URGENT-Working w/ Multiple Mortgage Brokers

[Ebi Amiri]

I have been working with a mortgage broker and she has provided me with conditional approval. Meanwhile, I found another broker with much lower rates and asked her for conditional approval. None of them have locked the rates yet as they both mentioned lenders do not lock the rates immediately these days. Today, I realized that, interestingly, they work with the same lender (how come the rates are different then!). I am wondering if it is okay to keep working with both and see which one can lock lower rates. Please advise.

I understand both brokers and I are putting time into this, but I also understand this is part of "shopping around" since they cannot lock any rate for me until the conditional approval is completed.

[Jared Rine]

@Ebi Amiri...if they have different rates with the same lender, it could be due to their compensation levels with that particular lender.  One of the brokers could be making more than what the other one is with the same lender.  It's part of my business, but I'm not big into working with 'rate shoppers.' Usually for the service that I'm providing, most of my clients tend to be loyal even if I'm off by an eighth or quarter percent.  I don't know off their rates are, but if they are by a lot, then you should ask.  

It is okay, but if it's literally the same wholesale bank, then once you get the loan in with the broker you choose, the lender shouldn't be accepting the application from the other broker b/c it will be registered in the system already.