- Find a Real Estate Professional
- Realtors®
- Mortgage Lenders
- Home Improvement Pros
- Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Real Estate Agent Advertising
- Join the Professional Directory
- Popular
- Real Estate Market Reports
- More
Replies (6)
- Nic Netherton, "Colorado Lender"
- Contributions:7219
''Are auto quote tools a good thing?''
No.
No.
- Clay Branch, "Georgia Loans"
- Contributions:7839
It sounds like you earn a commision for each one sold
- Greg Darlin, "Greg Darlin"
- Contributions:3238
Ed,
In my opinion, Auto-Quoting is a complete joke.
I get more business by the lenders who auto-quote because of their mistakes when they quote a loan request than the competitive lenders who manually quote.
Also, so many of the auto quoters are setting their profit margins so low that I would love to hear what they tell the borrower once contacted.
Borrowers don't believe a lot of the quotes from auto quoters: at least that is what I hear from borrowers who contact me even though my rate is higher and my 800 lines fees are as well.
In the end, are you really going to do a loan with a gross profit of $1,000 and then have to split that with your company? No. A lot of time and hard work go into doing a loan and $1,000 isn't going to cover the costs.
In my opinion, Auto-Quoting is a complete joke.
I get more business by the lenders who auto-quote because of their mistakes when they quote a loan request than the competitive lenders who manually quote.
Also, so many of the auto quoters are setting their profit margins so low that I would love to hear what they tell the borrower once contacted.
Borrowers don't believe a lot of the quotes from auto quoters: at least that is what I hear from borrowers who contact me even though my rate is higher and my 800 lines fees are as well.
In the end, are you really going to do a loan with a gross profit of $1,000 and then have to split that with your company? No. A lot of time and hard work go into doing a loan and $1,000 isn't going to cover the costs.
- Keane Ng, "Keane Ng"
- Contributions:297
It's good to hear that the top lenders on Zillow are manual quoters. I've always done these manually when I do them.
- Ed Bisquera, "edbisquera"
- Contributions:31
so do you think we should refrain from allowing anyone to use auto quote tools?
I have done many quotes manually and have yet to receive a response (I put in every fee I'm supposed to). I probably need more time and better response.
My only concern is, that statistics reveal over 75% of the quotes given to consumers are auto-quotes, often seconds after a consumer requests a loan quote through the Zillow Mortgage Marketplace.
I'm curious how much time LO's spend quoting loan requests manually?
Thanks for all the replies folks. :-)
Ed
P.S. I guess what I'm really asking about using an automated tool, if you "COULD" design a near perfect system to handle it, what would you like to see in that quote, like to see handled better? Again, just asking to get a better idea of how one can BEAT the auto quote through better manual quoting OR encourage the auto-quote tools to improve upon the mechanism and system used. EB
I have done many quotes manually and have yet to receive a response (I put in every fee I'm supposed to). I probably need more time and better response.
My only concern is, that statistics reveal over 75% of the quotes given to consumers are auto-quotes, often seconds after a consumer requests a loan quote through the Zillow Mortgage Marketplace.
I'm curious how much time LO's spend quoting loan requests manually?
Thanks for all the replies folks. :-)
Ed
P.S. I guess what I'm really asking about using an automated tool, if you "COULD" design a near perfect system to handle it, what would you like to see in that quote, like to see handled better? Again, just asking to get a better idea of how one can BEAT the auto quote through better manual quoting OR encourage the auto-quote tools to improve upon the mechanism and system used. EB
- Timothy Sutherland, "SunTrust"
- Contributions:619
The auto-quotes don't show lender credits. All fees have to be listed and then if there is a lender credit it has to show as being applied towards them.
Most people auto-quoting seem to prefer to blatantly violate ECOA and TILA by quoting without fees, or by showing absurd fees ($60 appraisal?) in lieu of showing a lender credit. Those that don't want to violate ECOA and TILA will show the fees and then if an estimate is requested will show the lender credit on the estimate when it's provided.
The problem with doing it the legal way is that the cheaper deal can look more expensive in the stacking order.
Most people auto-quoting seem to prefer to blatantly violate ECOA and TILA by quoting without fees, or by showing absurd fees ($60 appraisal?) in lieu of showing a lender credit. Those that don't want to violate ECOA and TILA will show the fees and then if an estimate is requested will show the lender credit on the estimate when it's provided.
The problem with doing it the legal way is that the cheaper deal can look more expensive in the stacking order.
Zillow Mortgage Marketplace Auto Quote Tools
-
- 0.0/5.0
Contributions:31After seeing how many loan requests come in through the system in just Washington, I'm curious as to how many can quote mortgage requests so quickly.
Are auto quote tools a good thing? What would you want to see in an auto quote tool? And would it make sense to pay a fixed fee for unlimited quoting? (You know, like $149/month for unlimited quoting, not a "per quote" fee? I've seen a system that charges $59/mo, but .25 for every quote. After 500 quotes in a month, that's $184/mo. 1000 is $309.) I'm liking the opportunity to quote 2000 requests accurately, for only $149/month.
Again I ask as part of research, since I've seen a system offering unlimited, ACCURATE quoting per month, on SPECIFIC loan scenarios (accurately quoting a 30 yr fixed, 740+ Fico, 80% LTV or less, etc on all requests for that scenario, than another one set up for VA, or FHA) with a specific message attached to each. Accurate APR, etc, of course. Someone introduced me to this system while I was teaching (I teach CE Clock Hours course for RE agents) and saw they were offering something not seen from others.
Ed
P.S. The Zillow auto quote tools are obviously in wide use and I've not used any; but I think if it helps consumers get faster, BETTER, accurate quotes, I'm all for a tool to help mortgage professionals with quoting loans through the Zillow Mortgage Marketplace. In the end, isn't it the consumer we're all trying to help, right? :-)
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.