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Profile picture for Whitman Met

So DAVEG doesn't have to zip around threads...

Lets lay out our current concerns in a clear and concise manner, one post each, with no responses to eachother. Strictly a place to voice our concerns directly to Zillow:

 

 

With new quoting system you would like us to input title fees. In California, it will be impossible to accurately quote title and escrow fees, and causes a major disservice to the borrower as now they are not getting apples to apples. There is MORE room for abuse, and frankly, it goes against the spirit of the site as the point of this site is to compare lenders. We do not affect what title charges and it is not a good way to compare APR's etc. Lastly, with a purchase, we do not even have any idea who the title and escrow will be, nor who is paying what. We would need a copy of the contract to do an accurate assessment.

 

As of right now you are forcing people to guess, and penalizing the honest lenders because your staff will have no way to verify the accuracy of the fees.

  • November 03 2008 - US
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Answers (19)

David, we were told to trust the judgement of why Zillow instituted the new quoting format.  This trust is quivering like a blast of cold artic air that chills our bones.

1.  All lenders should be including all lender fees.

2.  We should not have to put in title fees and title insurance because of such a huge variance and it allow the already cheaters on quotes to even cheat more and have one more leg up on the honest, good lenders that are trying to uphold Zillow rules.

3.  We should not have to input ANY recordation, state, county taxes.  Whether the borrower uses us or the man on the moon, those costs are associate with each jurisdiction.  Again, it is allowing the cheaters to cheat more.

4.  Though I am not discounting the intelligence of the Zillow borrower, it is human nature to scan and choose the lender who has the lowest total cost on the quote.  Then throw into the mix that the rate is bogus too and it is beyond comtempt.

5.  This new system is not improving the image of Zillow in the slightest.  Rather, it is like a big punch in Zillow's face that is going to cause nearly fatal, cranial hemorhaging if not modified or abandoned.

6.  To date, we have heard nothing from nobody at Zillow.  This makes many feel slighted to say the least.  I did hear you were on vacation. So, welcome back to the huge mess.

7.  We look to you for guidance so please guide us out of this nightmare.

Thanks,
Greg

  • November 03 2008
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Profile picture for FERMI

David-

 

The FHA feature is helpful, but as Greg points out above, it has just given the cheaters another leg up. I have seen numerous FHA quotes (mentioned as FHA in the comments, and impossible to do as any other program) where they did not check the fha box, and therefore did not have upfront MIP. Honest lenders don't have a chance if that continues.

 

Also, upfront MIP shows as a cost to borrower, when generally it is financed.

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This new system is not improving the image of Zillow in the slightest. Rather, it is like a big punch in Zillow's face that is going to cause nearly fatal, cranial hemorhaging if not modified or abandoned.

 

I couldn't agree more and the visuals were just too good. 

 

Objectively, Zillow will no longer be a resource if consumers don't feel like they are getting a competitive offer and that the quotes are legitimate.  It is hard to see how a consumer can be confident of the quotes they are receiving under the new system. 

 

As my own anecdotal account of the new system's efficacy, nary a single contact since it's inception.  Well, other than Greg's investigative request.  It looks like the new system should be suspended until modifications can be made (i.e., automated tax and title calculations).  It is pretty safe to say the only variation between quotes will be the 800 fees and the rates, so really that should be the only data entry fields.  If the LO intends to pay for the title fees, then they can state that in the comments section. 

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David G,

 

I would be happy with the simple enforcement of the guidelines.  disclose the fees or be suspended...3 strikes and have a nice life!

 

I have been seeing some really bad quotes but clearly there are few if any consequences to throwing junk up on the quotes.

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Profile picture for Ray Stevens

David,  I don't see how Zillow will enforce the new template.  The Zillow administrator would have to know the fees for each state to see if it is missing.  The new template is more confusing for the shopper than ever.  I noticed a quote that had zero lender fees at a low rate.  When I opened the quote, I noticed he put 2 points origination and other fees.  How did he get his quote to read zero?  He listed all his fees as a lender credit !!!!

 

Come on!  Is this what you intended when you redesigned the template?

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Ray,

 

I am glad you joined the conversation.

 

Not that tough to figure out....take a look at this quote.

 

Of the 7 people quoting which 3 should have a strike against them?

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I also know that you quoted Astoria's rates.  they have a DTI of 38% really strict with the DTI...

 

Borrower's income is $41,667 per month.  they have Child Support of $12,000 per month (I wonder if I can be adopted) and your mortgage payment of 6,000+ without any other debt.

 

18,000/41,667=43%  Could you explain how you might get Astoria to approve that loan?

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One post each Andrew.  You broke Kat's rules...tsk tsk

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Profile picture for Whitman Met

AA please read first post. This thread is not for discussion - strictly for direct message to Zillow.

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Sorry Kat..... but certain things set me off!  Like the Zillow offenders I am really not too worried about the consequences of my actions!

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The answer is Faith Andrew.  As long as that comes first guidelines just do not matter.

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Profile picture for Whitman Met

It's not really about consequences, it is more about respect to the point of the thread.

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Sarcasm

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David - the upgrade did nothing to enhance conventional loans. As a matter of fact there's legitimate disagreement amongst us all as to the value of quoting  non-lender fees or not - and the the previous template had more flexibility, and, although certainly not perfect, it was far superior to the current version. There's actually more opportunity to cheat with this system than before.

 

As far as FHA is concerned, the intention was good, i.e. to include the UFMIP, but the delivery is seriously flawed.

 

Please pull back to the former template, retool and focus on a better way to disclose FHA, and come back with it AFTER vetting it properly. We have enough challenges with guidelines, crappy rates, falling values and now the threat of scapegoating without having to spend all this time on this issue. Keep it simple Son!!

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Profile picture for Ray Stevens

Andrew, you and Joe need to get a life.  This template issue is bigger than your complaints about my posts.  Like everyone here, I am up and down.  80% are not posting complete.  Who is going to police that?  Zillow?  They can't even if they wanted to.  I doubt they know the state specific fees.  I don't know them all.  I freely admit it.  If I need to produce a GFE, I have my processor produce it.  I tried posting all fees and I tried posting just lender fees.  None seems right when everyone is doing their thing.  

 

Kat, I reported (in another thread) how one lender was able to get his fees displayed as "Zero Lender Fees" but putting in a bogus lender credit at the bottom of the template.  Actually, I called Greg and had a good conversation.  We had a good laugh about the new template. 

 

Last point, even if we all post as many fees as we know how to, the newbies will not be posting.  Their quotes will look better.  We all hope that our clients will be smart enough to ask questions when seeing a big disparity between quotes.

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Without keeping track I would guess that 75% of quotes have no fees besdies 800 section in NC.  These are both in state and out of state quoters.  If you can't properly fill out a GFE in your own state, knowing what 3rd parties services will be required to close a loan, you should be banned immediately, .  I know the client could chose their own attorney and you don't know what they charge but I know they don't work for free.  Title insurance and recording fees are not free either.

Zillow should take a poll of the top 10 lenders in each state and get figures to auto populate a GFE with besides lender fees, then just have FHA as a choice.

If the top 10 zillow lenders have an average attorney fee of $500 I would be fairly confident in that figure.

I can give attorney, title insurance, and recordng fees for my state as I am sure most of you can.

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This is getting out of hand.  It is pitting friends against friends, good, honest lenders against each other while the creepy ones slide on by like a thief in the night.

For now, we need to call a truce with us all and concentrate on if and when Zillow is going to make the changes.  But, until they do we all must suck it up and quote the entire gambot of fees.

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Profile picture for Ray Stevens

Greg, you know I agree with you.  If we all posted all the fees we would still be the minority, there would not be enough time in the day to flag, and Zillow wouldn't know what to do with the complaints anyway.   I will quote everything for Florida for the time being and monitor results.  the rest of the states I will have to research their fees to post everything.  If we all post everything, we need to share information on how that is working for each of us.  If we are getting deals, then quoting all works and that will be the impetus to continue.

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...lol..........

  • November 03 2008
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