Ensuring quote is what was asked for

i would like to be able to rate lenders for providing invalid quotes (the Zillow terms of service only allow this after starting communication with them), but if you can tell an invalid quote from the beginning, you should be able to flag the lender for others as untrustworthy.

I don't want to dismiss your complaint, and I think calling a 7 year arm a 30 year fixed should get that lender a down grade, but if the notes disclose that it is a split transaction and further more disclose the rate and terms of the seconds there should be no issue with that. If they aren't disclosing it is a split transaction in the notes than I 100% agree with you.

However, I think loan officers not offereing a split quote in the low jumbo range are not doing the job for the client.  You also have to realize that Zillow doesn't curently provide lenders to input a second so the formula's etc can't accomodate a split quote other than in the notes.

I am in Michigan so I do a lot of FHA, and any of my quotes for FHA could have the same concerns because Zillow doesn't caculate correctly for FHA, but as a professional I would be doing a diservice to quote anything but that program.

I hope your experience with other lender quotes was more satisfactory.

I agree with Mr. Lacey. I would request that Zillow allow the lenders to split the mortgage and quote both a first and a second mortgage. Jumbo 30yr fixed rates are so onerous right now that a lot of times it makes much more sense to the borrower to finance a conforming loan amount. The monthly payments for the first and the second end up being a better deal than just one 1st Jumbo mortgage loan at higher interest rates.

Why not quote the jumbo, and suggest in the notes that they make a new request for the loan you suggest?

I started out quoting the 1st/2nd option, and stopped, because it just isn't clear in the results that this is what I was offering.  So I've started making notes in the details, but I suspect these aren't read that often.

I have to agree with Broksonic and Deron. I see this as a problem and think that if you want to counter their offer that you should in fact offer a quote only on the exact loan they are asking for and then add a note with your suggestion on a better way to do it.

Quoting Steven Gordon, "Jumbo 30yr fixed rates are so onerous right now that a lot of times it makes much more sense to the borrower to finance a conforming loan amount."

It may make more sense to the borrower to break the loan down into a conforming first and a second if that is the only option have available to them but the fact is that some lenders still do have great rates on jumbos that can better benefit the borrower and also be what they are in fact looking and asking for.

I don't think that suggesting alternative ways of financing is a bad thing but some lenders are going about it the wrong way. They are either quoting a program that the borrower did not ask for to flash a low interest rate at them and gain attention or they are sending over the quote as a 30 year fixed jumbo for example but then adding an explanation in the notes that it is actually a 5/1 arm or a conforming first with a second behind it. Obviously this is a concern to Mr. Broksonic and possibly other consumers as well.

Edgar, you are right on - this is made more complicated by the fact that the email Zillow sends you with a quote does not include the notes or any more details - just the "fake" rate coming along. So I see it and get excited, but then realize it's not real.

I like Deron's suggestion - if someone quoted me what I asked for, but suggested another option in the notes (including full information, i.e. don't leave the HELOC part unquoted) or suggested submitting a new bid, I'd be much more likely to trust the lender and use them.

100% agree with the post.  I submitted a request on a 30 fixed that doesn't have a close until 3/1/09.  I got tons of responses from lenders.  When I contacted them... it wasn't until then that they realized I requested an extended lock.  It was VERY CLEAR IN MY ORIGINAL REQUEST!!!  The last thing I need is more spam from the mortgage industry.  Please read the request vs. automated / cookie cutter reply or you may was remove this service from the site.

There's a lot of BS going into the quotes.  Some deliberate and some not so deliberate.   I don't think cep_wiz's lock term was intentional.

Here's a few routine things that lenders may not be intending to mislead on...

• Offering a first and piggy back second.  It's routine to offer these.   Guidance is needed on this because I don't know that lenders are trying to mislead on this aspect.  Though I've seen a few that have offered this scenario with fantasyland rates.   I've made the decision to quote what was requested here, and make a note in the details that the alternative may be pursued.
• Cep_wiz found another.  As a knee jerk habit I've been quoting a 30 day price.    I have made the assumption that people don't actually have a property to lock, and if they do it's unlikely that they will want a long term lock.  I am going to continue with this assumption, because the quote does make it clear what lock period I've presented.  I think zillow could address this by clarifying the wording for consumers since indicating when you plan on purchasing is not the same as indicating when you plan on closing.

for refinance quotes, the lock timing should be easier to match, correct?

Refinancing timing should be dead on.  I admit I haven't paid close attention since the desires of refinancing customers tend to be immediate gratification. 

I'm trying to think of a situation where someone would want a long term lock on a refinance since the terms would be worse than just getting the refi done immediately.  Perhaps, the customer wants to have an option to hedge against higher rates later.   That wouldn't help with pull through rates if this happened very often.