It’s not idiotic semantics. You have to look at the same rate environment not the current one against a previous one. It’s not free compared to the current rate environment or else HLS doesn’t get paid and he gives the best rate possible for the specific client. Thats what matters when you are shopping the loan and possibly having to or wanting to live with it for a long time, like 5 years or more. How often does HLS not get paid anything for loans he originates? Not too often. Hence, no cost equals free loans doesn’t add up.