Deron White's Discussions

Why not quote the jumbo, and suggest in the notes that they make a new request for the loan you suggest? I started out quoting the 1st/2nd option, and stopped, because it just isn't clear in the results that this is what I was offering.  So I've started making notes in the details, but I suspect these aren't read that often.

Are there any plans or does zillow currently have any information on click throughs?  

Chris was the second quote you posted always a $0 in the loan balance?  

There's a lot of BS going into the quotes.  Some deliberate and some not so deliberate.   I don't think cep_wiz's lock term was intentional. Here's a few routine things that lenders may not be intending to mislead on...Offering a first and piggy back second.  It's routine to offer these.   Guidance is needed on this because I don't know that lenders are trying to mislead on this aspect.  Though I've seen a few that have offered this scenario with fantasyland rates.   I've made the decision to quote what was requested here, and make a note in the details that the alternative may be pursued.Cep_wiz found another.  As a knee jerk habit I've been quoting a 30 day price.    I have made the assumption that people don't actually have a property to lock, and if they do it's unlikely that they will want a long term lock.  I am going to continue with this assumption, because the quote does make it clear what lock period I've presented.  I think zillow could address this by clarifying the wording for consumers since indicating when you plan on purchasing is not the same as indicating when you plan on closing.

A couple more thoughts...Adjustable rate loans often have three caps.  An initial cap, a periodic cap, and a life cap.  On long term adjustable ARMs 5/1 and 7/1 it is not unusual for the first cap to be 6 % with periodic caps of 2%, and a life of 6%.  This needs to be included in the standard disclosure. I wasted several brokers time by submitting a request.  I apologize to the participants I just wanted to see what the e-mails look like - and you all know you did it too.  I suggest that it might be helpful to consumers if the e-mails compiled the quotes as they come.  To illustrate the first quote would appear by itself, but the next would show the first and the second side-by-side, and so on.  It might help consumers.   I realize that this favors the first responder, but it does not do it any more so than the current system.  Since consumers may not keep all their e-mails, or go to the site immediately this may help them compare and ultimately increase response.

Refinancing timing should be dead on.  I admit I haven't paid close attention since the desires of refinancing customers tend to be immediate gratification.  I'm trying to think of a situation where someone would want a long term lock on a refinance since the terms would be worse than just getting the refi done immediately.  Perhaps, the customer wants to have an option to hedge against higher rates later.   That wouldn't help with pull through rates if this happened very often.

"I would be curious to know what sort of contact these fantasy lenders with their outrageous quotes are getting. Do you think that the consumers are really that blind?" I'd like to think they aren't, but the Sunday Denver Post has a marketing section with rate quotes from various sources.  If consumers weren't blind then I don't understand why the section still exists and why none of the participants appear able to offer a factual quote. 

Out of curiousity what made the new quotes mediocre and the old quotes better?  

"Not practical. Different state have different rates, different situations require different prices, and rates can change 4 times a day." On conforming, regardless of region, rates really shouldn't be below Fannie's 60 day delivery price.  I've seen several that have been below the 10 day delivery price.  So, either they're market geniuses taking huge risks or they're fibbing.  

Try to take the view that your reponses are part of a marketing efforts and not a sales call.