CA Mortgage Broker's Discussions

In my opinion, Zillow, in their admirable attempts at improvement, has strayed off track in regards to their Zillow Mortgage execution.  On a competitive mortgage quote site like Zillow, if you want to compare different lenders offerings, the ONLY thing specific to that purpose is the: 1) loan program2) lock period3) Rate4) 800 fees5) Any lender/broker fees toward those costs Yes, amounts for total payment including property taxes and insurance, and total cost to close, are important consumer information, but can and should be disclosed upon further inquiry, or by generic and universal Zillow disclosure. The purpose of a mortgage quote, whether on Zillow or anywhere else, is to compare a lenders program, rate, and pricing, which are all and the only items which any lender has control over. The new system changes do nothing, except for the provision of showing or clarifying applied lender credits, to advance that primary goal or purpose, and only serve to confuse that basic buyer decision as to whom to consider doing business with. Further, the additional time required on a lenders part, and considering the low conversion of this site, make participation in mortgage quote activity of more questionable value. Keep it simple, honor the purpose, actively remove those who deceive or try to take unfair advantage. Better for the consumer, better for the lender participants, more efficient, and a better understanding by Zillow on how to serve all parties goals and purpose. 

The question remains - if the purpose of this site is to compare lenders pricing, why should it include that which the lender has no control over, and varies by transaction, custom, or location. Certainly those other items are significant for a buyers awareness of total costs to close, - but are of no consequence in a buyers initial pricing comparison. Once a buyer has selected one or several lenders to compare, that would be a better time to request, view, and compare more closely a complete detailed Good Faith Estimate. Keeping it simple yields more clarity to our pricing differences and is also easier to monitor for those who may try to mislead or be dishonest.  

It makes absolutely no sense to require complete detailed disclosure of HUD 800 fees - without also allowing for credits a lender/broker is willing offer towards those fees. If you care at all about competitive transparency and fair comparison of offers, please leave the ability to show credits, in. Thanks.

I would also consider standardizing all quotes to a 30 day lock to even the playing field, and take out any additional advantage one may seek. You could always have the statement ( if necessary)  that shorter locks may be available at slightly less cost, or longer locks available, if needed, and a slightly greater cost. Keep it simple, easier to manage, and compete for business.