Is it poor form to share LEs with other lenders when shopping for best rates?

@Amy Konopka agree with the above comments. I'll add though that you should be transparent with the lenders you're considering and make it clear to them that you're still shopping around and comparing options. It would be bad form to start the process with 1 lender and lead them to believe that you're moving forward with them, then sending their LE to other companies asking to match or beat it.

I encourage my borrowers to shop around, if someone can beat my terms then so be it. Here to help people grow their financial freedom, not to scalp them on a singular loan.

This is good advice. Ideally your goal as well will be to pick a lender not only for this one deal but for all your deals going forward and a real relationship. Its generally better to have a lending partner rather thank nickel and diming basis points on rate everytime you want to do a deal IMO

Agreed with all of these fellas and second @Kevin on this ^^^ If you're heavy rate shopping, I'd recommend narrowing it down to 2-3 lenders who are most competitive on rates/costs and have the best communication. Break up with the folks who you're not interested in using so that they know you're not in the mix anymore. Once you get an accepted offer, ask for best & final from your top lenders so you can avoid having to go back and forth all day. If one lender has better rates/costs than another who you'd prefer to work with (better communication / customer service), send them the other LE and they'll most likely try to match it to keep you on board. At the end of the day, if you're unsure on which is the better offer, an LO will be able to tell you right away with an LE. Just make sure you trust who you're working with to give you an objective opinion!

I agree with Robin. As a lender myself, having an opposing LE to review helps solidify the conditions/terms you presently have and determine if our products might be a better fit.

I don't think so, there's unfortunately definitely a lot of "stretching the truth" in this industry so transparency is a real good differentiator. A lender really isn't going to be disclosing anything really confidential or valuable in just a loan estimate

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