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Having Only Only One Lender From Each Company On Zillow Per Region

Profile picture for Greg Darlin
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Since September 2009

I have recently noticed multiple people from the same Lender quoting.  What I find odd is that if you look at the quotes each gives the rates and fees are different.  I understand why but I truly believe this sends a mixed message to the borrowers.

Zillow should limit per region one person from the same Lender.  This is fair and if one wants to join the Zillow community of Lenders but there is already somone in that region then the person markets a different one.

I would not want anyone from my company quoting against me as it would cause some problems to say the least.

This site is becoming successful to many of us as we work hard and with honesty to earn business.  Saying this, it seems that everyone is hopping on the wagon and soon it will be saturated with Lenders from the same companies trying to do loans for nothing.  Many of the quotes I see are below any profit already.

What do all of you think of this?

Greg

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June 26 2008 - US

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Profile picture for Colorado Mtg Broker
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I agree Greg and all should stay out of Colorado!  hehehe  ;)

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June 26 2008
Profile picture for Lindsey M. Bishop
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If I was a consumer and had 2 or more loan officers from the same company bidding on my loan I would not use any of them, especially if they have different rates and fees - looks suspicious.

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June 26 2008
Profile picture for Greg Darlin
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Since September 2009

Lindsey,

My thinking exactly.  To me it would look cheesey at best to see two people from the same company offering me different rates and fees for the same loan program.  I believe it would put a sour taste in the mouths of potential borrowers, cause in-house squabbles with people from the same company and downgrade the sites credibility.

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June 26 2008
Profile picture for Lindsey M. Bishop
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Since September 2009

yes yes yes!

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June 26 2008
Profile picture for azrob
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Yep and they should only allow one realtor from each region too! I get Arizona!!!

 

ridiculous...

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June 26 2008
Profile picture for Rob Cochems
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Next time read the actual comment azrob

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June 26 2008
Profile picture for Greg Darlin
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Since September 2009

Lindsey,

The yes, yes, yes! got me worked up!

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June 26 2008
Profile picture for Martin Wareing
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Calm Down Linds...  I was 1st on ZIll in my office and the other 2 had been warned not to duplicate efforts as it looks stupid especially against my bids.. I am only within 20 mi... so I told them,,, if they quote first.. have at it, but They haven't' and are not as consistent and have not found the boards to be a neat place..  But,  you  can't learn the dummies... when will they learn, but it really means they don't read any of it...  Sad but true.

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June 26 2008
Profile picture for 203K Specialist
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I am with you on that Azrob

 

What do you expect for $25 bucks...

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June 26 2008
Profile picture for Greg Darlin
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Since September 2009

Azrob,

I said from a region and or territory, not from a state as large as yours.

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June 26 2008
Profile picture for ColoradoLender
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WTH is going on in Lindsey's office?  

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June 26 2008
Profile picture for Paul Mondello
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Since September 2009

6/26/08

45,722 Mortgage Requests

 219,763 Mortgage Quotes

 

4.8 per quote, this number was 3.1 or 3.2 two months ago, in general it seems the number of quotes per request is getting out of hand - can you say blurry eyed consumer?

 

what will it be in two months? 9 or 10 per?

where is the lender lid? would someone put it on please...

 

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June 26 2008
Profile picture for Martin Wareing
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AA,

 

You know that Greg meant that if an interest person called ABC (R.I.P.) mortgage and got Moe on line 1... nah... give me Curly on line 2......just a weensy better... can I have Shemp or Larry on 3... should change the name to what it is:   3 Stooges Mortgage... Moe speaking

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June 26 2008
Profile picture for Greg Darlin
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Since September 2009

Martin,

Exactly. 

Azrob, I was talking about Lenders not Realtors.  Besides, don't worry---the country is full of Realtors so I can't do much about that.  You'd think this market would have killed them off by now!  But what's left ought to be better than what was, eh?

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June 26 2008
Profile picture for 203K Specialist
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If you call Dewey, Cheatum and Howe you need to kind of expect what goes with it.

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June 26 2008
Profile picture for ColoradoLender
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Since January 2009

Not in his case.

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June 26 2008
Profile picture for Ken Kopper
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Since January 2009

Paul, I have seen numerous requests with 12 or 13 quotes on them..

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June 26 2008
Profile picture for azrob
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I don't care if your talking about only lenders, talking about smaller regions, or whatever...

 

STUPID STUPID STUPID... you want exclusivity for $25, I'll give it to you, expecially rochems, who can't understand patronizing remarks above grade 8 level, exclusive rights to KMA available now!!!

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June 26 2008
Profile picture for 203K Specialist
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Since January 2009

Greg,

 

I don't think Martin agrees with limiting lenders by region.  I think he was pointing out how stupid it makes them look.  I am all for the competition looking stupid!

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June 26 2008
Profile picture for Greg Darlin
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Since September 2009

Funny Andrew,

However, I have respect for SunTrust LO's.  Within the past three days, I have seen three of them quoting.  SunTrust aint, Dewey, Cheatum and Howe.

I am also seeing same Lender with different people from othe companies as well.  All of them with varying rates and fees.

Let's keep it simple.  I am not asking to shut people out of the site.  I am asking that two or more people from the same company shouldn't be bidding on the same loan request.  A step further is to not bid on a area that the other has established.

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June 26 2008
Profile picture for Lindsey M. Bishop
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Since September 2009

Martin - I understand, it stinks. I agree whoever quotes 1st is the only one that should quote.

 

CL - LOL just excited about the dicussion

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June 26 2008
Profile picture for 203K Specialist
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Since January 2009

Greg,

 

I think yo missed the Dewey, Cheatum & Howe episode....

 

No suntrust is not but let's be real to look at a quote and under cut a guy that sit's in your office makes you look stupid and if the 3 or three LO's doing don't realize it they are idiots...

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June 26 2008
Profile picture for 203K Specialist
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Since January 2009

2

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June 26 2008
Profile picture for 203K Specialist
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Since January 2009

2

or

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June 26 2008
Profile picture for 203K Specialist
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Since January 2009

2 or 3...

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June 26 2008
Profile picture for marc_wvmb
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I see the point... Consumers are already a bit wary to some extent. If there are multiple quotes from lenders from the same company on the same transaction all with varying fees, rate, cost...ect, it can become a bit confusing. I recently had the same challenge. I did not quote, because I was not the first, and more importantly, because the initial poster was incorrect. With multiple lenders from the same company, I imagine there should be some consistency..and if you have the bait and switchers..think what that exposes you to. my .02 cents...but you're right, for 25 dollars what do you expect?

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June 26 2008
Profile picture for Greg Darlin
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Since September 2009

I am pretty thick skinned.  But everytime I read a thread it starts off well then it gets personal and lacking in taste.

I through out a thought and asked all to share upon it---not to go back and read that so and so is bashing the other.  Grow up, will you?  You know who I am talking about.  Monitor your own thread in your own industry.

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June 26 2008
Profile picture for Paul Mondello
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Since September 2009

Ken 12 -13 quotes? Safe to say that might make the system counter productive...

Here is some trivia:

What are the most quotes received on one mortgage request? Which one?

Did someone here get the deal? If so, they should be "Honorary Leader Board member of the day" (especially if it was mo going up against larry and curly)

 

 

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June 26 2008
Profile picture for 203K Specialist
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Since January 2009

It is a Company Issue not a zillow issue.  I would love less competition but ain't happening for $25 and I woouldl participate in the 3 ring circus if I had to pay any more!

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June 26 2008
Profile picture for ColoradoLender
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Since January 2009

Don't expect anything else from Rob GD...Ignore it and it goes away.

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June 26 2008

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