NEW: Zillow Mortgage Marketplace(ZMM) Mystery Shopping program

To help ensure that Zillow Mortgage Marketplace (ZMM) is providing consumers with current and accurate information so they can make informed financial decisions, Zillow is implementing a "Mystery Shopping" program. Zillow's Quality Assurance Team will periodically shop lenders in the marketplace to ensure they are honoring mortgage quotes they post on Zillow.

The Mystery Shopping program is a new addition to the ZMM Market Regulation program, a collection of measures and policies which ensure accuracy, security and fairness in ZMM. Lenders who fail to meet our marketplace requirements may be suspended or permanently removed from ZMM. Other components of our Regulation program include:

• Before participating in ZMM all lenders must successfully complete a background check using data provided by an independent 3rd-party and official regulatory systems, such as the Nationwide Mortgage Licensing System & Registry (NMLS).

• ZMM includes a "flagging" system by which consumers and lenders themselves can mark specific loan quotes as being suspicious or in otherwise need of further review by the ZMM Quality Assurance Team.

• Our Lender Reviews platform allows consumers to rate and review lenders they've worked with and met on ZMM. This offers increased transparency into the service provided by ZMM lenders.

To learn more about Zillow Mortgage Marketplace (ZMM), click here

To start shopping for a loan in ZMM, click here.

  • March 11 2011 - US
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Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (37)

Profile picture for Dunes....
Seems pretty much the same as the last explanation I saw about this Program....Except

It had this within it's content...

"Consequences for failing a mystery shop:"
The consequences for failing a mystery shop will be the same as failing a quote flag investigation. 

  • First failed mystery shop:  Your lender account will be downgraded for 5 business days.  You will not be able to submit quotes or receive contacts from borrowers.  It is your responsibility to turn off automated quoting, if applicable.  Your Zillow account representative will follow up with you to discuss the situation.
  • Second failed mystery shop: Your account will be suspended and you will be prohibited from participating as a lender in ZMM.   After 6 months, our ZMM Quality Assurance Team will consider a petition for reinstatement." About Zillow's Mystery Shopping Program
instead of " Lenders who fail to meet our marketplace requirements may be suspended or permanently removed from ZMM. "

Significant?....Has Zillow gone from a First failed/Second Failed means action will be taken to a......... maybe... might be .. could be taken if we feel like it?

  • March 11 2011
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Geoffrey, confirming a lender's quote anonymously is a good thing. What happens when a lender is quoting 4.375% on a 30 year fixed with only a 1/4 point in discount and a flat broker fee ( have seen this from 1 broker for the last 4 or 5 days ) and their rate/APR is far below every other lender in Zillow? If you "mystery shop " them and you get a GFE stating the same terms, are you satisfied and does it stop there?   
  • March 12 2011
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Geoff,

Over 3-years ago Zillow required lenders to furnish their DRE License Number. That number was displayed by Zillow (a lender couldn't alter it) on their profile. Somewhere along the line that was removed. Maybe around the time Zillow started their fee based system and removed phone numbers, email and their websites.

Is Zillow going to post their DRE & NMLS numbers on their profile again? It's the law that's punishable by a $10,000 fine not to have that on all sales material. I put mine on my profile. Will Zillow enforce lenders to abide by the law? 

Happy funding, Rudi
  • March 12 2011
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Geoff..How far are you going to take this mystery shop.  Just b/c you ask for a worksheet breaking down the closing costs is not going to cause a bait/switcher to quake in his boots and cave in.  Are you prepared to give out SS#'s and actual addresses for your credit to be run.  And if so isn't the gig up when you give a Seattle Address and buying a home in say Virginia..

  • March 13 2011
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Violators will be suspended. Repeat violators will be removed from ZMM. No "maybe" about it.

And Joe, we won't need to have our credit run to find out if a lender is lying to us. 

-Geoff-
  • March 14 2011
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Profile picture for Dunes....
"Violators will be suspended. Repeat violators will be removed from ZMM. No "maybe" about it."

Does that mean this still applies?

  • First failed mystery shop:  Your lender account will be downgraded for 5 business days.  You will not be able to submit quotes or receive contacts from borrowers.  It is your responsibility to turn off automated quoting, if applicable.  Your Zillow account representative will follow up with you to discuss the situation.
  • Second failed mystery shop: Your account will be suspended and you will be prohibited from participating as a lender in ZMM.   After 6 months, our ZMM Quality Assurance Team will consider a petition for reinstatement."
or it doesn't?
Is the above still Policy, the rule, the action that will be taken in each case?......


  • March 14 2011
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Dunes,

I am not sure what you are asking. 

Fail first mystery shop: 5 day downgrade (Aka suspension)
2nd fail: Removal from ZMM

-Geoff-
  • March 14 2011
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Profile picture for Dunes....
Pasa hasn't asked anything on this thread but I have asked
"Is the above still Policy, the rule, the action that will be taken in each case"

In simpler form..

"Fail first mystery shop: 5 day downgrade (Aka suspension)"
"2nd fail: Removal from ZMM"

This will be/is the Policy?
  • March 14 2011
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Yes. 

-Geoff-
  • March 14 2011
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Geoff you didn't answer my question about licenses being shown on the lender's profile page.

Happy funding, Rudi
  • March 14 2011
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Profile picture for Dunes....
Thank-you Geoff
  • March 14 2011
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Rudi,

License numbers for confirmed lenders are displayed at the bottom of the right hand column on the profile page.

-Geoff-
  • March 15 2011
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Correct Geoff. But not for anyone else that claims to be a mortgage professional that has a profile page. The law doesn't state for only those that quote on Zillow. It's for anyone that performs as a mortgage loan originator.

Thank you, Rudi
  • March 15 2011
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Profile picture for blue screen exile
And as we saw for "straight forward lending" with the profile that Jim Wornast set up in his broker's name (Seth), the license number given is neither Jim's nor Seth's, and Jim's is indicated on the state database as "canceled" and not renewed since about 2002.

It is true that Jim hasn't quoted any loans under this alternate profile since his primary account was deleted, but it still states "confirmed lender" on this alternate profile for Jim Wornast.

Team SFL profile (Seth/Jim Wornast)
  • March 15 2011
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Rudi,

Lenders are ultimately responsible for themselves. If they choose not to disclose their licensing information in their profile, that is on them.

-Geoff-
  • March 16 2011
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Geoffrey, speaking of mysteries the review below is suspect. The reviewer marked he closed with the lender, but his review is asking for a prequal? The reviewer also gave another 5 stars to a different lender the same day saying he closed with them too, that one is asking to " check the prequal??

That's a Review?
  • March 16 2011
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Geoffrey, looks like the software needs tweaking. The link below shows 8 quotes sorted by APR with the box checked for " show best quote from each lender". When you uncheck the "best quote" box you get 25 quotes and the first 3 quotes have lower APR's than when the box is checked. Rate have improved around midday and some are going back and requoting so you may get different results but checking the best quote box gives misinformation. Too many bells and whistles.  

Best Offer?
  • March 16 2011
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Clay I will look into this stuff but lets please stay on topic. Feel free to email me or start a new thread if you wish to discuss these things.

-Geoff-
  • March 16 2011
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Profile picture for Dunes....
"Lenders are ultimately responsible for themselves. If they choose not to disclose their licensing information in their profile, that is on them."

Sounds more like a way of saying there really is no discussion.

  • March 16 2011
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Profile picture for Dunes....
  • March 16 2011
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Geoff, your response assumes they have a license. 

Happy funding, Rudi
  • March 17 2011
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I like it!!!! Maybe it'll clear out the lowballing riff-raff...
  • March 21 2011
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Jim has been reincarnated!!   (and will reply again soon!)   
  • March 21 2011
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Justin,
 
Herbert Morrison had to assume James identity. "Oh The Humanity."

Happy funding, Rudi
  • March 26 2011
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Maybe you could mystery shop the banner ad from Spire CU. They are flashing a 2.99% APR No Closing Cost Loan. When you click on their site the lowest rate is on a 3/1 Arm, 3.5% / 3.612 APR, so I found the fine print on the 2.99% APR. A problem I have is the " 5 Year Term ", most can not qualify for a 10 Year Term and there is no reference to a minimum credit score. Would also be nice to know if this is a 1st or 2nd lien since it can be used for " cash out".    

*2.99% APR, for 5-year term effective as of 1.10.11. Loan-to-Value up to 70%. SPIRE must be in first lien position on new loan. Must be new money at SPIRE and used for
refinance or cash-out only. Cannot use loan proceeds to payoff existing SPIRE debt. Minimum loan amount of $30,000, maximum loan amount of $300,000. Property must
be the primary residence and located in MN or WI. Property Insurance is required. Commercial, agriculture and large acreage properties excluded from offer. Interest rate is
subject to change at any time. All rates are subject to type of loan and borrower's credit history. Other rates and terms available. Borrower must meet membership
requirements to qualify for offer. Other exclusions may apply. See your tax advisor for details regarding interest deductibility.
**No Closing Cost offer effective as of 1.10.11 and subject to termination at any time. Minimum loan amount of $30,000,
maximum loan amount $300,000 (new money at SPIRE). Automatic payment is required. This offer does not include appraisal fees.
  • March 27 2011
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How would I go about flagging these 2 quotes?

http://click.email.zillow.com/?qs=5523e289017ff2074138470f3bd87fbcb8ca5e202b276b8f309201e146b4953a31ffcf42f1e5de72

http://click.email.zillow.com/?qs=5523e289017ff2074138470f3bd87fbcb8ca5e202b276b8fa1b7ddae19abce6bfb625d56be73dbde

One is for a 95% LTV investment property and the same lender has quoted other investment properties with ridiculously low rate/fee combos that obviously ignore the price adjustment for investment properties.  The other appears to be quoting a straight wholesale price that doesn't include any compensation for himself.

I don't see the flag button anymore.
  • March 31 2011
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Profile picture for zillheadbanger

 What will happen?

  • March 31 2011
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what will happen? only the Zillender knows...
  • April 02 2011
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James be careful. Remember what happened to the "Pirate."

Happy funding,  Rudi
  • April 04 2011
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BaaaaHaHaHaaaaaaaaaa
  • April 05 2011
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