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Profile picture for Guy Owen

Is a lender required to honor a Zillow Quote?

I responded immediately to a Zillow Quote on 12/21/11, and proceeded to fill out information for Myers Park Mortgage Lending Center. They took an extra day contacting me -- not until 12/23/11 -- and are now telling me they will not honor the Fee Structure indicated in my Zillow Quote (ZQ-KWJGNVX).
  • December 23 2011 - Hyattsville
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Answers (5)

I agree with Andrew except for the fact it took 2 days to contact the borrower. Maybe their LO, Colin, should have been assigned this inquiry instead of spending time chasing the borrower who left a 1 star review on 12/21/11. They are quoting 3.75% today with $890 lender fee. While that is not as good as the original quote I would still take that offer.        
  • December 24 2011
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Guy,

Rates are like stocks they are constantly changing and a rate cannot be guaranteed until it is locked in.  That is not done the second you say you are interested!

I am not sure that is the case here but the reality i srates are always changing and until you have a written lock confirmation you do not have a guarantee of the rate...and even then if the appraisal comes in low the rate could be impacted by the value.
  • December 24 2011
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Profile picture for Guy Owen
Yes. I have a Zillow Quote that is sent after you respond online, stating "I am interested in this loan." (or some such wording). When I showed the Agent the ZQ he agreed to honor the Rate @ 3.75% -- but insisted I still had to pay the Origination Fee (which was offset in the ZQ by a Lender Discount).

The part that is baffling to me is he saw the exact same offer that morning when I answered his call. He told me firmly "Yes, we can proceed with this offer." Then he couldn't get it to Lock. It kept adding another 1/8th jump. We filled out the Application on the phone and he assured me he would get it fixed and call me back. When he called back, he first tried to insist I had to accept the higher Rate -- unless I could produce a ZQ. Then he backed off when I balked and sent him the ZQ, but insisted I had to pay the Origination Fee, stating he could not honor the ZQ completely because it was 2 days old. Which was not my fault.

Nowhere on the Zillow website or the ZQ does it say "You MUST have a conversation with an Agent within x-number of hours to get the advertised Rate." On the morning of 12/23, he saw the same offer I did. They apparently changed it while we were filling out the Application.

There is no question I qualify for those rates. My FICO score is 780. The three bureaus came back at 805, 809, and 819 - per the Agent. I have no real debt beyond the mortgage. No negatives of any kind. And a 21-year credit history.
  • December 24 2011
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Profile picture for Sharon Lewis
They probably said current rates, however you have to qualify for those rates. Do you have a 'picture' of their ad? And can you show when you sent your request?
  • December 24 2011
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Hello Guy,

Great question.  I will look into the loan request.  Can you also reach out to me offline with more details about your shopping experience. 

Thank you,
Candace
Zillow Customer Support
  • December 23 2011
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