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Zillow Mortgage First Few Days -- Our suggestions for improvement

Profile picture for oraun
Mortgage Lender

Lender rating

4.8/5.0

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Contributions: 9

Since the official launch of the Zillow Mortgage Marketplace our experience can still be best described as “positive.”  It’s an interesting “venue” for Lenders and Consumers to meet in a what amounts to  a  stress free environment.  To this point the Lender community seems to be policing itself fairly well.  While we have seen a small number of  “low-ball ” offers, they are far and few between.
 
A few suggestions we feel would be mutually beneficial to the Consumer and Lender are:

  • Allow customers to provide name, phone number, email address, if they choose.  Some customers may want us to contact them. If they don’t want to be contacted, they can opt out.
  • Develop an API to automatically deliver inquiries and post quotes.  Many of us have the ability to post live quotes fairly easily.
  • Ask if they have a  property under contract for a purchase  inquiry.
  • Store the loan amount ranges in saved searches.
  • Increase the number of saved searches to ten  from five.
  • Make it easier to find a loan request. When a consumer requests more information.  The information that is forwarded on the initial loan request is sufficient to find the initial inquiry if the state could be added.
  • Increase the number of deals we can view under “Quotes submitted”  Seems to cap itself at about 35.
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April 07 2008 - US

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Profile picture for oraun
Mortgage Lender

Lender rating

4.8/5.0

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Contributions: 9

continued from above...

 

Management console to see activity for our Loan Officers.  In particular we would like to be able to see:

  1. Number of loans quoted, ability to drill down to those quotes,
  2. How many loans are quoted per loan based on transaction type,
  3. How many loans have been quoted per LO based on  24 hours, last three days, last seven days, last 30 days,
  4. Number contacted per LO , and status reports by contacts, declined, active, summary viewed  and details viewed.

As of this  8:00am this morning we have had seven loan officers quote 386 inquiries.   Response rate is running  just under 4%.   We will be adding LO’s to the site over the next few weeks.

 

Note this feedback was also posted on my blog.

 

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April 07 2008

Great ideads Owen! A field for a County would be great! Also if we are allowed to use html to link our webpage in the notes section of the quote that would be awesome! Right now clients are having to cut and paste to search future rates on our websites. The only problem with the API is that many mortgage lenders have different pricing dependent upon the loan amount. For example the lender might charge a point on a 600K loan and 1.75 points on a $100k loan.

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April 07 2008

Also a field where we can put in a second mortgage if we are splitting the loan up would help out greatly. Right now everyone is having to put it in the notes.

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April 07 2008

Hurry up and add the same html formatting to our comments section in the quote as seen here on the blog. The lack of formatting in the comments are not helping us communicate well with consumers.

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April 09 2008

I agree!

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April 09 2008
Profile picture for mtgmaker.com
Mortgage Lender

Lender rating

4.9/5.0

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Contributions: 137

Anyone know if their is a way to save the loan amount in your saved searches. I have set up a couple of saved searches targetting certain loan amounts but I am getting notifications for loan requests outside of the loan amount criteria that I tried to save. Thinking this might be a bug because when I click on my saved search it always just brings up the loan amounts as min to max instead of my preset criteria.

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April 09 2008
Profile picture for John Paunan
Mortgage Lender

Lender rating

5.0/5.0

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Contributions: 987

it would also be nice to be able to easily revise old quotes.  Right now it seems like you have to delete the old quote, drill back down to the quote request and go through the whole quote process again.  As we all know, the mortgage market is very fluid these days. 

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April 09 2008
Profile picture for Nate

Thank you for all of the great feedback! 

 

Some of the requests you are discussing are bugs that we are fixing now (e.g., having loan amounts in saved searches and formatting/links in messages).  We will get these fixed ASAP. 

 

Others are projects we have added to our list of new features (e.g., API and mangement console).  We are working to get features out to help you become more efficient so the more feedback you provide the better.  We really are using this feedback to help shape and prioritize our feature list. 

 

One hint: if you want to search for a specific loan request from a borrower, use the search box on the bottom of the Lender Home page and look up the request (or quote) by ID.  Owen, if this doesn't solve your problem with finding loan requests please let me know.

 

Thanks,

Nate

 

 

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April 09 2008
Profile picture for mtgmaker.com
Mortgage Lender

Lender rating

4.9/5.0

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Contributions: 137

Nate another bug I am getting in my saved searches is the property types not saving correctly. When you recall the search it seems to uncheck everything below condo.

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April 09 2008
Profile picture for Nate

Edgar, we will be fixing that very soon as well.  Thank you,

Nate

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April 09 2008
Profile picture for California Mortgage
Mortgage Lender

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Zillow All-Star

Since August 2009

Hello, I have question regarding the "Quotes Submitted" page.  It seems that the quotes will be labeled one of three different ways: active, summary viewed and details viewed.  I am assuming that active means that the email to the borrower has not yet been opened?  What is the difference between viewing the details versus a summary?  And lastly are there any other types of notification from zillow regarding the borrower quoted.  Such as "borrower has viewed your Zillow profile."  Thank you, and great site by the way.

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April 09 2008
 

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