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- Andrew Adams, "203K Specialist"
- Contributions:9349
Drew,
In theory the mortgage marketplace like a good idea. The problem with it is that with the current lending guidelines to quote a rate without knowing a borrowers credit score is about as accurate as throwing a dart.
I will be surprised if the feedback you receive from consumers is that the rate they initially quoted and the rate they get quoted after completing an application is not negative. Consumers are likely to feel they are being bait and switched and the truth is to quote rates with out all the details is simple a guess.
From the lenders end if you are not aggressive with your rate quotes you will never get a call or e-mail.
I'll be curious as to how it works out.
- Andrew Adams, "203K Specialist"
- Contributions:9349
Edit Looks like
- Andrew Adams, "203K Specialist"
- Contributions:9349
I
- prfstrkr
- Contributions:259
love this feature
- Andrew Adams, "203K Specialist"
- Contributions:9349
It's a little early to love it!
It's a great concept. Before you can love it or hate it you have to see how well it works.
- Rick Nelsen Jr., "American Nationwide"
- Contributions:56
Yeah, let's just see. Love the opportunity, tell you that. I agree that we're gonna be throwing darts, because we'll need to be the lowest to get a call. And it will look like a bait and swithc to the consumer, but atleast we'll have them on the phone to explain that reasoning.
Anyway, I'm excited to see how it works. Hope all of you are as well.
Andrew, update your photo just for this new feature, ay? I'll put my two kids up there too, and see whose cuties get the most calls!!
- Andrew Adams, "203K Specialist"
- Contributions:9349
That was last summer....As cute as your 2 kids are I have no doubt mine is the cutest!
- Andrew Adams, "203K Specialist"
- Contributions:9349
How is Zillow going to handle Bogus quotes? Will lenders be banned. I just looked at a quote of 5.75% on a 30 year fixed rate mortgage with only $800 in lender fees. I would be willing to bet that could not be obtained with a 50% loan to value and an 850 credit score.
- Planners
- Contributions:322
Fee restrictions on the system don't make any sense. Let us put in exactly what they are. Example- one of my lenders charges a single $745 fee, but I can't put that in because the sysem only accepts $500 in that field. So I have to break it up into two fees, which just makes the whole thing more complicated and less like the actual charges the borrower will see at closing.
Tom O'Leary
plannersmortgage.com
- Rick Nelsen Jr., "American Nationwide"
- Contributions:56
LOL! I actually dop have two CHILDREN, cuties. Coming soon...
BTW, I've made a couple of these quotes for folks...I'll get zero calls. It's a farce. I'm going to be forced to zero everything out and lie, just to get a call. Although, Zillow has put a nice disclaimer down there for us, so...
I guess it's like my mother always said, and it still rings true. Honesty is the best policy. Hopefully some folks will realize they aren't going to get free mortgages, and give the rest fo the upfront fellas a shot too.
- Nic Netherton, "Colorado Lender"
- Contributions:7219
Where, if i may ask are these requests coming from? Over the past 8 months i have rarely seen anyone on these forums from Colorado and there are tons of requests from Colorado. Or is that priviledged information?
- Planners
- Contributions:322
You need to put a cost field in for a flood cert, and another for misc lender fees so we have some flexibility. Might I also suggest that you break fees down into lender versus broker fees. That would make it more clear to a borrower who is charging what fees.
Overall, I think there's some confusion between this being a prescriptive versus a descriptive service. I would respectfully suggest that you want us to DESCRIBE our offering as accurately as possible, but that it does not help anything if you PRESCRIBE how much we can quote in specific fields. We are going to charge whateer the actual costs are, no matter how we have to describe it here, and your goal should be to make what we say here match as closely as possible what the borrower will encounter at closing.
Tom O'Leary
plannersmortgage.com
- Planners
- Contributions:322
I have gotten about 20 of these so far today, and can see that we need to be more efficient in our response. Would it be possible to give us a saved quote that we can plug in with a single click? I have made multiple 30 year conforming quotes today, all exactly the same figures. Rather than re-enter the quotes time and again, how about a master template that I can update as rates change?
Also, we just had a rate improvement. Is there an easy way to revise an earlier quiote so that the borrower knows we have different numbers?
I would be willing to pay a reasonable fee to have this functionality. A littel value added for you guys.
Tom O'Leary
plannersmortgage.com
- Planners
- Contributions:322
OK- Just found the "fill in from last quote" button, so scratch the above.
Tom
- Nic Netherton, "Colorado Lender"
- Contributions:7219
Well it has accomplished one thing, there's a TON more lenders on the board....
- Nic Netherton, "Colorado Lender"
- Contributions:7219
- Andrew Adams, "203K Specialist"
- Contributions:9349
I want my $25 buck back!
The inquiries are all the doomers posting fake scenarios and wasting lenders time. Have yo noticed almost everyone has good to excellent credit.....Just like the real world.
- Rick Nelsen Jr., "American Nationwide"
- Contributions:56
I have noticed it. I haven't seen credit like this since....wait I haven't ever seen it! Actually I've quoted the same person three different times on the same Term refinance, and the loan amount has changed all three times!
I'm sure Zillow will no doubt will be making changes as we go along. If you read the blogs announcing it, the parameters used to determine what the best scenario is for both consumers and professionls aren't bad. They're dead on. It just needs to be refined somehow.
What's interesting to me is I haven't been contacted yet. That leads me to believe that I'm not really quoting folks who are researching. And if they're spending days and weeks doing this, we'll be caught with both high, and low rates as they go up and down on the market and our quote stays unchanged.
- Darren Miller, "Darren916"
- Contributions:103
The bait and switchers are coming! There's a guy here in CA that is just lowballing everything. I'm looking at it kinda like e-bay, once the borrowers realize these jokers are feeding them junk, they will give them low ratings and they will be branded (at least until they make a new username) it's too bad that they are going to have to have an unpleasant experience though, and think even more less of the mortgage industry.
Drew, as far as functionality, You've done more than I expected... Love the tax and insurance feature (at least for CA) well, not taking into account earthquake insurance.
The problems I'm seeing:
Not calculating mortgage insurance and/or calculating pmi on lender paid pmi
Not emailing new loan requests in specified area that we set up
No way to do a 1st and 2nd combo on same loan
Brokers low balling rates/fees shamelessly, I feel bad for the borrower that is trying to get the "best deal". What if you had a flagging system where we could "police" others, or show wholesale rates (which is difficult, variing from lender to lender). I'm not too sure how your going to deal with this except for the rating system, which is a plus but it could be too late for a borrower who thinks they are getting a killer deal.
- prfstrkr
- Contributions:259
I have not received a single quote from any lender....
- Nic Netherton, "Colorado Lender"
- Contributions:7219
"The inquiries are all the doomers posting fake scenarios and wasting lenders time. Have yo noticed almost everyone has good to excellent credit.....Just like the real world. "
Kinda had to expect that Andrew, they are a differect breed of people....
- Darren Miller, "Darren916"
- Contributions:103
I will put this in the using Zillow... One more thing, can you have the default term set to 30 day lock and fixed rate, instead of 15 day lock and variable rate. Also, I think that all the ARM information is a little much...
- Planners
- Contributions:322
Darren-
I think you should be a little responsible about throwing around accusations. Even though you are not naming names, it comes across as an inability to compete. Not everyone has the same cost structure and business model you do, after all.
Tom O'Leary
plannersmortgage.com
- Nic Netherton, "Colorado Lender"
- Contributions:7219
Seriously??? You're telling me there is a cost structure out there that can offer 5.875% FIXED with and APR of 5.875? Come on Planners...
- Nic Netherton, "Colorado Lender"
- Contributions:7219
Should have added that was a JUMBO quote.
- Rick Nelsen Jr., "American Nationwide"
- Contributions:56
LOL, LOL. Can't be true...Just can't be....shameful. Actually I saw one today that I quoted against...The only fee on there was $300 for an appraisal...and it was a BELOW par rate!
Just amazing.
- Planners
- Contributions:322
Sounds like a conforming quote to me. I'm sure there is a lot of error in things today- heck, I quoted one guy 5% and one point for a conforming loan for a few minutes today before I caught my mistake and deleted the quote. That's not the same as saying there are people out there with an intentional pattern of deception.
Maybe I'm a little touchy about this because I get that a lot. I'm a one person shop with zip for overhead, so I work on pretty tight margins and am selective about what kind of loans I do. In my market, that's kept me in business over good times and bad for over 20 years, and for 20 years I have been hearing lenders who can't match my pricing question the validity of my quotes.
Now, I have no way of knowing who Darren was referring to, but I do think all of us have to be a little professional and not jump to conclusions.
Tom O'Leary
plannersmortgage.com
- Nic Netherton, "Colorado Lender"
- Contributions:7219
Click on the link above and see if its a confoming quote Tom
- Planners
- Contributions:322
?? No link posted.
One quote can be a mistake, anyway. Might I suggest that if it bothers you so much, you contact the indidvidual that posted it and draw their attention to a possible mistake, rather than make a public issue of it by posting it here?
As I understand it, Zillow's idea is that the site will grow into a self policing thing over time, as borrowers rate lenders much like E-BAY buyers and sellers are rated. While this can cause problems, it will work to sort out the frauds over time.
Tom O'Leary
plannersmortgage.com
Tom O'Leary
plannersmortgage.com
- Nic Netherton, "Colorado Lender"
- Contributions:7219
Right in the middle of the page Tom.........
The Zillow Mortgage Marketplace is now Live!
Here is an overview of Zillow's new mortgage product on Zillow Blog, called the Zillow Mortgage Marketplace, that just got released tonight. Please let us know what you think!
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