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Answers (30)
- Pasadenan
- Contributions:21458
I see I made a typing error (or 2 or 3...); 1/4 of all PURCHASE quote requests have LTV ratios above what Zillow states is the maximum that can be quoted (based on FHA guidelines/requirements)...
So, 1/4 either need to not be quoted at all, OR, they need to be told up front they can't be quoted, OR people will just post to the discussion board, "why didn't I get any quotes? what do I need to do to fix it" (increasing page views...), OR loan officers are going to continue to quote it with some note about having to come up with more down payment money, or have the property appraise higher...., thus creating deception and an un-level quoting environment.
SO, Zillow should just let someone know when they are posting their request that it is outside the bounds of what can be quoted, and what needs to be done to fix it.
http://images1.zillow.com/is/image/i0/i2/i3965/ISr7tnk88ofuzn.jpg
So, 1/4 either need to not be quoted at all, OR, they need to be told up front they can't be quoted, OR people will just post to the discussion board, "why didn't I get any quotes? what do I need to do to fix it" (increasing page views...), OR loan officers are going to continue to quote it with some note about having to come up with more down payment money, or have the property appraise higher...., thus creating deception and an un-level quoting environment.
SO, Zillow should just let someone know when they are posting their request that it is outside the bounds of what can be quoted, and what needs to be done to fix it.
http://images1.zillow.com/is/image/i0/i2/i3965/ISr7tnk88ofuzn.jpg
- Norm D Plume, "America Needs Nixon!"
- Contributions:1670
just wanted to point out that the API will allow you to set a maximum DTI on quotes; it is possible to make sure it doesn't quote to ridiculously high DTIs. I can't blame Zillow on that, the tool is there for anyone quoting to use.
- Pasadenan
- Contributions:21458
If Zillow won't allow quoting above 96.5%, then why does Zillow continue to allow people to post requests at up to 200% LTV for refi, and up to 100% LTV for purchases?
This is a Zillow programming problem, not an API problem. 1/4 of all refi requests have too high a loan to value ratio to quote! Zillow should tell the user immediately upon input that it can't be quoted by the loan officers on Zillow, and for refi, will either need to be a loan modification program or other government program for under water homes, and should tell them that they will need a first and second loan for or other downpayment assistance program for for a purchase. It should never be posted for quoting....
And worse, Zillow is not even providing the data required in the filters nor to the API engines to do reasonable quotes... For Refi, you need to know when the loan was taken out, and what the present interest rate is; and if variable, they need to know index, margin, and caps...
Until Zillow fixes these things, of course there will be problems with both the requests and the quotes. But it is not for contact fees, it is for page views since that is still the primary revenue source.
This is a Zillow programming problem, not an API problem. 1/4 of all refi requests have too high a loan to value ratio to quote! Zillow should tell the user immediately upon input that it can't be quoted by the loan officers on Zillow, and for refi, will either need to be a loan modification program or other government program for under water homes, and should tell them that they will need a first and second loan for or other downpayment assistance program for for a purchase. It should never be posted for quoting....
And worse, Zillow is not even providing the data required in the filters nor to the API engines to do reasonable quotes... For Refi, you need to know when the loan was taken out, and what the present interest rate is; and if variable, they need to know index, margin, and caps...
Until Zillow fixes these things, of course there will be problems with both the requests and the quotes. But it is not for contact fees, it is for page views since that is still the primary revenue source.
- Clay Branch, "Georgia Loans"
- Contributions:7836
96.6% Conv, 560-599 score, .........that's not on his rate sheet, oh and no fees.
96.6 Conventional
96.6 Conventional
- Mike Politzer, "Mike Politzer"
- Contributions:630
Only mandatory fees are broker and title fees.
From the quote response that Clay referenced - in the notes. Zillow, you need to move on this guy.
From the quote response that Clay referenced - in the notes. Zillow, you need to move on this guy.
Impossible is matter of perspective.
- Clay Branch, "Georgia Loans"
- Contributions:7836
GVD, where are you?
So, if you scroll down you see this perp has no fees, he doesn't even need an appraisal. Zillow, isnt that a problem? I am really doubting the most recent FHA quote, 4.625% 30 Yr and no fees.............
0 Fees, not even an appraisal
So, if you scroll down you see this perp has no fees, he doesn't even need an appraisal. Zillow, isnt that a problem? I am really doubting the most recent FHA quote, 4.625% 30 Yr and no fees.............
0 Fees, not even an appraisal
- Kelly Lacey, "kellylacey"
- Contributions:797
Scot-you may want to go back to using Loansifter...you've manually quoted an ARM with no caps...view the post about magic arms.
- Scot King, "PacificWestCapital"
- Contributions:45
It would be interesting to perform an audit on one of these "players" here on Zillow to see how many of these loan types actually closed. 100% LTV? I'm sure that will make the phone ring, but why do this and make people mad when you can't deliver? I think Zillow is just so happy to accept oodles of dollars from lenders paying to blast out their bogus quotes. It's unfair to brokers with legitimate competive quotes. It Why bother to compete with these idiots in autoquoting? I have turned off my loansifter account and I am quoting manually. I also think $50 for a telephone is a rip off Zillow. Some sliding scale for a mortgage lead. I think Zillow should have one low flat fee for all leads. I'm considering cancelling my lender quoting all together here.
- Clay Branch, "Georgia Loans"
- Contributions:7836
Here is one to delete, quoted 13 hours after the fact so pretty sure it's a manual quote, 100% FHA refi, and a 60 something DTI if lucky since SE.
100% FHA
100% FHA
- Greg Darlin, "Greg Darlin"
- Contributions:3238
Nida,
The real issue is that the API quoters, who have been blasting out bad quotes for months and months, have not had their quotes deleted, been asked to shut down their quoting engines and quote manually until the alleged problems are fixed and they get special treatment from ZMM.
It is totally unfair that ZMM allows a lender to blast out thousands of quotes knowing full well that the lender(s) is giving bad quotes. It is totally unfair to the borrower, public and the lenders who are quoting properly.
The excuses that ZMM tolerates from such lenders have been asinine, but ZMM still give special treatent to the lenders. So, what are the API lenders doing? They are laughing all the way to the bank that is what they are doing.
Shut them down until they can quote right, period. You would have shut any of us down for 10% of the infractions, excuses and blatant violations on ZMM. Again, shut them down until whatever is fixed (maybe morals, ethics, honesty etc.)
The real issue is that the API quoters, who have been blasting out bad quotes for months and months, have not had their quotes deleted, been asked to shut down their quoting engines and quote manually until the alleged problems are fixed and they get special treatment from ZMM.
It is totally unfair that ZMM allows a lender to blast out thousands of quotes knowing full well that the lender(s) is giving bad quotes. It is totally unfair to the borrower, public and the lenders who are quoting properly.
The excuses that ZMM tolerates from such lenders have been asinine, but ZMM still give special treatent to the lenders. So, what are the API lenders doing? They are laughing all the way to the bank that is what they are doing.
Shut them down until they can quote right, period. You would have shut any of us down for 10% of the infractions, excuses and blatant violations on ZMM. Again, shut them down until whatever is fixed (maybe morals, ethics, honesty etc.)
- Andrew Adams, "203K Specialist"
- Contributions:9349
Nida,
The big issue is that the problem has been identified and the fix is really not difficult. Change the filters so that you don't auto quote above 95% LTV. It takes 2 seconds! Why are you allowing Reps to continue to puh out bogus quotes and blame the API engines. I see plenty of API quoters that don't quote bogus programs. That tells me it's user error!
The big issue is that the problem has been identified and the fix is really not difficult. Change the filters so that you don't auto quote above 95% LTV. It takes 2 seconds! Why are you allowing Reps to continue to puh out bogus quotes and blame the API engines. I see plenty of API quoters that don't quote bogus programs. That tells me it's user error!
- Nida Makein, "Nida M"
- Contributions:309
You guys are right. We haven't been doing a good job with deleting the quotes. I have talked with the other reps and we will start doing that. We have been working with the lenders and the pricing engines to see what is going on and that has taken most of our time.
Thanks again.
Thanks again.
6 hours later ... same person, same result.
We have lond established these quotes are impossible, but I guess actually making them stop is rocket science. It's apparently so hard to just not do it until it's fixed. It's much better to keep sending out the quotes ... gotta collect that do-rei-mi! Who cares about accuracy or state lending laws.
Quoting is pointless!
We have lond established these quotes are impossible, but I guess actually making them stop is rocket science. It's apparently so hard to just not do it until it's fixed. It's much better to keep sending out the quotes ... gotta collect that do-rei-mi! Who cares about accuracy or state lending laws.
Quoting is pointless!
- Clay Branch, "Georgia Loans"
- Contributions:7836
No warning = more BS.
Pretty soon you will be able to google no money down conventional mortgage and Zillow will be the 1st hit
100% Conventional
Pretty soon you will be able to google no money down conventional mortgage and Zillow will be the 1st hit
100% Conventional
- Home Lending Pros.
- Contributions:224
Ernie Lends,
Does not have a (DE) direct endorsement from HUD/FHA as a net branch he is NOT going to process any FHA loans, his name will not be on the loan.
Look it up Earnie Lends
Does not have a (DE) direct endorsement from HUD/FHA as a net branch he is NOT going to process any FHA loans, his name will not be on the loan.
Look it up Earnie Lends
- Clay Branch, "Georgia Loans"
- Contributions:7836
Gregorio, I will answer those questions, Yes and Yes.
This loan is impossible, quoted as a $5 Million Dollar Loan, 100% LTV, with a Prime Based loan, WOW. Even though this is really a 50K or 5K inquiry, it was still quoted manually which is really scary. Get ready CA, you should see him often! BTW, the 2nd link is to the website, rate sheet page, and is more bizarre than the quote.
100% Super Jumbo
Rates
This loan is impossible, quoted as a $5 Million Dollar Loan, 100% LTV, with a Prime Based loan, WOW. Even though this is really a 50K or 5K inquiry, it was still quoted manually which is really scary. Get ready CA, you should see him often! BTW, the 2nd link is to the website, rate sheet page, and is more bizarre than the quote.
100% Super Jumbo
Rates
May I ask one more, most likely equally annoying question?
Since I have pointed out all of these quotes that are incorrect, and it's been acknowledged that they are incorrect and it only takes 3.5 seconds to click delete by the person that made them to get rid of them ... why are they still there? Since we have now established by default, that it's apparently impossible to turn the auto-quoting, rampaging, mind of it's own machine off ... the least we could do in it's destructive wake, is to delete the quotes it so autonomously and yet mindlessly made.
Yes?
Since I have pointed out all of these quotes that are incorrect, and it's been acknowledged that they are incorrect and it only takes 3.5 seconds to click delete by the person that made them to get rid of them ... why are they still there? Since we have now established by default, that it's apparently impossible to turn the auto-quoting, rampaging, mind of it's own machine off ... the least we could do in it's destructive wake, is to delete the quotes it so autonomously and yet mindlessly made.
Yes?
4 minutes ago
Yes I know I'm being a pain, but this makes no sense to me. The same incorrect quotes are still going out by the same person.
Yes I know I'm being a pain, but this makes no sense to me. The same incorrect quotes are still going out by the same person.
- Joe Cafiero, "Joe Cafiero"
- Contributions:3221
Nida;
As someone who does quote through an API, I can tell you it takes literally three minutes to ratchet the LTV down to an acceptable level. And I will add that quotes not being able be delivered due to a LTV issue is not the "API's" fault. It is the person setting the filters.
As someone who does quote through an API, I can tell you it takes literally three minutes to ratchet the LTV down to an acceptable level. And I will add that quotes not being able be delivered due to a LTV issue is not the "API's" fault. It is the person setting the filters.
Nida,
If it's not working, why are they continuing to quote? It's a disgrace to be sending out fraudulent APRs and quotes ... it's also illegal. Why can't he shut it down until it works properly? Is that too much to ask? When these quotes go out, those of us that manually quote and only quote seleted products lose out because our VALID QUOTES are never seen. The consumer loses out when they call these people and get the 2 step about it being a mistake. This same person was put on notice last week about this very thing and is still blasting out quotes. I only posted today and made it public because NOTHING was being done about it.
I'll ease up on the comments when INVALID AND ILLEGAL quotes stop going out to the public and Zillow starts doing something about it. It seems this is the ONLY WAY to get things done.
Is that fair enough?
If it's not working, why are they continuing to quote? It's a disgrace to be sending out fraudulent APRs and quotes ... it's also illegal. Why can't he shut it down until it works properly? Is that too much to ask? When these quotes go out, those of us that manually quote and only quote seleted products lose out because our VALID QUOTES are never seen. The consumer loses out when they call these people and get the 2 step about it being a mistake. This same person was put on notice last week about this very thing and is still blasting out quotes. I only posted today and made it public because NOTHING was being done about it.
I'll ease up on the comments when INVALID AND ILLEGAL quotes stop going out to the public and Zillow starts doing something about it. It seems this is the ONLY WAY to get things done.
Is that fair enough?
- Nida Makein, "Nida M"
- Contributions:309
Gregorio,
I am working on this with Paul. I understand you are trying to help but please ease up a little bit on these kinds of comments.
Thanks,
Nida
I am working on this with Paul. I understand you are trying to help but please ease up a little bit on these kinds of comments.
Thanks,
Nida
Well Paul,
Now my feelings are now hurt. I thought we had a chemistry thing going here, and look what you did! As of 16 minutes ago you are still blasting out incorrect quotes for conventional loans on loan amounts of 96.375%. You told me you knew of this "glitch" ... don't you care about the consumers Paul? You really don't give a darn that you are sending out garbage quotes do you? You were put on notice, you acknowledged the problem, then you continue to do nothing to correct it. This is the definition of negligence, fraud or incompetence ... you pick which one is most accurate.
If you know your auto quoter is sending out incorrect quotes ...
.
.
.
Wait for it!
.
.
.
STOP QUOTING!
Now my feelings are now hurt. I thought we had a chemistry thing going here, and look what you did! As of 16 minutes ago you are still blasting out incorrect quotes for conventional loans on loan amounts of 96.375%. You told me you knew of this "glitch" ... don't you care about the consumers Paul? You really don't give a darn that you are sending out garbage quotes do you? You were put on notice, you acknowledged the problem, then you continue to do nothing to correct it. This is the definition of negligence, fraud or incompetence ... you pick which one is most accurate.
If you know your auto quoter is sending out incorrect quotes ...
.
.
.
Wait for it!
.
.
.
STOP QUOTING!
I hear you Paul ... glad you are getting it worked out. Hopefully we won't see those quotes from this point forward.
- Voyage Home Loans
- Contributions:67
Hey Gregorio,
Since we found the glitch with the quotes we've noticed quite a few other mortgage professionals are having the same issue.
I'm not saying this is the case with all the price quotes on here but I know in our case we are using a price quote engine Zillow recommended to us. I know they are working on the glitch to make sure these "true quotes" are more accurate.
just wanted to let you know where I personally was coming from.
Since we found the glitch with the quotes we've noticed quite a few other mortgage professionals are having the same issue.
I'm not saying this is the case with all the price quotes on here but I know in our case we are using a price quote engine Zillow recommended to us. I know they are working on the glitch to make sure these "true quotes" are more accurate.
just wanted to let you know where I personally was coming from.
Submission #2 Conventional purchase @ 96.875%
Submission #3 Conventional purchase @96.875%
Submission #4 Conventional purchase @ 96.875%
Submission #5 Conventional purchase @ 96.875%
Submission #3 Conventional purchase @96.875%
Submission #4 Conventional purchase @ 96.875%
Submission #5 Conventional purchase @ 96.875%
Impossible Quotes
Here is submission #1, The FHA, fully amortized in 5 year loan that makes it to the top of the "true cost" sort list.
Ernie, is this a valid product you offer?
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