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Lender rating
Since September 2009
I have. Could be the time of year, economy. I hope it is not due to the bogus loan quotes.
We only see a fraction of what is going on all over the country.
It looks like we are in charge of bringing every ill quote and lender to Zillow's attention. And, we get what for our actions but on occasion some laughs.
There is no way Zillow can and will put up a filtering system on quotes because of the variables of lowering rates, different programs etc. Too expensive and their monies are best spent elsewhere. So, we are told, "Good job guys. Keep up the good work. Keep your chins up and the bloody low-ballers will get wanked sooner or later." The incentive for us is to control the traffic of bad quotes and those who give them.
Have you ever felt we are as succesful what we do as the DEA, FBI, ATF on stopping the drug flow, or INS and boader patrol stopping illegals from entering the US?
Lender rating
Since September 2009
Tammy,
I do see there is a moderator floating aroun the threads today. Hopefully, he is reviewing them and the flags posted and the offenders we put up on the other threads.
Lender rating
Since January 2009
Tammy, Ga had 15 requests, 1 day ago, but only 3 in the last 24 hours. Purchases may get thinner because of the time of year, like Greg said.
Lender rating
Since November 2009
Yeah, I was just curious if it was only in my neck of the woods.
You are right, there has been a decline in requests specially past week overall.
Lender rating
Since November 2009
yeah, the past week is about right.
I am having minor activity from the requests from months ago.
There is always a slowdown of acvtivity in real estate this time of year as people are getting their last vacations out of the way and annual back to school routines. If the past is any indication we will likely see a (usually very short) window of very attractive rates, in part due to reduced loan volumes, over the next 2-3 weeks. Things usually pick back up by mid September and should remain steady till the latter part of October, when it will probably fall off til after the election.
That's what the tea leaves are saying at least ... ;-)
Lender rating
Since November 2009
We shall see.
Lender rating
Since September 2009
When I worked for a big hitter loan shop 75% of our business flow came from Lending Tree leads, however after LT purchased Home Loan Center, then only about 25% of our leads came from LT and they were not exactly the cream of the crop because then the creamy ones and many others were going straight to Home Loan Center... possible that ING, Ditech and any other deep pockets that are feeding the ZMM kitty are getting the golden twinkies from the back door of the bakery... (it would make good business sense for ZMM to comply to such a request by the deep pockets)
Aloha Greg Darling, it is my belief that a filter(s) would not be a big deal to set up here...true that rates fluxuate...but in this game it would just need to be situated with a buffer which was connected to ZMM rate chart... and if a quote came in under the buffer line it would get snuffed out like a gopher in your own back yard (bam bam)
example - buffer is .375%, average 30 year fixed APR is 6.25% on a giving day...when a 5.75% APR quote came rolling in - bam bam or (flag flag) - shoot (flag) first ask question later
LP would get an email saying they have been flagged and would a given period of time to produce a rate sheet (faxed in or something) but most would not because as our friend AA (were are you AA?) has said, "there are no magic rate sheets or lenders, just margin and .375% is a pretty good buffer it seems between slimmer margins and bs
Lender rating
Since September 2009
a = be
were = where
and "
Lender rating
Since January 2009
Paul, good and easy idea. Lets do it, lets do something!
Lender rating
Since September 2009
oh and Darling = Darlin, sorry Greg
Lender rating
Since January 2009
I like the shoot first angle too.
I have posted elsewhere ( I do not recall which site) that had the type of limits mentioned here and it worked quite well. The programming could even be set up to work automatically off a chosen lenders datafeed(s). It would finally weed out the worst offenders, and may be the only ultimate hope of curbing the quote abuse that does go on. It has to stop somewhere, and a system wide solution would be best, because without limits, people will continue to try to game the system making it a less reliable option for Zillow users.
Lender rating
Since September 2009
Hi Paul,
Nice of you thinking of me, especially in the other thread about me dreaming and my trigger finger itching . . . :-)
I am not saying the technology isn't there at all as it most certainly is available. But, right now, from Zillow's perspective, do you really think it is viable for them to spend the money and have a full time tech adjusst the parameters daily? Somewhow, I don't think that is in their 80/20 scheme of things.
Actually, they should get the software and use it. It is taking more man hours to have their staff being educated and guessing what is a vaild quote and what is not. A lot of wasted time is being spent by them and us tracking down the culprits.
I think it's going to stay self-policing. Occasionally I've been able to structure the quotes I've put in to really stand out from the others who were quoting (particularly with jumbo scenarios), which under Paul's suggestion would probably earn me automatic flag. I'd rather have dubious or questionable quotes be investigated by Zillow first; as long as people are being made to account for themselves, then I have no problem. It kind of goes with the whole marketplace concept. We need to be vigilant!
Lender rating
Since September 2009
JP,
Very politically said!! Go Obama! Puke and all the other superlatives and laxitives! :-)
Lender rating
Since November 2009
Greg, thought you were turning over a new leaf?
Lender rating
Since September 2009
Ah, it was like a fleeting fart in the night! :-) Could't be controlled nor taken seriously.
Lender rating
Since November 2009
LOL! Yeah, that's what I thought!
Lender rating
Since September 2009
Tammy,
The problem is that one has to read through all this goobal de goop before an opinion is made. By that time either one has made an attempt to go to the john or the tree outside the house . . .
And here I thought that all the advertisments for a $300k mortgage for $1000/month were true. Sad thing is, many people believe it and call. I get leads all the time with people telling me they got quoted on a 30 yr fixed for 5.5% with no closing costs. It would be funny if it wasn't so sad that people believe it.
Lender rating
Since September 2009
JP - you are blooming with integrity it is well known and you would certainly have a chance to back up your quotes if they fell under the rate cushion.
*It might work well for the promotion of ZMM if there was an official, self maintained Mortgage Quote Quality Filter in place, consumer's love the warm fuzzy feeling and security of technology... the flagging system in place now is too hard to draw lines around and guarantee
G Darlin is correct - A filter will likely never happen so I will 'maybe' just clamp up on this for good
Obama plus Biden = .75% Osama Bin Laden - too freaky for me
Lender rating
Since July 2009
Tammy
Quite a slow down at least from what I can see here in sunny San Diego. Yet, as CA Broker above said, it could be partially due to end of summer vacations and back to school.
Best Regards
Lender rating
Since November 2009
Strangely enough, there has been several requests from yesterday to today. Hopefully a sign of things to come!
Loan Document Analyses up 23% and Good Faith Estimate Analysis up 39% last month,
[content removed by moderator for being self promotional]
Lender rating
Since September 2009
Ah, looks like the ZillowPolice.com arrived and will be cuffing you, LP!
Lender rating
Since August 2009
This would be a good example of why we're seeing the decrease
I think this sets the record that I've seen in NorCal
Lender rating
Since January 2009
Why wouldn't someone want 35 emails shot at em?
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Anyone else notice a decrease in the number of loan requests?
Tammy Stockdale, "Colorado Mtg Broker"
Mortgage Lender
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Since November 2009
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In the last 36 hours, there has been 1 request in Colorado. Anyone else notice that? Any other states slowing down on requests?
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