Question 1

What is BidYourLoan?

Accepted Answer

BidYourLoan is a technology platform that connects borrowers with licensed Mortgage Loan Officers (MLOs). You post your loan request anonymously, and MLOs compete to offer you the best rates and terms. Think of it as a reverse auction for mortgage rates - instead of you shopping around, lenders come to you.

Question 2

Is BidYourLoan a lender?

Accepted Answer

No, BidYourLoan is NOT a lender, mortgage broker, or mortgage loan originator. We are a technology platform and advertising marketplace that connects borrowers with independent mortgage professionals. All loans are originated, underwritten, and funded by the individual MLOs and their companies.

Question 3

Is BidYourLoan free for borrowers?

Accepted Answer

Yes! BidYourLoan is completely free for borrowers. You can post unlimited loan requests, receive unlimited bids, and compare offers at no cost. There are no hidden fees or charges to borrowers.

Question 4

How does BidYourLoan make money?

Accepted Answer

BidYourLoan charges subscription fees to Mortgage Loan Officers who use our platform to find and bid on loan requests. Borrowers never pay any fees to use our service.

Question 5

What is BidYourLoan's role in the loan process?

Accepted Answer

BidYourLoan ONLY facilitates the initial connection between borrowers and MLOs through our bid/accept process. When a borrower accepts a bid, they can exchange contact information with the MLO through our messaging system. All subsequent loan applications, processing, underwriting, and closing occur entirely OFF-PLATFORM and are handled directly between the borrower and MLO. BidYourLoan has no involvement in the actual loan transaction. Users may update their loan status on our platform for personal tracking purposes only.

Question 6

How do I post a loan request?

Accepted Answer

Simply create a free account, then fill out our loan request form. You'll provide details about the property, loan amount, your credit score, and preferences. The entire process takes about 5-10 minutes. Your personal contact information is always kept private - you choose what to share through messaging.

Question 7

Is my information kept private?

Accepted Answer

Yes! Your loan request is posted anonymously. MLOs can see your loan details (property info, loan amount, credit score, etc.) but NOT your name, email, phone number, or exact address. Even after you accept a bid, your contact info is NOT automatically shared - you choose what to share through the messaging system.

Question 8

How long is my loan request active?

Accepted Answer

Your loan request stays active for 3 days after posting. During this time, licensed MLOs in your state can submit bids. If your request expires without finding the right offer, you can easily repost it for another 3 days.

Question 9

How many bids can I accept?

Accepted Answer

You can accept up to 3 bids per loan request. This allows you to compare final offers from multiple MLOs before making your final decision. Once you accept 3 bids, remaining pending bids are automatically rejected.

Question 10

What happens after I accept a bid?

Accepted Answer

When you accept a bid: (1) Direct messaging is enabled between you and the MLO, (2) You can share your contact info through the chat when you're ready, (3) The MLO can discuss your loan needs via messaging. Important: BidYourLoan only facilitates this initial connection. All subsequent loan applications, processing, and closing occur entirely off-platform and are handled directly between you and the MLO. You can update your loan status on our platform for tracking purposes. Accepting a bid is not a commitment to get the loan - it just opens communication.

Question 11

Can I repost an expired loan request?

Accepted Answer

Yes! If your loan request expires without finding the right offer, you can repost it. Each loan can be reposted once after waiting 7 days from the original posting date. The repost creates a fresh 3-day window for new bids.

Question 12

How do I know if an MLO is legitimate?

Accepted Answer

All MLOs on our platform must register with their NMLS ID (Nationwide Multistate Licensing System). You can verify any MLO's license at nmlsconsumeraccess.org. Additionally, our platform shows ratings and reviews from other borrowers who have worked with each MLO. However, BidYourLoan does not guarantee that an MLO is using a real or accurate NMLS ID. We strongly recommend that borrowers independently verify MLO credentials through the official NMLS Consumer Access website (nmlsconsumeraccess.org) by looking up the registered NMLS number, phone number, email address, and sponsoring company contact information before proceeding with any loan application.

Question 13

Does posting a loan request affect my credit score?

Accepted Answer

No! Posting a loan request on BidYourLoan does NOT affect your credit score. We do not run credit checks. You simply tell us your credit score range. A credit check will only happen later if you decide to proceed with a formal loan application with an MLO.

Question 14

Am I obligated to accept any bid?

Accepted Answer

No, you are under no obligation to accept any bid. You can let your loan request expire if you don't find an offer you like. Even after accepting a bid, you're not obligated to proceed with the loan - accepting just opens communication with the MLO.

Question 15

How many loan requests can I have at once?

Accepted Answer

Regular users can have up to 3 active loan requests at any time. You can also create up to 3 new loan requests per day. This prevents abuse while giving you flexibility to shop for multiple properties or scenarios.

Question 16

Can I save my favorite MLOs?

Accepted Answer

Yes! You can save your favorite MLOs by clicking the heart icon on their profile. This makes it easy to find and compare MLOs you're interested in working with. You can view all your saved MLOs from the Favorites page in your dashboard.

Question 17

How do I join as an MLO?

Accepted Answer

Register for a free account and select "Loan Officer" as your account type. You'll need to provide your NMLS ID, licensed states, and company information. IMPORTANT: You must use the same email address that is registered with your NMLS ID at nmlsconsumeraccess.org. Using a different email may result in your account being blocked during verification. After email verification, you can start browsing loan requests and submitting bids.

Question 18

Why do I need to use my NMLS-registered email?

Accepted Answer

To protect borrowers and maintain platform integrity, we verify MLO credentials against the NMLS database. You must register with the same email address listed on your NMLS profile at nmlsconsumeraccess.org. Using a different email address may result in your account being flagged or blocked during our verification process. This requirement helps ensure that only legitimate, licensed MLOs can bid on loan requests.

Question 19

What subscription plans are available?

Accepted Answer

We offer three subscription tiers: Basic (Free - 100 lifetime bids), Pro ($40/month - 100 monthly bids), and Max ($80/month - 300 monthly bids). Pro and Max tiers include priority support and enhanced profile visibility.

Question 20

How many bids can I submit?

Accepted Answer

It depends on your subscription tier. Basic tier includes 100 bids for the lifetime of your account. Pro tier includes 100 bids per month, and Max tier includes 300 bids per month. Monthly bids reset at the start of each billing cycle.

Question 21

Can I see borrower contact information before they accept my bid?

Accepted Answer

No. Borrower contact information (name, email, phone) is never automatically revealed - even after they accept your bid. Accepting a bid enables direct messaging between you and the borrower. The borrower chooses when and what contact info to share through the chat. This protects borrower privacy and ensures MLOs compete on the quality of their offers.

Question 22

What loan details can I see before bidding?

Accepted Answer

You can see all loan-relevant information: property location (city/state), property type, loan purpose, loan amount, property value, LTV, credit score, employment type, documentation type, and borrower preferences. You cannot see personal identifying information.

Question 23

How do ratings work?

Accepted Answer

After a borrower accepts your bid and works with you, they can rate your service on a 1-5 star scale. Ratings are based on: response time, professionalism, rate competitiveness, and communication. Higher ratings increase your visibility on the platform. MLOs who submit unrealistic or misleading bids will receive poor ratings, damaging their reputation and reducing their visibility to future borrowers.

Question 24

Should I submit realistic bids?

Accepted Answer

Absolutely. You should only submit bids with rates and terms you can actually deliver. Submitting unrealistic or "bait" rates to attract borrowers will result in poor ratings and reviews when you cannot honor those terms. This damages your reputation and visibility on the platform. BidYourLoan encourages fair competition based on genuine offers. Remember: BidYourLoan only facilitates the initial connection - all loan processing and closing occur off-platform between you and the borrower.

Question 25

What states can I bid in?

Accepted Answer

You can only bid on loan requests in states where you hold an active MLO license. When you register, you specify your licensed states. You can update your licensed states anytime in your profile.

Question 26

What happens if I delete my MLO account?

Accepted Answer

When you delete your MLO account, your personal information is removed but your bid history, ratings, and reviews are PERMANENTLY retained and linked to your NMLS ID. This is to prevent MLOs from escaping poor reviews by deleting and re-registering. If you re-register with the same NMLS ID in the future, your complete history will be automatically restored. This policy protects borrowers and ensures the integrity of our rating system.

Question 27

Can I respond to borrower reviews?

Accepted Answer

Yes! MLOs can reply to reviews left by borrowers. This allows you to thank borrowers for positive feedback, address concerns, or provide context. Your reply will be displayed publicly alongside the borrower's review on your profile page. Each review can have one reply from the MLO.

Question 28

Can I save loan requests for later?

Accepted Answer

Yes! You can bookmark loan requests by clicking the bookmark icon. This helps you keep track of loans you're interested in bidding on. You can also add private notes to bookmarked loans to remember important details. View all your bookmarked loans from the Favorites page in your dashboard.

Question 29

What is the referral program?

Accepted Answer

MLOs can earn bonus bids by referring other MLOs to BidYourLoan. When you share your unique referral link and a new MLO signs up and places their first bid, you'll receive 100 bonus bids. Visit the Referrals page in your dashboard to get your referral link and track your referrals.

Question 30

How do referral rewards work?

Accepted Answer

Here's how the referral program works: (1) Share your unique referral link with other MLOs, (2) When they sign up using your link, they're tracked as your referral, (3) Once the referred MLO places their first bid, (4) You automatically receive 100 bonus bids credited to your account. There's no limit to how many MLOs you can refer!

Question 31

What information is included in a bid?

Accepted Answer

A bid includes: interest rate, APR, loan program (Conventional, FHA, VA, etc.), loan term, rate type (Fixed or ARM), lock period, estimated closing costs, monthly payment (P&I and PMI), and optional notes. MLOs can also submit bids with up to 2 rate options - for example, a 30-year fixed AND a 5/6 ARM - giving borrowers more choices to compare within a single bid.

Question 32

Can MLOs submit multiple rate options in one bid?

Accepted Answer

Yes! MLOs can now submit bids with up to 2 loan type options. For example, an MLO might offer both a 30-year fixed rate and a 5/6 ARM in the same bid, or compare a 30-year vs 15-year fixed rate. This gives borrowers more choices and helps them understand the trade-offs between different loan types. When viewing bids, borrowers can easily switch between options to compare rates, monthly payments, and terms.

Question 33

Are the rates in bids guaranteed?

Accepted Answer

Bids represent the MLO's best estimate based on the information provided. Final rates may vary after a full application and credit check. The lock period in the bid indicates how long that rate is available if you proceed quickly. Please note: We cannot prevent some MLOs from intentionally bidding with unrealistic or lower rates than they can actually deliver. However, we believe these MLOs will receive poor ratings and reviews from borrowers they work with, which will help future borrowers identify and avoid them. Always check an MLO's star rating and reviews before accepting a bid.

Question 34

Can MLOs edit or withdraw their bids?

Accepted Answer

MLOs can edit their bids until the borrower accepts. They can also withdraw a pending bid at any time. Once a bid is accepted, it cannot be edited or withdrawn.

Question 35

What does bid status mean?

Accepted Answer

Bid statuses include: Pending (waiting for borrower review), Viewed (borrower has seen it), Accepted (borrower wants to proceed), Rejected (borrower chose another option), Withdrawn (MLO cancelled the bid), and Expired (loan request time limit reached).

Question 36

Is my data secure?

Accepted Answer

Yes. We use industry-standard encryption (HTTPS/TLS) to protect all data in transit. Your personal information is stored securely and never shared without your consent. We do not sell your data to third parties.

Question 37

What happens to my data if I delete my account?

Accepted Answer

For BORROWERS: When you delete your account, we remove your personal information from our active systems. Some data may be retained for legal and regulatory compliance purposes. For MLOs: Your account records including bids, ratings, and reviews are PERMANENTLY retained and linked to your NMLS ID. This prevents MLOs from deleting accounts to escape poor reviews and re-registering with a clean slate. If you re-register with the same NMLS ID, your previous records will be automatically restored. This policy protects borrowers and ensures platform integrity.

Question 38

Why are MLO records retained after account deletion?

Accepted Answer

To protect borrowers and maintain platform integrity, we retain all MLO bid history, ratings, and reviews even after account deletion. This prevents bad actors from gaming the system by deleting their account to erase poor reviews and re-registering with a clean reputation. When an MLO re-registers with the same NMLS ID, their complete history is automatically restored. This policy ensures borrowers can trust the rating system and make informed decisions based on accurate MLO track records.

Question 39

How do you prevent fraud?

Accepted Answer

We employ multiple fraud prevention measures including: email verification, rate limiting, IP tracking, CAPTCHA verification, and monitoring for suspicious activity. MLOs are required to provide their NMLS ID during registration, but BidYourLoan does not guarantee the accuracy of this information. Borrowers should independently verify MLO credentials at nmlsconsumeraccess.org.

Question 40

What browsers are supported?

Accepted Answer

BidYourLoan works on all modern browsers including Chrome, Firefox, Safari, and Edge. We recommend keeping your browser updated for the best experience and security.

Question 41

Is there a mobile app?

Accepted Answer

Currently, BidYourLoan is a web-based platform optimized for both desktop and mobile browsers. You can access all features through your mobile browser without downloading an app.

Question 42

I'm having technical issues. How do I get help?

Accepted Answer

Visit our Support page or email support@bidyourloan.com. For urgent issues, describe the problem in detail including your browser, device, and any error messages you see.

Limit Type	Limit
Active requests at once	3
New requests per day	3
Request active period	3 days
Bids per request	Up to 3
Repost wait time	7 days

Feature	Basic	Pro	Max
Price	Free	$40/mo	$80/mo
Bid Limit	100	100/mo	300/mo
Reset Type	Lifetime	Monthly	Monthly
Priority Support	-	✓	✓
Featured Badge	-	-	✓

Frequently Asked Questions

Quick Reference

Loan Request Limits

MLO Subscription Tiers

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