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Lender rating
Since November 2009
Yeah, I've definitely noticed it too!
Lender rating
Since August 2009
Let's hope Zillow's revenue goal isn't based on number of lenders x $25.
Lender rating
Since January 2009
Yeah Aaron, In California I've seen 27 quotes on one request and about 5 of the 27 are realistic. If you are really bored, you can go through each one and see who, if anyone, was contacted and without fail, the lowest most ridiculous quotes are the one that get contacted.
I can only imagine that pretty soon the consumers are going to start complaining elsewhere, in blogs or on other sites about the crap service they got from these bait and switchers and it will trickle back here. I think these quotes are turning people off to the whole site. I get calls from people asking me if I can match the most ridiculous quotes and it kills me to turn business away, but you cannot unring a bell.
Truly a waste and it will only get worse until la fix is made.
Aaron,
Here's my take on the "growth factor." Yes,more LO's are signing up and that currently hurts the request/LO ratio. This is only temporary. I've posted on the suggestion side about adding levels for national/ regional/local boards as I see the growth will eventually help everyone.
More exposure at the local level could be driven by consumers and RE agents. The growth will lead to finer concetrations on the local level and better contacts. Good for all.
Zillow is a "social networking site" and their revenue is generated by advertising. Recognizing that allows each person to decide if or how they want to present themselves as well as if it is worth their time.
Bottom line as a lender, ou cannot expect it to be a source of preferred leads or special territory. It simply isn't designed for that.
You get what you paid for.
"You get what you paid for" exactly, an entrance fee is just that, an entrance fee. It allows you the right to be recognized as a lender (Zillow approval). Wht you do after entering the gate determines the individual experience.
- your mileage may vary ................... as the saying goes :)
Wayne, you are misreading me. If I wanted preffered leads, I'll buy some lendingtree.com leads. I'm making an overall statement, that the amount of loan officers is growing while request volume is shrinking. It's not sustainable. Furthermore my point was that Zillow is doing nothing to get the marketplace more exposure. Zillow is not a social networking site, are you kidding me? They are a 3rd party information source.
If you want to step back and watch the train derail from a distance, continue to do nothing. If you can't see the direction this thing is currently headed that's on you.
And matthewcbrown, yes, I got my $25 back when I funded my first Zillow loan two weeks ago. But as far as the countless hours I've paid contributing, writing articles, making qoutes, on the discussion boards, no, I don't quite think I've gotten it back. I will continue to treat Zillow like the valuble investment that it is and expect return on that investment.
Correct me if I am wrong but does it seem like this "discussions" thread is becoming like an episode of Springer. I'm getting so torn up I need to call Dr. Phill to get right again.
let's use the section for what it is intended, getting questions answered about loans, the market, real estate trends, and technical support.
I am going to go back to selling loans now. You all have a great weekend.
Imagine two (or more) people at the train station. They watch two trains approaching from opposite directions at a high rate of speed! Some scream and run! Some are totally relaxed.
The engineers, conductors, switchmen, etc .... are in control ...... Many here seem to want to run and scream that things are out of control. I don't see it that way. I actually am standing far enough away and positioned to see that the two trains are on different tracks.
Are there a few abusers ... yes.
Have there been fewer requests .... yes.
Am I relying on Zillow for my bread & butter .... NO
Do I see potential .... yes.
Do I help to see it grows ... yes ....
Do I think everyone needs to participate in the HOS threads .... no
and Kyle ... no Dr Phil needed here. This is actaully a very relevant topic. I do agree that some threads turn into a Springer rerun though. {you could start a seperate thread for that} :)
If intellectual discussion scares you, feel free to look at it in terms of Springer and Dr. Phil. But if you have nothing to contribute, why say anything at all? Trying to get your litte blue ribbon maybe?
I think we'll see some LO's quit submitting during different times while it balances out. Others will be like the robo-quoters and submit no matter what. Even the HOS threads help to control and improve that. I'm seeing more borrowers ask direct questions here because they've read the threads and see the issues. Its all good (ok, mostly)
Good point Wayne. I have many other "tracks" that I rely much more heavily on than zillow to generate my business, but do think it is valuable and I do hope it continues to grow.
Thanks for your insight.
Kyle - its great to see your "rating" had so many great things to say about you. Wow, you must move quick!!! Quote, App ,Docs, Closing & 5 star Review all in the same day the borrower signed up on the site!!!
Everytime someone complains about this particular issue everyone seems to think that person wants preferential treatment and zillow is bread and butter. it's not. I can attest to that after 90 days of work and just one loan closed. I don't think it is out of control I am just saying it is dangerously close to getting there at a high rate of speed. The more the mods wait to make adjustments the harder it will become later to change the course. I am a little bit idealistic here, I'd like to see it suceed but I am afraid it will become rotten like it seems everything else the mortgage industry touches becomes.
heh thats one way to get the blue ribbon
I've got my popcorn ready to go in the microwave...
Man, that was wierd, not sure how all those posts got there. fat fingers or something. Not trying to get my blue ribbon because I do not care about that at all, matter of fact mr. sunrise vista, until you mentioned something about it I did not know even how you got one.
And if you read any other of my posts today , Queen City, I do not even know how I got a rating nor where it came from.
Thanks for your implied acusations though, that just made me make a 2nd call to Dr. Phil. Thanks,
Lender rating
Since January 2009
Bet ya could buy alot of popcorn with those 2% loans old Kyle is handing out here in Colorado RC...
Kyle - Maybe you should have it removed if it is erroneous. Woul you like David's email to have it removed?
Yes, please give me the email becuase I do not know how that happened. Thank you for your help.
Come on now Colorado Lender, can we just get past the 2% thing? It was a mistake and I manned up to admit my error. Or should I say I grandfathered up to admit my error?.
Have a great weekend all.
Nice try Kyle - you reviewed yourself now you've lied about it. That's two strikes in my book. Your account(s) are closed. Please take your business elsewhere.
mods=gods
Hopefully you took more than Kyle's account from this thread DavidG. We were running strong before he showed up.
... and now, back to our regularly scheduled program:
"I'd have to say that there is now, in CA, approximatley .5 to .33 the volume of requests since Zillow MM was created. While the Zillow MM is quite visable on Zillow, I don't see it being linked to or advertised anywhere else on the net, maybe someone can correct me." Aaron
Something to factor in is that requests will rise and fall with news hype. there are a lot of folks watching/reading who are sizing up the situation and the participants. Not all want to engage in the mindless banter and simply read and wait for the appropriate time to submit a request.
No offense intended or directed toward you bye the way. This is simply my vantage point and also what lead to the "ZMM net branch" post where I compiled a few of the views and worries I've read and put them all in one place. If it turns out my view is wrong, then all those techies behind the scenes will be looking for new place to park the talents. I was only wrong one other time in my life though, so ........ j/k
We're researching 'em Sunrise - as I just mentioned on the other thread: "Please ensure that anything you see is flagged - that's our primary tool for finding bad actors and we're almost finished training and staffing up the flag review effort so let us know!"
Wayne - love your attitude (as always)
Lender rating
Since January 2009
Cool, is grandpa really gone?
Wayne- no offense taken. Good to have a discussion with someone with a brain.
DavidG, you honestly should consider, as i've said many times, implementing an autoflagging system. Post gets X number of flags, automatically gone. You could continually adjust the flag ceilings to optimize, for example if rate is below 6%, lower limit of flags. It would seriously cut down the amount of time the Mods would have to spend reviewing flags. It's how craigslist has a staff of just a couple people including Craig himself.
Couple questions.
Are you notified if you get flagged for anything?
Sunrise are you suggesting that if a quote receives a certain amount of flags that lender is automatically gone?
©
Lender rating
Since November 2009
WOW, what have I missed? It's comforting knowing that Zillow is out and about policing up this place!
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Supersaturation of Zillow
Aaron Opfell, "SunriseVistaMortgage"
Mortgage Lender
Lender rating
4.8/5.0
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I think all of the old timers here have noticed the amount of loan officers tripling or qaudrupling here. It started to go sour about a month ago but is now on an epic scale. Zillow's perspective seems to be the more loan qoutes for people the better. About two weeks ago they noted that on average a loan request got 8 qoutes.
Question is, how much is enough?
I've noticed with dismay that the overall volume of loan requests drop considerably in this same timeframe. I'd have to say that there is now, in CA, approximatley .5 to .33 the volume of requests since Zillow MM was created. While the Zillow MM is quite visable on Zillow, I don't see it being linked to or advertised anywhere else on the net, maybe someone can correct me. Read: Zillow is not doing anything to bring in new loan request volume. Yet, they are allowing new lender signups at an exponential rate.
Soon I think there will be more lenders than loan requests. I know there have been threads about this before, I just wanted to vent. Are there any initiatives to fix this?
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