Often a lender obtains another credit report and may call your employer one last time before funding the loan. Take into consideration the shorter the time period between the actual lock and the closing the cheaper the interest rate or points. It may cost more to get an extended lock rate. Some mortgage sources are direct lenders such as banks and mortgage bankers with retail establishments. Usually banks or mortgage banks will be competitive in one or several products, and will encourage their loan officers to sell these products to the consumer.
Direct lenders are captive to their own products.
They will not provide unbiased advice or selection, since by doing so they will possibly risk losing your loan to the company whose product truly provides you the most value. Brokers on the other hand can sell a variety of products, from multiple sources, and can be objective in their recommendations. Brokers represent a number of lenders and offer these lender's products through a wholesale arrangement. If your loan is declined for whatever reason, you will need to begin the process again with another source. With a mortgage broker, you have another chance if one lender doesn't approve your loan.