Cash Out Refinancing

[Richard Eilenberger]

Newbie here.  We purchased our first rental property two years ago, and we are refinancing this property with proceeds dedicated for the next purchase.  We have been working with an agent that supports both purchase and financing of the properties, we are closing on our fourth property here into October.  For the refi I received a cost sheet with a 3.7% rate.  To my eye this seemed a bit high, I pinged the Internet, and the phone started ringing.  

Our initial loan to purchase was provided through Loan Depot, which our agent worked to arrange.  LD informed us that customers have a life time option to refi which includes refunding of the appraisal and origination fees on the loan.  LD informed me that the rate for their refinance is 3.25%, which is a meaningful difference for ongoing costs.  My agent tells me that the rate is based on the capacity of the LD retention department to issue the loan at this rate.  Looking for some insight as to what's going on here?  I understand folks should be paid for the work they do, but 55 basis points off the mark on the offer as presented is a red flag.  Thoughts?