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David Houston's Advice

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  • 37 Contributions
  • 1 Best Answers
  • 3 Helpful

David Houston wrote:

How to delete a quote.
There use to be a feature to delete a quote. I made a mistake on a quote and I need to delete it but I can't see any way to do it anymore. What gives???
March 16 2010
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New Zillow Quote Feature

Response
What happened to the being able to delete a quote that you made to a borrower??? I made a mistake on a quote and I went back to try and delete it but the delete quote button is no longer there. What gives????
March 16 2010
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Next steps for Zillow Mortgage Marketplace

Response
In continuing, I certainly don't want to get charged multiple times if the SAME borrower goes back onto Zillow and clicks on me again and contacts me multiple times requesting info or additional quotes. it should be a one time deal.Hopefully this will be taken care of by Zillow.
October 24 2009
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Next steps for Zillow Mortgage Marketplace

Response
I used to use Bankrate for the bulk of my leads for about 3 years until I started using Zillow because it was free. I get about the same amount of leads and closed loans on Zillow as I did with Bankrate but Zillow is free. Now that Zillow is going to a fee based sytem I will probably go back to using Bank as well as Ziloow  and compare the costs. Bankrate charges a FLAT fee per lead or "click" The fee varies by stae and how many leads per month a state generates. the more popular the state, the higher the fee. Texas for example was in a group of 4 or 5 states that were the most expensive. The cost as of about a year ago was $7.50 per lead or click. I was usually one of the top lenders as far as low rate and fees so I got a lot of leads/clicks. So, to give you and Idea of the cost, I usually spent about $3000 to $4000 a month with Bankrate. Theys started out just charging a flat monthly fee of $995 for the state of Texas. This was the BEST deal for a lender. Then they switched to a per click system like Google and at $7.50 per click it added up fast. You got a lot of VERY crappy leads and then some good ones that you HAD to convert to loans to justify the huge monthly cost to use Bankrate. The problem I had with the Bankrate system which is also the Google model is that you PAID everytime someone clicked on your name on the bankerate site. The SAME leads could go on everyday or multilple times during the day and click on your company name to check out your rate again or just to review the info again. This is why it cost so much per month. In  amonth that I spent $4000, that would mean I got 533 clicks($4000/$7.50 per click). I guarantee you that thos wer NOT 533  DIFFERENT people. I know from talking to peole that ultimately contacted me that they mentioned they clicked on my company name more than one time before enventually contacting me.MY big issues is that I know companies like Google and Bankrate have the technology/abillity to track a click from the internet address it came form and could therefore only charge for unique clicks from different potential customers, BUT of cousres why would they want to do that and cut there reveunue significantly. That is the genius of the internet click advertising model. Someone could conceivably just keep clicking on your company link and charge your fees up with the provider such as Bankrate or Google.One saving grace I see from the new Zillow model is you don'y get charged unless you send a quote ot someone and they respond to your quote. BUT I would still want required info from the lead like their phone number and I would prefer a flat fee per lead. Ir doesn't make sense to me that a lead should  be more expensive just because that borrower gets more lender quotes than another. THAT does not make it a quality lead or more valuable than another lead just because it looks good on paper..    
October 24 2009
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Next steps for Zillow Mortgage Marketplace

Response
As I have NOW read all 7 pages of other lenders comments, I have some more of my own. I heard someone mention having to pay for a contact where a borrower just sends you an e-mail with NO phone number and wants you to send them a full blown GFE. Well I think all the lenders out there will agree with me in saying that you NEED to speak to the person and ask more detailed questions before sending a full detailed, accurate GFE. There are a lot of variables you don't know until talking to someone. A large percentage of borrowers from Zillow that talk to, end up having a different FICO or different LTV or a 2nd lien that needs to be addresed, etc; Plus you can determine the quality of the borrower after talking on the phone.  I don't want to have to pay for a lead that does not give you a phone number. Zillow should make sure the borrower has to include there number if they are going to contact  the lender. 
October 24 2009
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Next steps for Zillow Mortgage Marketplace

Response
50,000 loan request per month??? Does anyone else take issue with those numbers??? I very carfully monitor the quote requests that come to me based on the criteria I selected and I constantly see the SAME requests from the same borrowers over and over. On other words, some borrower will send the same request multiple times during the day or everyday for weeks on end. These borrowrs will also change the quote request IDs so it appears it is a different boorrower request but if you compare the City, LTV, Debt ratios etc; it is obvious it is the same borrower.  Over the last two weeks I have seen this one borrower in Texas who literally sends quote requests 6 or 7 times everday. It is ridiculous. SO, my point is that if Zillow is counting those types of situations as part of the 50,000 loan requests they say Zillow is getting, then those numbers are VERY questionable. And I assume they don't have the ability to not count multiple requests from the same borrowers especially if they create a new quote ID as I see many of these borrowers do.  
October 24 2009
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Next steps for Zillow Mortgage Marketplace

Response
Still not clear as to why each borrower will have a different cost to quote or cost when they contact me after I send them a quote. You said the market will determine that. What does that mean??? If 10 new borrowers start on Zillow on the same day and request a quote, why would the cost for each of those leads be different???  Based on what? are you saying that 80LTV loans  would be a different price than 90LTV loans? if so, why???Is the cost of that lead determined by how many lenders quote that borrower??? If that is the case does that mean that the first person to quote gets charge $1 or whatever the minimum is?? Does the cost for the contact change hourly? Daily?
October 24 2009
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Next steps for Zillow Mortgage Marketplace

Response
Still not clear as to why each boorower will have a different cost to quote or cost when they contact me after I send them a quote. You said the market will determine that. What does that mean??? If 10 new borrowers start on Zillow on the same day and request a quote, why would the cost for each of those leads be different??? 
October 24 2009
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Multiple Multiple Lender quotes per request is becoming a problem!

Response
No, not round two. I dont get involved in discussions very often so I couldn't find the first discussion I started on here so I thought maybe I didn't enter it into the sytem properly so I started another one. My bad.David
September 20 2009
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Multiple Multiple Lender quotes per request is becoming a problem!
How about the problem of LENDERS posting Multiple quotes to a borrower??? When I say multiple quotes, I mean 15 to 20 or more variations of a the same rate with different fees. You might see that a borrower has 60 quotes and 30 or 40 of these are from two lenders. Obviusly it drowns out all the other lenders visually and makes it hard for the borrower to see other quotes. This has become very annoying and will only serve to turn-off the borrowers. They don't want to be overwhelmed with 80 or 90 quotes. Anyone else see this as an annoyance and very unprofessional???  
September 20 2009
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