Hey! Zillow Grew a New Tab!

3 Comments so far

1. Mike on July 14, 2006 11:43 am

   Cool and helpful new feature. Theresa you and team rock.

2. mbarl on July 14, 2006 1:19 pm

   My name is Steven Krystofiak, President of the Mortgage Brokers Association for Responsible Lending. http://www.mbarl.org I have a letter in a word document form that highlights the risks of the current loan industry unrealized by regulators and economists alike, mainly due to stated income loans.
   Email me at contact@mbarl.org if you want me to send you a copy.

   ~ Steve Krystofiak
   13 main points in the letter are;
   1. Stated income loans are associated with fraud, and started to become popular in 2002.
   2. Banks originate these loans because they are profitable and then sell them to reduce their risk.
   3. Fraud is encouraged by the banks
   4. Stated income loans help no one.
   5. Exotic loans originated with stated income are now causing foreclosures or forcing homeowners to refinance into negatively amortized loans.
   6. Stated income loans are why home prices have skyrocketed. They have caused a large demand in the US housing supply.
   7. Banks have sold their loans and have already made their profit. Investors will soon realize stated income loans are too risky and stop purchasing them.
   8. Almost anyone can get a stated income loan for $950,000.
   9. Stated income loans cost consumers hundreds of dollars a year because of higher interest rates.
   10. Stated income loans allow tax cheats to purchase homes easier.
   11. Stated income loans are not always faster than fully documented loans.
   12. Appraised values are often inflated. Underwriters are basing their decision on inflated home values, inflated incomes and inflated assets. The only “real” number is the FICO (credit) score. This is why underwriters have become focused on FICO scores.
   13. Rules are not enough, they must be enforced.

3. Jeff Corbett on July 27, 2006 11:23 am

   Kudos to Zillow for attempting to address the mortgage arm of the real estate industry!
   Unfortunately you are diving into a shady and deceptive industry racked by fraud, loan steering and fee gouging. Contrary to popular belief, these practices afflict ALL classes of borrowers, not just minorities and the elderly.
   The well funded advertisers you display via Zillow are controversial at best, offering no real value for their services. They simply collect some personal info and sell it off to the highest bidding broker or banker.
   Today, mortgages are no longer approved or denied, but rather ‘priced’ according to income documentation, credit score, property use, and other factors. Every broker/banker has access to the exact same pool of interest rates and programs; I don’t care what anyone says…every broker/banker will say he/she has the best rates to get you in the door.
   The entire mortgage process has become ‘point and click’ automated, which has allowed brokers and bankers to rip-off consumers more efficiently than ever. My friend in S. California narrowly avoided an $18,000 undisclosed rip, which almost sent him to RIP. It was jammed in his face 18 hrs before closing on a backdated document. The broker banker is the self reputed #1 mortgage broker in California who buys leads from one of the service providers you advertise for….which elicited this ‘comment’…
   If Zillow is truly about transparency for the benefit of the consumer, you guys should dutifully recognize this multi-billion dollar problem. If you guys haven’t already, check out thexbroker.com…pretty edgy but they sing your tune of consumer empowerment via information.
   Anywhoo…love the service and recco to everyone I know!