On conventional loans, the LLPA grid is standardized per agency: no lender can change Fannie Mae's or Freddie Mac's add-ons. But identical add-ons do not produce identical quotes. The mechanics: Fannie and Freddie each publish their own LLPA matrix as part of their selling guides, under FHFA oversight. Every lender delivering a loan to that agency works off that agency's grid, so a 720 score with 10 percent down carries the same Fannie add-on at one shop as the next. Two wrinkles worth knowing: Fannie's and Freddie's grids are similar but they are two separate grids, and everything around the grid is lender-specific. Base pricing, margin, and lender credits all differ, which is how two lenders start from the same add-ons and still quote you differently. Government loans are a different story. FHA, VA, and USDA do not use LLPAs at all. They price through their own mortgage insurance, funding fee, and guarantee fee structures, with far fewer standardized tiers. Because nothing forces uniformity, lenders genuinely price government loans differently in the real world, so you tend to see more lender-to-lender variation on FHA and VA than on conventional. The practical takeaway: shopping matters most on government loans and on the parts of conventional pricing the grid does not control. Getting a couple of written Loan Estimates is how you see who is actually sharper, because the add-ons alone will not tell you.