Will bogus quotes be tolerated by Zillow.com?

I have been here since the first day, and what I am seeing is an almost daily degradation of the quality of information on the site. Some of it is just a function of increasing numbers of new people quoting, some of it is that people have figured out ways to wotk the system, some of it I am sure is just honest mistakes or differences of opinion about how to handle certain situations.

Tom O'Leary

I am seeing one or more of these on almost every request:

1. Misrepresenting conforming rates on jumbo requests.
2. Quoting owner rates on investment property loans.
3. Quoting FHA loans but not showing MIP premiums as costs.
4. General failure to make pricing adjustments. Quoting exactly the same rate at the same time for a 50% LTV no cash out refi with a 765 FICO as for a 74% cash out refi with a 681 FICO.
5. Quoting programs other than what the client is asking for.
6. Quoting non-mortgage programs such as $3,500 accelerator plans.
7. Gross errors on life caps and other terms of ARM’s.

I may have missed some, but these are the minimum areas I think Zillow needs to address promptly, or this site will lose all credibility.

Tom O'Leary

Here's a few more:

1. Direct lenders posting rates wildly (like 3/8 to 1/2 percent) below the rates published on their own firm's other channels (such as on line sources), and wildly below the otherwise best available rates.

2. People not completing all fees, just showing broker charged fees only.

3. People whose relationship with Zillow is so new that their contact information isn't even publicaly available still have five star ratings from people who have allegedly closed loans with them.

Tom O'Leary

Just saw these 2 right before I read this thread. Hopefully zillow will police this. Maybe confront the lenders and have them submit a rate sheet showing they could do the loans they quoted based off the info submitted at par or better.

960k over 71% ltv 30 year fixed 5.625% 5.680% apr paying 0.5 pts.

http://www.zillow.com/mortgage/LenderQuoteDetail.htm?qid=X1-ZQz1dbop462z9h_5m9vt

960k over 71% ltv 5/1 interest only arm 5.250% 4.910% apr paying 0.0 pts. caps are 2/2.25/2 heh yeah nice lifetime cap on that one.

http://www.zillow.com/mortgage/LenderQuoteDetail.htm?qid=X1-ZQz1bowejrwao5_3s95m

Seriously..........

What I'm hoping will happen is the through the feedback system the borrowers will bring attention to the habitial low ballers which will eventually run them off.

5.375% Fixed Jumbo......

Nuff said????

http://www.zillow.com/mortgage/LenderQuoteDetail.htm?qid=X1-ZQz1degzuq7e2t_73nhr

1.25mil loan amount he puts in 5.5% 30 yr fix jumbo then says he's gonna break it down into a 417k 1st with 5.25% 2nd behind it. Please sign me up for a 800k+ monthly adjustable too please. That sounds real fun in about a year when the payment doubles.

Chris was the second quote you posted always a $0 in the loan balance?

You gotta love this one. ZQ-NFMWTWX

We all got slammed today with a rate increase and I was pleasantly surprised to see all the quotes fall in line with that ... except this. I gues his rates went down today.

Here is another one that I came across in NJ. Everything I read is that the firms on Wall Street seem to be struggling but based on what 5.5% is paying on a 30 yr/fx this guy seems to be doing a charity loan. Here is the ID# ZQ-VLPLYVK. I know I was able to offer that rate last week but as of today? With some points of course but with no fees…

Though having said that I am staring to see some of the people that have been low balling their quotes begin to come around and start quoting more realistic #s. maybe the peer preasure is starting to take it’s toll… who knows. I hope to continue to see the quality of the information provided improve and become more and more trustworthy but maybe I’m being too optimistic. I would love to hear what ya’ll are seeing in your areas.