<prompt> Human: One year ago we financed a 300K VA mortgage at a fixed 3.875. My existing lender has been calling to offer a lower rate without closing costs or having to buy points. According to them we do not have to repeat the initial approval process and this would be fast and save us money. I want to understand the motivations. I want to know who is getting paid and for what. It does not make sense to me that if someone lends me money they would benefit from lowering my rate, but clearly the rep who calls is motivated to make this happen.  <response>: They get transaction fees. Most of these lenders dont retain the loan, so they dont really care what interest rate you are paying. 