- Find a Real Estate Professional
- Realtors®
- Mortgage Lenders
- Home Improvement Pros
- Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Real Estate Agent Advertising
- Join the Professional Directory
- Popular
- Real Estate Market Reports
- More
No , is happening all the time and is providing a disservice to potential clients.
Dear Zillow.
Either we make a concrete effort to do away with the lender cheating by booting them off the site, or we just accept that its a huge bait and switch show.
Its important to us. Its not a small thing.
- The Money Store
- Contributions:19
Look at this quote for $1.57 million mortgage at 75%.
http://www.zillow.com/mortgage/LenderQuoteDetail.htm?qid=X1-ZQz0zqbzoz2dqd_17jmg
Where the heck is this broker getting these rates? This has to be a bait-n-switch.
Hi Tom -
We are currently working on this and rest assured that it is also important to us to make this website "bait and switch" free.
Thank you.
Karen,
If you can pull that off, there is a dozen roses in it for you !!!
8-)
- John Paunan, "John Paunan"
- Contributions:1145
Karen,
don't know how you would do that, but that would be soooo cool! Seriously, I can only imagine how hard it is to police this site, but any help would be greatly appreciated.
Are you kidding me? Just saw a quote for a 5.875% 30 year fixed loan at 90% ltv. You have got to be joking. You know, many of us try to be consistently in tune with the market, its rates, and our fees, that is what our license and best practices depend on. But to blatently provide borrowers a disservice just to get your phone to ring and then to change things around is absoultey and positively wrong. Those of you who are being so dishonest,( you know who you are,) stop it, go try and sell option arms with 3 percent higher margins, and yes be sure not to tell the borrowers the possibilty for neg am. Oh, and lets not forget to make sure you are quoting a JUMBO or INVESTMENT PROERTY rate. How about 6.0% on 30 year fixed investment property at 90%? What is that but a flat out lie.
I am just frustrated that bait and switch is so prevalent on this website, its a matter of time before it will catch up to those who are doing it and will result in all of us losing out on the benefits this site has to offer to potential clients.
Amen my friend. I do not like to lose clients, do not get me wrong, but as long as we are all playing fair it makes it easier to swallow. Just want to keep this platform on a level playing field so all borrowers have the chance to benefit from a truly competitive marketplace.
- Nic Netherton, "Colorado Lender"
- Contributions:7219
Is this what you call a level playing field Kyle? You're quoting 2% with no lender fees?
No, view my comments on this quote. I did not feel comfortable quoting the borrower a rate without asking some questions on where his primary residence is. Zillow requires you put a rate in between 2-12% so I put in 2% in hopes to ask a question and provide an accurate quote. Guess I could have assumed a rate but did not want to provide a disservice to the customer.
- Nic Netherton, "Colorado Lender"
- Contributions:7219
You didn't know who far away he/she lived to qualify for a second home so your solution was to offer a rate over 4% under market eh? And above you are complaing about bait and switch lenders? Ever heard a story about a pot and a kettle?
" ... But to blatently provide borrowers a disservice just to get your phone to ring ..."
Your quote and your tactic is unethical and ridiculous. If you cannot provide a quote with the information given, then what are you doing quoting on Zillow? If you don't feel you have enough information to quote it ... here's a novel idea ... You ready ... DON'T QUOTE IT.
You made a 2% quote so they would click on yours and then told them to call YOU and basically ignore everyone else who was providing a quote in good faith.
YOU, my friend are the scoundrel! Kyle ... meet mirror!
- Nic Netherton, "Colorado Lender"
- Contributions:7219
Look bud, it was a simple error in judgement, my intentions were good to try and get more information to provide an accurate quote. Since everyone else also did not know info on the borrower's primary residence location, then how is it different that everyone else provided quotes that made were probably going to be innaccurate as well.
In terms of me being unethical, check out the quotes I have given in the past and go back to your rate sheets and tell me I am unethical. tell me my fees are out of line. I am consistent and only provide quotes that are realistic in today's market.
My prior comments were not meant to slam everyone on zillow, just the ones who obviously do not quote correctly. many of us are very ethical and are providing accurate information to the requests they recieve.
As far as the pot and kettle and the meet mirror comments go, good ones, can't come up with anything better than that?
I am all ears.
It Figures CL, it's getting impossible out there. I got a call this morning from someone wanting that 5.875% "they saw me quote on Zillow". I said, whoa, hold the phone, I never quoted that.
When we backtracked to the quote and it wasn't me, he said "oh, sorry, I got my wires crossed" and hung up. I am assuming to call the "right" guy that quoted him the BS.
What started off really good has turned into a joke with these quotes and people like Kyle that think we are all stupid and cannot see right through him. Get Velma!
Listen,
I never called anyone stupid and have never been contacted by anyone regarding the 2% quote that has stirred up all this controversy. Was really a simple mistake on my part. To all of those I unintentionally offended I apologize.
Why would my quote received show "contact made" on this 2% quote when I have not been contacted in any way by anyone except for Tammy at AWS, a fellow Zillow member? She is the only one emailing me on this issue. Borrower has made no effort to contact me in any way.
- Richard Rice, "custommtgloans"
- Contributions:2
If there were anyway for Zillow to identify bogus quotes that would be fantastic!
All the bogus quotes are doing is putting the "bulls-eye" right squarely on the brokers in terms of the public's perception of us and unfair and unethical lending practices. We should have a way that we can report directly to Zillow who these culprits are. I know that when I completed the survey that Zillow sent out about a month ago, that was the one major concern that I raised in my answers.
We as loan originators have had enough bad press over the past several months and we do not need anymore.
- The Money Store
- Contributions:19
It is really sad when I've given 100s of quotes and only 4 phone calls and no apps. Really, this is beginning to be a waste of time.
Maybe if Zillow fined Lenders/Brokers who gave bogus quotes, then less would do it. Also, I have flagged a bunch of quotes and not one has been removed. So, something needs to be in place to prevent this or this service is not worth the time to the honest people out there.
- advocate1
- Contributions:7
Hello, I got removed by voicing my opinion just like you and made 1 mistake on quoting on a request that I wanted more info on before I actually quoted it.
I am now restricted to use and would like to know who to contact, any ideas?
- The Money Store
- Contributions:19
I think that is a quote is "flagged" then Zillow needs to follow up with the Lender and see if their quote is real. I know this will be time-consuming and costly, but I would be willing to pay more for this service if I can get business from it. Anyone else agree?
- advocate1
- Contributions:7
I agree as well. However, getting thrown off the site without even being contacted is not a professional way to do business.
Thanks for your reply.
- Nida Makein, "Nida M"
- Contributions:309
Hi Charles (cambridgemort),
Due to the growing amount of users, we are reviewing these flags as fast as we can. If we feel a quote is misleading, we do follow up with the Lenders to provide additional information on the loan they are quoting. We expect Lenders to stand by their quote if the information provided by the borrower is accurate. We do appreciate your feedback on this.
Thanks,
Nida
- Nic Netherton, "Colorado Lender"
- Contributions:7219
What happens if they don't Nida?
- Nida Makein, "Nida M"
- Contributions:309
We will typically give a lender a final warning before they are booted from ZMM. The warnings seem to be working.
- Nic Netherton, "Colorado Lender"
- Contributions:7219
So you can cheat, but only one time?
- Eric Willmann, "lowcostlender"
- Contributions:1
I just got contacted by zillow about a quote... 6.375 on a 720-760 borrower less than 80 ltv.... saying my quote was tooooooo loooooow.... lol... We can totally do that and I am sure most can. why would that get flagged? lol!!! We are the lender, and we get the spread frow the sale of the paper also... whatever... Aparentlt Zillow doesnt get rate sheets.
- Raul Espinoza, "REspinoza4"
- Contributions:20
http://www.zillow.com/mortgage/LenderQuoteDetail.htm?qid=X1-ZQz0vqri8fc26d_4vl2u This guy lists his broker fees in "Note From Lender". Clearly misleading and therefore does not display the accurate APR.
- Nida Makein, "Nida M"
- Contributions:309
Thanks, this is misleading and we will contact that Lender. If there is a fee we need to include it in the boxes and not just in the notes.
Bogus Quotes
-
- 3.2/5.0
- (39 reviews)
Contributions:19There are so many Brokers quoting 6.875% with no points or fees on loans over $800,000. How is this possible?! Not to mention some of them are quoting this on LTVs over 75%. Am I the only one who thinks these people are pulling a bait-n-switch?
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.