What the study reported
Polygon Research's 2024 Channel Study reported an average lifetime difference of $10,662 for its comparison of broker-channel and nonbank retail loans. The study used 2023 Home Mortgage Disclosure Act data together with agency single-family performance and mortgage-backed-securities data. This is the study's reported historical result—not a LenderCity finding, a current market quote, or a prediction for an individual borrower.
Who supported the research
The study was conducted by Polygon Research with support from Willow Canyon Advisors and United Wholesale Mortgage, a wholesale lender. That sponsorship is relevant context when interpreting the findings. The result should be read with the study's definitions, comparison groups, assumptions, and methodology—not as proof that one channel always wins.
What the data cannot answer for one borrower
The Consumer Financial Protection Bureau describes HMDA data as the most comprehensive publicly available information about U.S. mortgage activity, while also noting that the dataset does not contain every credit-risk consideration used in loan approval and pricing. Historical channel averages cannot show today's available programs, final eligibility, rate-lock terms, service, or the complete cost of a specific offer.
- The study compared broker-channel loans with nonbank retail loans; it was not a quote comparison across every bank, credit union, broker, and lender.
- An average does not describe the property, credit profile, loan-to-value ratio, occupancy, program, state, or priorities of a particular borrower.
- Rates and costs change with the market, points, credits, lock period, and participating professional's available channels.
How to compare the offer in front of you
Keep the loan purpose, loan amount, property value, ZIP code, occupancy, property type, credit range, term, points baseline, and lock period aligned. Then compare interest rate, APR, monthly principal and interest, points, lender fees, lender credits, upfront lender-controlled cost, cash to close, and projected cost over the time you expect to keep the mortgage.
How consumers access wholesale pricing
Consumers generally access wholesale mortgage pricing through participating licensed mortgage brokers and lender partners—not by contacting a wholesale lender directly. The professional prices an eligible scenario through the channels available to that professional. Wholesale pricing can be competitive, but the channel label alone does not establish the best offer.
Where Lenny fits
Lenny compares disclosed or matched offers using the same scenario and explains the tradeoff among payment, APR, points, credits, lender-controlled costs, cash to close, and time. Lenny does not convert a historical average into a personal savings claim. A licensed mortgage professional confirms eligibility, final pricing, approval, and any rate lock.
What could change the answer?
- Current market pricing and the selected lock period.
- Loan purpose, program, credit profile, loan-to-value ratio, property, occupancy, and state.
- The participating professional's available wholesale and other matched sources.
- Points, lender credits, lender-confirmed fees, cash-to-close needs, and expected time in the mortgage.