Advice for Manual Quoters

Zillow Mortgage Marketplace allows both manual and auto quoters to be successful.  While auto quotes are very fast and appear within seconds, there are several things manual quoters can do to be competitive.

1. Manual quoters are in a great position to answer custom questions borrowers ask on their loan requests, providing a high level of customer service  to borrowers with specific situations.

2. Some manual quoters have re-quoted old quotes when rates drop.  Or, they focus on requests that don't have a lot of quotes.  Many of these requests are made by individuals with custom situations, and they need someone to address their specific needs. 

3. Manual quoters have the advantage of seeing other quotes already provided, so they can adjust fees accordingly to be more competitive, or decide not to spend time on certain requests.

4. Since the quote default view the borrower sees is sorted by lender ratings, manual quoters should make sure to encourage those they've done business with on Zillow to rate them.  Lenders with the best reputations appear on top even if they submit a quote later than auto quoters. 

5. If speed is important, we encourage manual quoters to investigate auto-quoting options with our Quote API Integration Providers.  Contact more than just one, since they don't all charge the same way, so you can find a provider that works within your budget.
  • May 29 2009 - US
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Answers (61)

Tammy says......"These people who are doing the auto quotes and misleading borrowers, know EXACTLY what they are doing."

Wow, I actually believed it was a problem with the auto quoter.  Tammy, how can the robo quoters manipulate the APR and payments?  I am not bashing...just trying to find out if this can be done, too...
  • June 05 2009
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No matter if a quote is performed manually or with the use of a service, it all comes down to honesty and ethics. Deception as I see it comes in many forms on ZMM lender quotes.

1. Rates / Pricing
2. Fees in general
3. FHA Upfront Fee improperly disclosed
4. Now, MI

The old saying about computers "Garbage In - Garbage Out."

Some lenders have said that "Zillow Quotes are a Joke." I feel they are becoming Trash! .... Happy funding, Rudi
  • June 05 2009
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Profile picture for SoCal Engr
Just a thought...

1.  While Zillow provides interesting features, they are in this to make money. This is why the quote-via-API is there, and it won't go away.
2.  Those who want to, will always find a way to "game the system". Some quote via API and use reasonable input, resulting in reasonable quotes. Others don't (and it's not unreasonable to expect that they'd do so on manual quoting, either).
3.  Even with manual quoting, it is unlikely that Zillow will stay ahead of those who chose to abuse the system. With API, it's a foregone conclusion.
4.  A consistent theme I have heard is that there are X-number of bogus quotes within seconds of a loan request being posted, so "why bother".

Why not try a blended approach? I'm sure Zillow can differentiate between quotes via their API and those manually generated. They also know when the request was put in.

So....

Reserve a window, say 1-2 hours from when the request is initially posted, for manual quotes. The API quotes will still come in, it's just that Zillow will delay displaying them until the "manual quote window" has expired. (C'mon Zillow, this is just one parameter on your service request to retrieve quotes against a request). After this, it's back to "business as usual".

This won't prevent bogus quotes, it just means that those who are trying to manually quote to better target their quote to the request have a small window to get their quote in before it is overwhelmed by the APIs.
  • June 05 2009
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missy poo poo

Well, Well, Well, how's the API doing on this quote request
  • June 05 2009
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  • June 05 2009
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Robo-Quotes and Robo-Appraisals are zistorting Zillow's place in the Zuniverse. I'm Zexasperated. This zhit ain't fair. I'm calling Barney Frankendodd. I'll get this zhit straightened out. I have a Senior Advisor at the Treasury Deptartment's phone number. Do any manual quoter's want it? Email me. This is against Reg Z, Zillow. Have you no respect for the Z?
Is the word Zillow, Pakistanny for "peole are idiots and we can prove it by making them consume crap, and like it? I've alwys wondered. Or, is it part of MoZillo's name? Yall are going to get somepeople locked up, by the way.
  • June 05 2009
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Is it me or is Zillow really messed up today with its speed of responce?

I'd sincerely appreciate any true feedback as to the success from manual vs. robo-quote.

I toyed with going that route- still might- but am reluctant due to seeing 40 to 50 responces per loan request.

One would like to think that a manual quote would work since the lender responding would have hopefully read the request vs just an automated responce.

Looking for some candid feedback.

Good luck to you all in this crazy rate environment.
  • June 05 2009
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I see Zillow's response was to "unsticky" this in hopes it drops to the bottom!

HILARIOUS!

"Yall are going to get somepeople locked up, by the way"

The "it wasn't me, it was the auto-quoter" defense is slowly eroding! I look terrible in orange, so I very rarely quote these days on Zillow.
  • June 05 2009
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Profile picture for Entitlements R Us
Aww come on Gregorio, you mean to tell me that you couldnt pull this off and make it look good?


BUMP!
  • June 05 2009
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So what did Zillow do to this post.  I was sincerely hoping to get some constructive feedback from everyone, and now find it has disappeared from the planet and had to address by going to my profile and reposting a response.

Wow!
  • June 05 2009
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If most of us post on this thread everyday, we'll keep it on top. That's unless they expeience a "Kansas City Glitch" and it just fades away.  Wow, is right Wayne. Wow! Isn't the handling of this thread interesting. Another perspective on the internal workings of ZMM. .... Happy funding, Rudi
  • June 05 2009
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OMG entitlements! Sooo very funny..
  • June 05 2009
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E R Us,

You should know me well enough to know I can make anything look good!

Oh, and Bumpity Bump!
  • June 05 2009
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Gregorio, So true , So true

After all, wasnt the phrase "men want to be you and women want to be with you" coined with you in mind.

All I want to is a bump, bump bump in the bump bump, Just shake your bump!
  • June 05 2009
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Bump
  • June 06 2009
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ahhhh what the heck...BUMP
  • June 06 2009
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Very timely Bump!

This just in ... APRs still calculating as raw sewage.

When will it end? I'm good for regulation Z, too bad I cannot say that for others!
  • June 06 2009
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It is apparent that Zillow does not see this as a big issue and will not be doing anything to resolve the issue.
  • June 06 2009
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what was the comment question?
  • June 07 2009
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A ray of sunshine from another thread:

Something's Happening

  • June 07 2009
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On thing I've noticed regarding manual quoters relates to this statement above.

"3. Manual quoters have the advantage of seeing other quotes already provided, so they can adjust fees accordingly to be more competitive, or decide not to spend time on certain requests."

I've seen multiple manual quoters take this suggestion to the "Dark Side' by reviewing existing quotes and then posting quotes below current market rates to get attention and inquires. THEN when the borrower asked for a GFE the manual quoter tells them. "there's been an intra day rate change so the rate has gone up."

I know this to be true because those who have received quotes have called/emaild me and asked if there was a intra day rate change... on days that there wasn't.
  • June 07 2009
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Clay the TO was a whopping hour and 20 minutes....
  • June 07 2009
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Yeah, poor Ernie. He's usually off base. But, why does ZMM just pick on the little guy. Why? They don't want to miss the hits to the site from the KC types of lenders that have mastered the art of deception.
  • June 07 2009
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Thanks for all of the feedback.  We take accuracy very seriously, and we appreciate the input you have provided to highlight the APR issue.  We have been working hard to identify and fix the problem, and we will put a solution in place asap.  I'll report back here once more details are known. 

Thanks for your patience. 
  • June 08 2009
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$300 per month on MI.  Interest Rate is 6% and APR is 6.035%.  Crazy stuff....

APR Issues
  • June 09 2009
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Dustin Mcallister with 96.5% loan to value Conventional.

Conventional Purchase money to 97% Loan to Value?




Is Provident allowing conventional purchase money to 97% loan to value now?  Did I miss the memo?  MI factor is 0.80% to 97% LTV. 


Or just another little glitch?  Anybody at Zillow?
  • June 15 2009
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  • June 15 2009
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David G, Mary M, Zillow

What is Zillow doing to ensure that any manual quotes at least get to the requestor?

I notice that even when I place a quote reasonably soon after the request is made, it appears that none are getting reviewed.  I guess my point is that from auto quoters I understand that all automated quotes show up almost instantaneously after the client hits the submit button.

So are the manual ones even forwarded?  Or how does the system work?

Appreciate your feedback.
  • June 15 2009
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Bad APRs

This LO was quoting FHA <80% LTV with no PMI on 30 year loans last week.  This resulted in bad payments and bad APRs.  I flagged 40 of them, but Zillow did nothing.  Finally, the LO saw me on a thread bring it up and she addressed it.  Meanwhile, 70 or 80 bad quotes are still floating out there.

Now, she is quoting and the lender fees are not included in APR.  I flagged a dozen of them and no response from Zillow and she is still quoting away.

Do auto quoters not check their quotes periodically for accuracy?  Why are my flags being addressed?

And, the really bad thing is auto quoters can have the same rate and fees, but Zillow is still calculating the APRs incorrectly.  Clay seemed to have figured it out and it seems like a easy fix to me....
  • June 15 2009
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Bob,

We appreciate your report on this.  We have already gotten in touch with the lender and informed her about the missing fee on her FHA quotes.  With this, we've deleted the inaccurate quotes submitted on Zillow Mortgage Marketplace.
  • June 16 2009
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