are your individual and company NMLS IDs, so I can look them up? | Lender 1 answer | Lender 2 answer |
| Who will service the loan after closing? | Lender 1 answer | Lender 2 answer |
Questions based on NMLS Consumer Access.
This worksheet is general education. It does not ask for or store any personal information, and it is not an offer or a pre-approval. Compare written Loan Estimates, and verify every lender on NMLS Consumer Access.
Sources
- CFPB: Loan Estimate explainer
- CFPB: What's a rate lock?
- CFPB: Discount points and lender credits
- CFPB: What is a prepayment penalty?
- NMLS Consumer Access