Deron White's Discussions

I think this service is a good idea.  Here's a couple of ideas I'd like to see implemented.Zillow has some clout now, and this one would be a huge change:  You're on the right track with allowing borrowers to keep themselves private in order to shop.  The next key would be finding a way for them to request their own credit through zillow, and retain the right to assign the report to the mortgage provider of their choosing  (The credit bureau would issue direct to the assigned provider, as means to prevent manipulation).  This would help improve accuracy of quotes, and remove one of the traditional claws that providers have, because once credit is ordered many people stop shopping.Disclosing fees is only half the battle.  There should be space for providers to disclose yield spread.  It would clarify for people who are asking for a low/no cost quote.  It would also raise the nostrils a bit when comparing to some of the bait and switch quotes.  Right now it's not clear to me how I should quote some one who has included the low/no down option.  Should I show the costs and say they're covered?  Or, should the costs be left blank?The timing of quotes is an issue as well.  An honest quote last night will be beaten by an honest quote today, though the provider from last night would likely improve the quote today as well.  Should the provider go back?   How is the consumer to know how the market has clouded their comparisons?None of these systems will ever really work as long as the focus is on rates.  We all go to the same market with only occasional very narrow price advantages.  Figuring a way for consumers to shop based upon commission (revenue, fee, etc.) is the holy grail of these systems.  

How does one alert zillow? 

Yeah, that was me.  I also included in the message that I was suggesting a conforming fixed with a second.   I can see now after reviewing it that this isn't crystal clear if you ignore the details. So this raises a question.   When someone requests a fixed rate jumbo, and you can save them money by offering the combination should you just move on because its not explicitly what they asked for?  Or, should you offer what you think you can do, and make the notes in the messages, like I did? Save your "please....."  this is day two.   And, yes the margins I'm quoting are thin by most standards, around $2,000 in revenue. 

Here's another jumbo:Purpose for loan: PurchaseBorrower credit: ExcellentLoan programs: 15 year fixedCo-borrower credit: n/aPurchase price: $1,700,000.00Loan to value: 35.25%Loan amount: $600,000.00Debt to income: 0.0%Down payment: $1,100,000.00Available PITI: $103500.0 Again do you quote what they're asking?  Or should you quote what you think will help them the most? 

Hi Drew, I'm sorry to add that I made the same mistake.  I changed my e-mail, and was downgraded. Can you get me reset?

I don't think it should be private.   Just in case here's a disclaimer to consumers.  Rates are very competitive, that means no one should be significantly better than the mob.  Anyone else feel like about 98% of requests are tire kickers who saw a news piece and want try the new internet toy?  There's a suspiciously high number of credit scores above 760. There was someone asking for a 100% loan with low scores.  I'd guess that one is real. :-) 

I filled out the request about a month ago, and a confirmation by some service was received about a week ago.  It might take some time if they're calling on every person who applied.

Tiffany I agree with what you're saying and gave a quote as you mentioned.  I'm thinking now, that it is better to quote what they ask, and make comments about how you think you can improve it.  That way it keeps the quotes apples to apples, instead of throwing lemons in too. The quote that is copied to this thread doesn't include any comments at all, and the comments are displayed.  See first section "Notes from lender."  

A hot discussion is, how do you handle people who want a quote for something that in today's market we are routinely seeking alternatives for.  I.E. Jumbo'sProvide a radio box for consumers to specify that they want to see alternative scenarios.Provide a radio box where the lender is stating that they're offering an alternative to what was requested.At least that way some of the apples-to-apples issues are addressed.   Or, request that lenders respond to the quote requested and offer alternatives in the notes.

I haven't tried to put any html in the quotes, and I wonder if it works.  If you want to put a link you can do it, but you may have tell the recipient that they need to cut it and paste it into the address bar.