March 27, 2023
Posted Prices: These are prices obtained directly from each lender’s internal pricing system. Without posted prices, shoppers cannot compare prices of different lenders on the multi-lender site.
Complete Prices: Prices on the site should include all lender charges, and all adjustable rate mortgage features that affect the price.
Real-Time Prices: Prices on the site should always be live. This means that whenever a lender posts new prices on its own site or for its loan officers, prices on the multi-lender site change automatically and simultaneously.
Fully-Adjusted Prices: Prices should be fully adjusted for all the transaction characteristics that affect price.
Anonymous Shopping: A good multi-lender site allows you to shop without revealing contact information to lenders until you select one.
Price Monitoring: Selecting the lender with the lowest price does not guarantee the best possible deal because until the loan is locked, your price will float with the market. Unless you can monitor the price changes, you can’t be sure of the integrity of the process.
Decision Support: Many borrowers need help in making decisions about the type of mortgage, and the combination of upfront fees and interest rate that best meets their needs.