Comments on: Zillow Mortgage Marketplace launches. What it means to consumers and loan originators.

By: ReviveGuy

ReviveGuy — Thu, 19 Feb 2009 00:57:45 +0000

From an outsider’s protective, “someone not in the business” the lending industry and housing industry is a mess. Why with millions of homes on the market are they making stricter guidelines and preventing people with some money to put down and good credit from buying a home?? Seems to me that this is just going to keep inventory sitting around!

By: Logan

Logan — Thu, 04 Sep 2008 04:01:59 +0000

I agree with Bob, when rates our quoted it just confuses our customers. We see this in Colorado all the time with all these radio comercials promising false interest rates. I dont see Zillow doing that, but we have all seen how inaccurate their housing information can be

By: Joe Dahleen

Joe Dahleen — Fri, 04 Apr 2008 04:36:48 +0000

Great job on explaining the process. I agree – great job by the PR department as well. This new portal had most confused when it first came out for lender sign up. But I think that you did at great job of getting the understand with your interview with David G. at Zillow. Even you were a little off last month with the soft launch.

One correction on the credit score. They did not team up with Credco (first am credit provider) they got that info from credit.com. The consumer can also put in their own score and that really is preferred because pricing is so competitive. Every 5 points in score really does mean the difference of getting the right pricing or program. Or they can use the pull down range as a target best guess. But when was the last time you have seen your mortgage credit report? Most don’t even know their credit score. Let along their mortgage credit score.
Today it all start with the credit.

By: RogerV

RogerV — Thu, 03 Apr 2008 17:44:48 +0000

Also, BTW, how long before Zillow adds a \”make me buy\” feature with bulls-eye locations / features / price, then sends close matches? They\’d do it now if they thought the ROI was better than making their advertiser base (realtors) angry. Remember Zillow is partially owned by Ditech, to my knowledge.

By: RogerV

RogerV — Thu, 03 Apr 2008 17:42:00 +0000

Thanks todd – kudos for a thorough review. It’s certainly consumer centric, but does fail to address that different days (even hours) = different rates..but a video response should do the trick explaining that + de-anonomyzing the quote posted.

By: Jay Thompson

Jay Thompson — Thu, 03 Apr 2008 14:48:00 +0000

“the reasons I can see not to jump all over it is that it will be time consuming, and very competitive”

That’s just what I want in my lender, someone that is afraid of competition and work…

That said, you’re probably right.

By: Bob

Bob — Thu, 03 Apr 2008 14:22:50 +0000

I am not a lender. I’m an agent who gets to hear from consumers how lenders don’t deliver. Even my own clients I hand deliver to LOs I have worked with for years still don’t understand that rates quoted this morning don’t mean squat half the time in the afternoon.

A few weeks ago we saw rates jump a half point from am to pm.

The challenge here will be overcoming the expectations, many of which are inferred and can’t be guaranteed,

By: Wade Young

Wade Young — Thu, 03 Apr 2008 14:12:20 +0000

It won’t be as competitive at the outset as it will be later on. It may be worth the time now and not worth the time later.

By: Paul

Paul — Thu, 03 Apr 2008 13:45:29 +0000

Nothing in this market is easy at this point, so complaining that there will be work involved is not a valid complaint.

Keep in mind, if this is done correctly, you will be generating referrals from your Zillow closings.

I’ll look for some future posts from Lenderama’s Ronnie.

By: Todd Carpenter

Todd Carpenter — Thu, 03 Apr 2008 07:00:26 +0000

Insider,

You decided to remain anonymous, so I’ll leave it that way. But I think it’s fair to disclose to others that you in fact sell leads. Nervous?