How can Zillow label many out of state "UNLICENSED" brokers with a "Confirmed LENDER" status?

Many loan officers are offering loans when they aren't licensed here in Colorado?  It's illegal and makes a mockery of the "CONFIRMED LENDER" badge.
  • July 26 2009 - Denver
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Answers (9)

Bestrate --

We don't allow quotes in States where the lender is not licensed -- if you suspect it, please flag those quotes for our attention.

As far as I can tell you haven't yet confirmed your suspicion. Please reserve your judgement of Zillow's lender confirmation process until you do -- and If you do, please let me know. It's happened once that I know of since ZMM launched -- in that one case the poorly trained LO had no idea that they couldn't quote out of state. Think about it; there's no real incentive to do it.

Please do pay attention to the co-borrower details in future and thank you for deleting that quote. 
  • July 27 2009
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I am not defending the unliscensed. Honestly I do not know how you can claim for sure that ones quoting are unlicensed.  All I am saying is that before you come off all high and mighty, make sure your house is in order.  I am sure that the borrower is not going to be too happy when you have to explain that there would possibly have to be an extra 1.5 point charge for the rate that you are offering.
  • July 27 2009
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Profile picture for SunTrust
Some may be banks operating under a Federal charter.

As for the FHA: I think some of the brokers may be unaware of ML-2005-40

  • July 27 2009
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James,

I took that into consideration and I think you are right in some cases but there are LOs who openly admit they're brokers on their websites and one would think they'd make a big deal of being a banker? 

Dan

  • July 26 2009
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Joe,

You're partially right. I missed the co-borrower FICO score when I was pricing the loan.  But, the question isn't bait and switch, it's illegal to originate loans in this state without a license.  Why are you defending fraudulent and illegal behavior?

I jumped through all the hoops, paid the bondsman, the E&O insurance, the 40 hours of CE.  This site hands out the confirmed lender badges to LOs without descretion. 

Again Joe, why so defensive?  Did I gore your ox?

Dan
  • July 26 2009
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If one was straight forward would they attempt to capitalize on another's name recognition?
  • July 26 2009
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To the best of my knowledge, ther're operating under a Banking Chartered CL license.. or perhaps purveying FHA or Gov't Insured Programs.

www.Zillender.com
  • July 26 2009
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  • July 26 2009
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Funny that you are complaining about unlicensed brokers when you are quoting 4.875% with a 1/2 point and the co borrower has a FICO score between 680-719.  Unlicensed or bait and switch.  Which is worse
  • July 26 2009
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