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$240k loan requests. What is Zillow going to do to change this immediately???

I have noticed that these have become a good 30 percent of the inquiries I receive. They are the generic Zillow template used to prefetch terms. By allowing clients to repond with these terms rather than their actual scenario lenders and potential clients are being done a huge diservice. There is value in these inquiries, but no where near the value of the custom quote. Why should we pay the premium contact prices for inquries that do not give us any real detail, and are having us provide quotes for scenarios outside our criteria.

Here are issues I have had with each of these requests.

1. credit score is wrong.
2. loan amount and value are wrong.
3. Loan purpose wrong.
4. property type wrong.
3. occupancy is wrong.

Typically 3 out of these 4 things are wrong. So please tell me how this can possibly be priced the same? This needs to be addressed immediately either through changing the ability of consumers to pass through on these quote, or not charging us fo them and not giving consumers misleading and inaccurate information.
  • June 18 2010 - US
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Answers (6)

Alan, are you saying some borrowers are using an example from Zillow on how to fill out a quote request but using the example info instead of their actual credit, current rate/payment, etc?
  • June 18 2010
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that is it, but I don't think they are using it as a example they are just not changing any of the information just adding their contact info. Which doesnt' help them receive accurae quotes, and of course put the lender in a akward position of the quoted terms being different than the actual terms and of course paying for inquiries that are basically 100% inaccurate.
  • June 18 2010
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I have noticed over the past month same request posted exactly same  20-30 times. Occassionally it changes up and loan amount is different but income, credit scores, and area are same. Zillow's reply is not answering issue. It is such a waste of everyone's time that this exist. You would likely only notice if you actually viewed each request vs auto quoting..... if the information is not accurate what is purpose of a quote?
  • June 18 2010
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That is crazy and to Wayne's question, there is only 1 benefit and that is the $$ collected for it. What do you do if you get a bad review, start the rebuttal by saying, You moron, you used a generic request so it is impossible to deliver a 4.5 rate with your 591 score................

  • June 19 2010
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Clay,

I like your sarcasm :)
  • June 29 2010
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I talked with someone at Zillow about the same quotes that kept popping up in my particular area and was told that those quotes are from Zillow and are used to show borrowers what typical rates would be.  I think they are all 240K, purchase and refinance (they are posted right after each other), a certain city in your area, 70K in income, 720-739 score, and closing in 30 to 60 days. 

I'm not sure if when a borrower signs in that this would be auto filled for them, but I guess it could be.
  • July 11 2010
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