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2 Zillow Loans Today!

Well, I ended up writing 2 loan applications today off of Zillow. One was an 80% Agency Jumbo $560K 30 fixed here in NJ. The other was for a person who was relocating from Louisiana to Tennessee and was a $360K FNMA loan.

Both were so nice to chat with -- the Tennessee loan in particular was basically us chatting back and forth for 2 hours and if things go positive I may have some cajun shrimp coming my way.....

Just thought I would pass along some positive news

Woohooo!

DP
  • July 14 2008 - US
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Answers (20)

Congrats DP!  Let us know when they close!  I may have a $725k deal from a quote back in April.  He contacted me today for GFE's, keep yer fingies crossed!

  • July 14 2008
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I'm rooting you in Tammy. Now if you will excuse me, Jennifer Aniston just stopped by......

DP
  • July 14 2008
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LOL!!!!!!!!!!!!

  • July 14 2008
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Profile picture for Dave Pressel
I will keep you posted as to how things go. Both are high FICO loans......although one has a 61 DTI so wil be a nice test of my Approve / Eligible theory with FNMA 7.0 of dropping the rate down for qualifying purposes. Is a very low LTV so I think it would fly regardless, but will try it nonetheless.

DP
  • July 14 2008
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Wow! nice job DP!

  • July 14 2008
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I would be interested in hearing how that rate drop-down works out.  I shared that with a colleague of mine today as she had a deal that ANYONE would have bet the farm would have been an A/E but she got an EA2.

  • July 14 2008
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Wach,

First of all, I apologize for buying the August 7.50 puts today in Wachovia.....:)

Now, there is a topic from today that mentions DO/DU -- basically take whatever rate you know you are going to give the borrower and simply drop it by 50-100 bps when you run thru DO the first time (or DU). Typically, with good FICO loans the A/E will come back with a tolerance level on rate that will be anywhere from 50 to usually 100bps above the rate input into DO or DU. If you have a low LTV low ratio creampuff loan this obviously is not necessary -- is more for the tight DTI loans with good to great FICO scores.

Keep in mind though: if you have a lower FICO loan then this probably will not work (and with an EA2 I am suspecting you have a sub 700 (and quite probably a sub 680) FICO working right now.....nothing you can do for this one but may work on future ones

Good luck!

DP
  • July 14 2008
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Dave, how many did you have to quoye before you got those 2 loans? Im curious, it seems like the contact ratio is very abysmal. Doesnt seem worth the effort.

  • July 16 2008
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Congrats Dave !!!!

 

Good news !!!

  • July 16 2008
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Dave,

Congrats and great job.  It pays to be you.

  • July 16 2008
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Excellent news.  Congratulations, Dave!

 

The mortgage guy - the contact ratio is very low, about 1 to 2% for me.

  • July 16 2008
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That is about the correct ratio currently, but will probably rise with Zillow credibility and age and localizing your quotes as well. Anonymity from requesters will always lower retention rate.

  • July 16 2008
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that's great!!  Wish I could just get a person who I quoted to contact me.  Baby steps.

 

Although, I am not as active as I should be.

 

  • July 16 2008
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Congrats!

 

We finally got our first one signed today!

  • July 16 2008
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That's awesome Dylan / Kat.......you never forget your first (Zillow appliction)....:)

 

Is really starting to click now....did one yesterday and just did another an hour ago.  It is so imperative to be as accurate as possible. 

 

I just quoted a $665K jumbo loan in CA and WhitmanMet emailed me making sure I knew it was an investment property since the rate was pretty good,  which I did not (it said "paying off primary HELOC so I just went with that without digging deeper"

 

Remember -- honesty will never get you bashed and we all goof (some, like myself, more than others....:)

 

DP

  • July 16 2008
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Great job DP and Kat. Nice to hear good news here. I have only quoted 42 and had 1 contact at about the 30 mark. Plan on quoting a lot more in the future because this is a good place to be.

  • July 16 2008
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Congrats DP!  Awsome!!  

  • July 17 2008
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1-2% contact is has been about correct with more lenders being added everyday that is sure to go down. keep up the good work.

  • July 17 2008
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I have a zero percent ratio.

 

 

  • July 17 2008
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Dave and Kat -

 

Glad to hear about your loans. Good luck! ü

  • July 17 2008
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