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Replies (11)
- SoCal_Engr
- Contributions:5667
I've primarily used ZMM as a rate check tool. Based on personal bias, I avoid robo quoters. However, I have (do?) use lenders I have found on Zillow - just have not followed through with anyone from ZMM.
- Nate Moch, "Nate"
- Contributions:84
Ed,
These are good questions. I am happy to answer the ones regarding marketplace accuracy.
In order to ensure we have an accurate marketplace, we allow users and lenders to flag any quotes they think are inaccurate. Since the marketplace is completely open and transparent, lenders can all see each others quotes. When lenders have their quotes flagged, our customer service team follows up with the lenders and forces them to prove their rates with their rate sheets. The policy is strict, so users caught breaking the rules are removed from the marketplace.
Lender ratings are another tool that ensure lender honesty and service. Lender ratings are extremely important in Zillow Mortgage Marketplace since borrowers use the ratings to find a quality lender. If a lender tries submitting low rates or adding fees at the end of the process, Zillow borrowers can give them a poor rating on the site. At the same time, if they provide excellent service, they receive good ratings and testimonials from their clients.
The marketplace is not for everyone since it requires low rates and a high level of service. However, the lenders who can participate seem to do very well. You can learn more about the service on our lender page.
Hope that helps,
Nate
These are good questions. I am happy to answer the ones regarding marketplace accuracy.
In order to ensure we have an accurate marketplace, we allow users and lenders to flag any quotes they think are inaccurate. Since the marketplace is completely open and transparent, lenders can all see each others quotes. When lenders have their quotes flagged, our customer service team follows up with the lenders and forces them to prove their rates with their rate sheets. The policy is strict, so users caught breaking the rules are removed from the marketplace.
Lender ratings are another tool that ensure lender honesty and service. Lender ratings are extremely important in Zillow Mortgage Marketplace since borrowers use the ratings to find a quality lender. If a lender tries submitting low rates or adding fees at the end of the process, Zillow borrowers can give them a poor rating on the site. At the same time, if they provide excellent service, they receive good ratings and testimonials from their clients.
The marketplace is not for everyone since it requires low rates and a high level of service. However, the lenders who can participate seem to do very well. You can learn more about the service on our lender page.
Hope that helps,
Nate
- Ed Brophy, "Ed Brophy"
- Contributions:455
SoCal, thanks for your take as a consumer. I'm concerned about robo quoting also, but I wonder how many consumers are a savvy as you when it comes to quotes.
I personally prefer a more personal touch when it comes to interacting with clients.
Nate thanks for the response. In essence Zillow is dependent on the lenders to police themselves. I have no problem competing against other lenders when their quoting actual rates, where I have an issue is trying to compete against those who are being less than upfront with their quotes.
I personally prefer a more personal touch when it comes to interacting with clients.
Nate thanks for the response. In essence Zillow is dependent on the lenders to police themselves. I have no problem competing against other lenders when their quoting actual rates, where I have an issue is trying to compete against those who are being less than upfront with their quotes.
- Steffnie Parsons, "Steffnie"
- Contributions:76
I have also asked the same question about the rates being below par. The answer I received from one lender was the pricer shopper doesn't know the difference. I am running a Christmas Special, no origination and not lender fees if the loan amount and the par pay out is good enough. I have seen rates being quoted in the 4.25% range on a FHA when today it went thru the roof at a 5.25% what is up with that. I encourage people to use ZMM, but if you have questions, ASK. That is the biggest problem I see using someone that isn't local. We are not all dishonest. I love talking to people and answering their questions but I find that after initial contact with someone and they seem really interested then they don't contact you again with no response.
- SoCal_Engr
- Contributions:5667
Is ZMM worth it? Can't talk from the viewpoint of a lender. But, as a consumer...
I just closed my second loan with a lender I found on Zillow (first in Jan 2009 and then Nov 2010). However, I did not choose a lender who only appeared on ZMM, but one who also participated in the forums.
The low-ball quotes on ZMM are fairly transparent to anyone who has a basic understanding of loan products and has paid any attention to rates.
I just closed my second loan with a lender I found on Zillow (first in Jan 2009 and then Nov 2010). However, I did not choose a lender who only appeared on ZMM, but one who also participated in the forums.
The low-ball quotes on ZMM are fairly transparent to anyone who has a basic understanding of loan products and has paid any attention to rates.
- Dunes....
- Contributions:3894
"The low-ball quotes on ZMM are fairly transparent to anyone who has a basic understanding of loan products and has paid any attention to rates."
And for those who don't have that Basic knowledge what are they?
And for those who don't have that Basic knowledge what are they?
- Ed Brophy, "Ed Brophy"
- Contributions:455
From the lender perspective I have found with the new pay per click model it's not worth it for me. Blowing through $150 in one day is way too expensive, that works out to $4,500 per month. The ROI just isn't there, and having to compete against the low ballers takes way too much time and proves to be a losing battle.
In my short time as a confirmed lender I tried both routes, robo quoting and tailoring the quote to each individual request. Individual quoting took way too much time away from my business. While robo quoting got me out there, it didn't fit with my personal business style.
As for those who don't have basic knowledge: they tend to only hear (look at), low rate. Once they hear the low rate they tune everything else out. Perfect example: quoted a guy back in October, he finally found a home, rates are up and he expects me to honor the lower rate. He doesn't want to hear that it'll cost him an extra $4,320, he doesn't want to pay. He wants the low rate with the same costs of todays par rate. I don't mind educating borrowers, but when they come back here and receive the low ball quotes it makes it difficult to convince the borrower otherwise.
In my short time as a confirmed lender I tried both routes, robo quoting and tailoring the quote to each individual request. Individual quoting took way too much time away from my business. While robo quoting got me out there, it didn't fit with my personal business style.
As for those who don't have basic knowledge: they tend to only hear (look at), low rate. Once they hear the low rate they tune everything else out. Perfect example: quoted a guy back in October, he finally found a home, rates are up and he expects me to honor the lower rate. He doesn't want to hear that it'll cost him an extra $4,320, he doesn't want to pay. He wants the low rate with the same costs of todays par rate. I don't mind educating borrowers, but when they come back here and receive the low ball quotes it makes it difficult to convince the borrower otherwise.
- Steffnie Parsons, "Steffnie"
- Contributions:76
Ed, I am having the same problem at this point. I have spent over $800 in two months and I have closed 2 loans and didn't make near that, because I have had to be so competative. The leads have slowed down since the pay per click. I have also had to run into being so competative that is why I started my Christmas Special and loosing money with the rates making huge jumps everyday it is hard to be in this business right now.
I certainly understand your frustration and I too want to know how to go about getting good leads and not having to spend a ton of money. Consumers think we make all the money, but I haven't been paid since the end of October, so it is very hard for us. I think for us to be charged for a consumer to compare quotes is a little much, to be charged once the consumer actually contacts us great. If we don't close that is on us!!
I certainly understand your frustration and I too want to know how to go about getting good leads and not having to spend a ton of money. Consumers think we make all the money, but I haven't been paid since the end of October, so it is very hard for us. I think for us to be charged for a consumer to compare quotes is a little much, to be charged once the consumer actually contacts us great. If we don't close that is on us!!
- SoCal_Engr
- Contributions:5667
"And for those who don't have that Basic knowledge what are they?"
Sheople? In all seriousness, there really is no reason for a consumer not to have a basic education in mortgages, both the products and process. The amount of information available on the Internet borders on the ridiculous.
Sheople? In all seriousness, there really is no reason for a consumer not to have a basic education in mortgages, both the products and process. The amount of information available on the Internet borders on the ridiculous.
- SoCal_Engr
- Contributions:5667
"I certainly understand your frustration and I too want to know how to go about getting good leads and not having to spend a ton of money."
I found my LO on the forums, not in ZMM. I use/used ZMM to get a feel for current rates. It's possible to get in the ballpark by looking at the quoted rates and associated fees - and I bounce this against rates shown on other sites.
I found my LO on the forums, not in ZMM. I use/used ZMM to get a feel for current rates. It's possible to get in the ballpark by looking at the quoted rates and associated fees - and I bounce this against rates shown on other sites.
- Dunes....
- Contributions:3894
I also believe
"In all seriousness, there really is no reason for a consumer not to have a basic education in mortgages, both the products and process. The amount of information available on the Internet borders on the ridiculous."
But even though that's my view it is still a Fact there are many people who don't...
I'm also sure that even though I think there really is no reason ..they would feel they have many.
I think the Q&A has it's fair share of Consumers that show little Basic knowledge about mortgages, loans, the process.
So let's say they decide to learn and use some of that "amount of information" available....use the internet. Now no matter what the real numbers are I think we can all agree there is a lot..millions every month that come to Zillow.
How many of them came to this mentioned/discussed or has a presence pretty much everywhere in the Internet World of Real Estate RE Site to possibly get a "basic education" because..Isn't that what Zillow says it provides a place to do?
What Education or Experience will they leave with is my concern?
I understand this Question is directed toward getting a Lenders experience and apologize for the side-track-Hi Jack.
It just my view/opinion that the experience described in the responses so far suggest it might be important to consider the affect that problem/practice would have on the Consumers perception or "basic education" .
ZMM is it worth it?
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- 5.0/5.0
- (1 review)
Contributions:455I ask these question simply because I see a lot of quotes where it appears the lenders are being less than forthright in their quotes. I've seen ridiculously low rates with zero costs associated with the transaction. We all basically quote from the same rate sheets, so when I see a below par rate quoted with zero discounts points or no cost at all I'm a little skeptical. I understand the lower your rates and fees the higher up you show in the rate quotes.
It would appear that Zillow really doesn't monitor the ZMM for these types of infractions. Is the market place self policed, meaning is it up to us to alert Zillow to the less than honest quotes? I also noticed that some lenders quote far and above the allowed number (3), of times on one quote.
What has been your experience and your rate of return?
Any input is greatly appreciated.
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