Can anyone else do a 5.375% 30yr Fixed Jumbo with 1 point???

Unfortunately, there are still some of these people that survived the cleansing.  This is disgusting.

With all due respect, one quote doesn't mean anything. I think we all owe it to each other as professionals to privately contact the person who made the quote and give them time to correct it before we start throwing stones in public.

Tom O'Leary

This is happening multiple times from the same broker...

I have one in my area too. The $300 deal. The only fee is for an appraisal. Below par rate.

Darren, honestly, lets let this work itself out. Zillow did set up a rating system, and I think we should let it run it's course a bit.

When you're teaching kids to walk, you can't always catch them. You have to let them fall a good couple of times so they understand it hurts. Let them learn.

By letting concumers use the rating system, eventually you'll see bogus LO's and honest/upfront ones. I'm confident.

I think the problem is simple...You can only see the quote, but not the comments section of this post.

I'm sure that with a loan amount of $572,000 we would all agree that doing a Conforming 1st and a HELOC at prime minus .60% or 4.75% would be the best way to structure this deal.  I believe that it is our job as Mortgage Professionals to educate our Borrowers about all of the options and give them the best rate and terms available.  I certainly hope that before you start posting negative comments like this that you would consider contacting the Broker to find out the details.  Honestly, I think that you should spend more time doing research on programs and products, and less time worrying about other people's quotes.

The fact that you don't know how to structure a loan to give your clients the best rate and terms is quite troubling.

Tiffany

I agree with what you're saying and gave a quote as you mentioned.  I'm thinking now, that it is better to quote what they ask, and make comments about how you think you can improve it.  That way it keeps the quotes apples to apples, instead of throwing lemons in too.

The quote that is copied to this thread doesn't include any comments at all, and the comments are displayed.  See first section "Notes from lender."

Tiffany, YOU CAN SEE THE NOTES, EVEN IF YOU ARE A LENDER IF YOU CLICK ON THE SUMMARY. I have been splitting it up to a first and second if it makes more sense and writing notes in the notes section. You obviously didin't read the post all the way, if you would have then you could have gone to the quote that I provided the link for and you could have taken a look at the little picture that has the notes right there as the FIRST BAR. I think that you should spend more time reading something thoroughly before commenting on it. Welcome to Zillow!

I think good arguments can be made of both sides- I see a lot of $420K loan requests that will never go jumbo, but then where do you draw the line? This is the kind of thing Zillow needs to decide so we are all playing on the same playing field.

I had proposed to them a "counter-offer" quote option, where we reply with what we would recommend instead of just quoting like robots. That idea would add value to Zillow's offering by taking better advantage of the expertise available here.

Tom O'Leary

Tiffany I don't know you and I don't want to be rude, but this is a new forum and I am not sure if that tone is exactly what one wants to start out with. Also didn't I see on of your quotes listed as a 30 year fixed but when I opened up the quote ( because your terms were amazing) it said 5 year arm? I am not sure how that would be in the best interest of the borrower. I assume it was just a entry error in the quote. I have had to delete several because I forgot to switch the term to 15 year and didn't want extrodinarily low rate offer on a 30 year being attached to my name.

Tiffany, I find it hard to believe that since the inception of ZMM 2 days ago that a ZMM borrower has already closed with you and rated you a 5. Also, since the above mentioned quote came from one of your employees you may want to have her delete it and re-quote with the correct rate and notes.

Darrin,

Your right, I haven't closed any loans from this site yet.  I do however have a few loans that I'm working on and one of them is from my Borrower who already rated me.  I suppose that Mr. Higgins is planning on closing the loan with me and is quite pleased with the rate and fees I provided.

This is my favorite - ZR-YTHSDPW

Aren't both of these quotes from your company?

Loan program(s) of interest: 30 year fixed, 15 year fixed

Amount: $890,000

Loan to value: 75.125%

Debt to income: 14.25

Location: South Pasadena CA 91030

Quote #1

30 year Fixed, Jumbo
7.0% / 7.25% APR
$6,617 Monthly
$19,620 Lender Fees

Quote #2 - Tiffany's quote

30 year Fixed, Jumbo
5.5% / 5.5% APR
$5,749 Monthly
$4,193 Lender Fees

Wow, that's a huge difference from the same company.

Yes, I see what you have done in  the details with a conforming first and a HELOC 2nd, but do you really think you are operating within the code of conduct? Pricing for a 30 year and 15 year fixed was requested. By your standards,  is it ok if someone requests a quote on a 30 year, to quote a 3/1 with a 3 year PPP just to show the lowest rate? I would say no.  

If everyone adopted this standard, every quote would be for the lowest 30 year conforming rate at par regardless of the request. Everyone would ignore the requested quote and decide what "is best" for the borrower and quote whatever showed the best rate. It would render this very good idea on Zillow useless and that would be a shame!

Just my $.02, your mileage may vary, take before eating and use with caution.

I find these comments on this thread both puzzling and upsetting. Posting a loan rate and program that I couldn't deliver on would be an exercise in futility. I don't have the time nor the inclination to pursue futile endeavors. All I have done is post a Jumbo program which makes the most sense. Why would someone pay a high interest Jumbo rate for 30 years when they could get a much lower conforming rate along with a very low interest HELOC 2nd? If you advise your borrowers otherwise then YOU are the one doing a disservice to them?

How is my quote bait and switching when I break the program down for the borrower? I think more of you need to spend less time monitoring message boards and more time studying the available programs that are offered out there. A coward from this board sent me a very rude and threatening anonymous email, I am going to post it here along with my response. I want this to be my open letter to this board, take it for what it's worth.

First the email from onemortgage10@yahoo.com:

No, Tiffany, you ARE a DISGRACE!

Everything about you is manufactured and fake. You will be exposed for the fraud that you are! When I say EVERYTHING I Mean EVERYTHING is fake!

My response to him and open letter to this board:

Dear (oh yeah..That’s right you don't want to disclose who you are),

I find it quite sad, yet amusing, that you actually took the time to write such inflammatory and threatening vitriol. You hide behind a cloak of anonymity and accuse me of being a fraud, you cower behind a generic email address and accuse me of being manufactured and a fake. The
irony is so thick that even someone of your obvious low intelligence should be able to see it.

I have been doing loans for over a decade without a single lawsuit or complaint to the California department of real estate. Someone who is a fraud wouldn't be able to make that statement. I put my license number, my name, my company address and phone number and even my cell phone number online and you accuse me of being manufactured and fake? The audacity of your comments are mind numbing.

Who are you? Give me your name and contact information, give me your company's name, address and phone number. Give me your cell phone number and then you can talk to me about who is fake and manufactured. I will leave you with some advice and a promise.

First the advice, if you want to make it through this very trying time in the mortgage industry, you better start spending more time generating leads and closing loans and less time perusing message boards and trying to act as a hall monitor. I would have thought you would have quit doing that back in Elementary school. There are producers and critics, critics spend their time trying to bring down everyone around them to their level because they are either incapable of achieving success or afraid of the responsibility that comes with success.

I am a producer, a single Mother who raised a child on her own and has now put her into a top University all on my own. No child support, no family support, no support from a husband. I produce because I have always had to produce, I don't have the time nor the inclination to spend my valuable hours monitoring message boards in order to try and find slight errors in rate quotes or statements made by others. Excuses are for losers, so are anonymous threats and
whining. You are currently acting like a loser, only time will tell if you have the inner strength and fortitude to change this current course of your life.

I will close with my promise; I won't be responding to anymore anonymous rants of yours, my time is too valuable. If you wish to disclose who you are then I will consider discussing any issue you might have with me. I promise you however that if you continue to harass me then I will take appropriate measures to make sure you cease and desist. You won't be dealing with me personally but rather with my very protective partner and Vice President and our attorney.

I hope you get some value from my retort to you; there is value in its overall message. You need to change; you need to focus your obvious pent up frustration in a positive direction. Put this negative energy to work FOR you instead of just using to demean yourself as you have in these immature emails to me. Only then will you start to see you life start moving in a positive direction again.

Tiffany Taylor-Rodriguez

Tiffany, how about just realize that some quotes that your company made are misleading becuase you should have put in notes. It doesn't take long at all to add a little blurb. Next time just be sure to put in notes and we're all good... Agreed?

Darren,

Yes I Agree...

For the record, all of my quotes have notes if I gave them something different than they requested.  However, I will make sure that all of my Employees are doing the same in the future...

I think we all need to remember that this is a public forum, and realize that all the people we are sending quotes to have access to everything we say here. Maybe another suggestion might be for Zillow to give us a lenders only forum where we can discuss this on a more private basis.

On this whole "quote something else" thing, I have decided that whenever I see something asked for that is different than what the client really needs (like say a $420,000 cash out refi), I quote them based on their initial request (a jumbo cash out quote) but put what they do need in comments and invite them to resubmit a quote request based on proper financing. That way I am not giving them an apples to oranges comparison or giving the IMPRESSION that I am trying to pull a fast one (no offense meant here to anyone), but still have the opportunity to add value to the process and display my professionalism to the client.  

Tom O'Leary

plannersmortgage.com

Until Zillow establishes how they want us to handle this, people are free to do whatever they think right, of course, but with so many clean requests to respond to it doesn't seem worth it to me to pursue things where my motives could be open to misinterperation.

Let me emphasize again that I am NOT criticizing anyone by these comments, simply passing on how I have tried to avoid situations that can lead to misunderstandings.

I think Zillow has done all of us a favor, especially the brokers who can afford to be price competitive but have a hard time matching the marketing muscle of the big guys. Judging from the number of requests that are coming across my desk, there is more than enough out there for everyone. Given that, I think we all owe it to Zillow to create and maintain as professional an environment as possible, since everything we post reflects not only on us as individuals, but what Zillow is doing as an organization.

OK, I'll get off the soap box now. Have a good night, everyone.

Tom O'Leary