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Replies (24)
- Jared Kull, "Superior Mortgage"
- Contributions:48
I have only had two. One unfortunately I was unable to help at this time, credit a little too low and the DTI a little too high. The second one I just sent him a GFE to be reviewed so hopefully in the coming hours it will develop into something. Aside from that I seem to be getting a fair amount of details viewed but I have yet to put anything into process.
- MORTGAGE OPERATOR
- Contributions:2081
Como estas Jared? :)
Good job man in getting 2 apps since this is a new service...
- Jared Kull, "Superior Mortgage"
- Contributions:48
Muy bien gracias RR!!!
Hey thanks a lot for the props!!! How about you, have you had much contact?
- MORTGAGE OPERATOR
- Contributions:2081
not yet.. this service is great and I'm sure will be even better in the future.. but it is time consuming if one is giving accurate quotes...
- Planners
- Contributions:322
Started on day one, 400 quotes, 2 followup e-mails, one phone call, no applications and none likely. I know the system is new, but when you realize that only about half the quotes are even being looked at, and what borrowers look at first is just summary information which gives a real advantage to the low ball artists, it's hard for me to justify putting in too much more time. I am going to give this the rest of the month, but if Zillow doesn't do something soon to police the quotes I think I will just leave this to the scammers and move on.
Tom O'Leary
- MORTGAGE OPERATOR
- Contributions:2081
Planners, that's what I meant saying it's time consuming if you' really a calculating real quotes than just typing a generic rate and $0 in closing costs & fees
- MORTGAGE OPERATOR
- Contributions:2081
400 quotes!!?? did chech in to an ER for broken fingers? :)
- MORTGAGE OPERATOR
- Contributions:2081
maybe Zillow coud add a an answering service & a processing dept to help us send out more quotes and close more loans.
Zillow has the potential of becoming the next realtor.com or Countrywide...they just need to do it and start charging monthly membership fees to get rid of all bogus posting.
Zillow has the potential of becoming the next realtor.com or Countrywide...they just need to do it and start charging monthly membership fees to get rid of all bogus posting.
- Nic Netherton, "Colorado Lender"
- Contributions:7219
Got nada so far Romulo.......Like Planners said, if you're not throwin out BS quotes doubt it will amount to much
- Jared Kull, "Superior Mortgage"
- Contributions:48
I would be curious to know what sort of contact these fantasy lenders with their outrageous quotes are getting. Do you think that the consumers are really that blind?
- Planners
- Contributions:322
I suspect most of the shoppers here have above average knowlege of how things work. Most likely they get disgusted after looking at/contacting the first two or three quotes and don't even bother looking at the rest of them. Look at your made quotes, see how many of them are not even looked at, and how many just have the summary viewed.
I think Zillow expects the ratings system to take care of that. The funny thing, any of us could have 10 five star ratings in no time at all (and many people have, I am sure, boosted their appeal in that way).
These sites only work if they provide credible information. It's too bad the nifty programmers that run this thing don't understand the mortgage business, they have left it wide open to abuse. I don't think they understand even basic things like how lock-in's work on fixed rate loans. Certainly not requiring a standard lock in term on every quote is alone enough to make the whople process meaningless.
Zillow guys- this is what I mean. The difference between a 12 day lock and a 45 day lock is about 3/8 of a point in wholesale cost. Except in the most vanishingly rare purchase loan situations, no one can possibly close a loan in 12 days, even 21 days is difficult to do coonsistently with refis because of recission requirements. This means that as a practical matter, a 30 day lock is the minimum term needed to guarantee a rate at application. You are not requiring us to post any particular lock term, so many lenders have clearly chosen to offer shorter term pricing even though it cannot possibly be locked at application. It's an open invitation to bait and switch.
Tom O'Leary
- D Ww, "feder1"
- Contributions:35
"I would be curious to know what sort of contact these fantasy lenders with their outrageous quotes are getting. Do you think that the consumers are really that blind?"
I'd like to think they aren't, but the Sunday Denver Post has a marketing section with rate quotes from various sources. If consumers weren't blind then I don't understand why the section still exists and why none of the participants appear able to offer a factual quote.
- shapiroamg
- Contributions:3058
"I would be curious to know what sort of contact these fantasy lenders with their outrageous quotes are getting."
Rhetorical statement, right? I would think that those making quotes like that are joining the conversation here. I would estimate that 33% of my quotes have been viewed.
- MORTGAGE OPERATOR
- Contributions:2081
nic from CO,, your spanish is getting good!
Actually I Liked your question the other day.."Where are all these quotes coming from ..."
is Zillow going to process .our loans too?
Actually I Liked your question the other day.."Where are all these quotes coming from ..."
is Zillow going to process .our loans too?
- TiffanyTaylor
- Contributions:11
I have given over 100 quotes so far... I have 4 loans in process, all jumbo purchases. Two of them have been approved, the other two are submitted and waiting for final approval.
- Nic Netherton, "Colorado Lender"
- Contributions:7219
In the feedback section for "TiffRod" the "consumer" indicates that he or she already closed with the lender in question. Seems pretty quick, or maybe we're just slow out here in Colorado
- Access National Mortgage, "Access National"
- Contributions:26
Been here since day one as well. Almost 400 loan quotes, 6 e-mails, three phone contacts (2 could not help high dti and ltv. Other one is a jumbo loan and it's already approved.) I agree with planners! If Zillow does not police the rate quotes then this isn't worth my time. I have never seen some many low ball quotes in my life! It's unbelievable! I also think most of the borrowers submitting quotes are just generally interested in seeing what rates are doing, not necessarily refinancing or moving forward on a loan. Anyhow i will try it for another 2 weeks and if it does not improve i'm out.
- Planners
- Contributions:322
I don't now about you guys, but I am scrounging around for a younger and more presentable picture myself. Too bad the only ones I can find have me in a polyester leisure suit!
Tom
- TiffanyTaylor
- Contributions:11
ColoradoLender, I haven't closed any loans from here yet. I received that feedback after only being on Zillow for a few days.
I think we can all agree that there are a lot of quotes posted that are not doable. I'm quoting rates and fees that are leaving little profit, but for a free lead I can afford to work for a little less. I've been in the industry for over 17 years and still work 10-14 hours a day... I have 4 assistants that help me stay in contact with all of my past clients, and free me up to do what I do best. (Loan Consults) I've funded 13 loans so far this month and should fund 6 more... I don't have any Jedi mind tricks, just a very effective "Action marketing system schedule".
Tom, send me a photo to info@platinumfundinginc.com, and I will wave my magic wand(photoshop) over it and send it back to you... I like your current photo, it just needs some minor adjustments.
- Planners
- Contributions:322
Thanks for your offer, but I was going for the grumpy look. I figure why not let my clients know what to expect up front.
Tom
- Mark Jagusiak, "mjagusiak"
- Contributions:8
One thing I would like to see is on a refinance quote, what the client has on their current rate. Or why they are looking to refi. Cashout, change from adj to fixed, lower monthly payments????? Some of these "lookie loos" are not worth all the time that is necessary to properly quote these deals.
- QuoteCop
- Contributions:3
Mark your attitude is exactly why you fail. "Not worth it?" You paid $25 to have hundreds of leads put in front of you and all you do is complain. You can't see long term and present yourself in a positive manner to these "lookie loos" to possibly get business later or even a referral? How do you know these "lookie loos" are not looking for a friend or relative. How do you know they won't pass along the information to someone else. The more people your name is in front of the better off you will be. If it's not worth your time why don't you stop making quotes then. Last time I checked, Zillow wasn't forcing you or anyone else to sit, chained to a desk and make quotes.
As for you Tiffany, WAY TO GO! Take the money and run and leave these crybabies in the dust!
As for you Tiffany, WAY TO GO! Take the money and run and leave these crybabies in the dust!
- MORTGAGE OPERATOR
- Contributions:2081
Tiffany... Mortgage Woman of 2008! Congratulations on your success!
How many Loan Applicatons so far?
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- 0.0/5.0
Contributions:2081Has anyone submitted real loan applications from these Zillow Quotes?
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