William Doom's Discussions

Can you give any more info, it states free unlimited access to potential borrowers. are you just going to throw a lead out there and have 15 million lenders solicit the borrower who clicked somen financing link on zillow’s website.More Info Please!It has to benefit the borrower and the broker.I pissed of consumer is not going to want to do business with broker after being inundated by both email and phone calls from lenders.

There are multiple factors that influence Mortgage interest rates.Some may say the 10yr Treasury – Wrong!Mortgage Interest rates are tracked my Mortgage Backed securities.In the current market inflationary fears are creating a volatile market; the normal flight to security has diminished.I have two articles that will help you understand Mortgage Interest rates. Please readhttp://www.zillow.com/wikipages/The-Federal-Reserve-and-Inflationhttp://www.zillow.com/wikipages/Understanding-What-Causes-Interest-Rate-Movement

Ed, You have to be kidding, have you been in a cave for the last 9 months?You cant even get an MI company to insure that score.If you really think they deserve a home, look at the credit history and find out why they are at a 500. Don’t set someone up to fail just to close a deal, all those type of LOs have left the building!

A few questions, concerns and thoughts. Excuse my ignorance if some of these items have been answered. First off I really enjoy the Marketplace and have been fortune enough to help many borrowers. (more on this latter) Why the 800# is this a call capture feature to capture the lead and possibly resell as secondary lead for a trigger lead like service, that Zillow could implement in the near future? Did Zillow query any of the professionals using the Marketplace prior to this? What is the cost per lead? This could be worse then internet leads that are stepped on and resold. I am sure there are many other professionals like myself that receive a multitude of inquires asking for GFEs, knowing the shopper requested from multiple other lenders. Only to never hear from that request again. Is Zillow going to put a limit on the number of request the borrower can submit? Most so called internet lead companies claim a lead is only sold up to 3 times, with the back door clause of bulk purchase of leads that are greater then X amount of days old. How is Zillow going to control the borrower from massive shopping? Better yet why would they want to limit the borrower and pigeon hole them to a limited amount of request? On the flip side why would multiple lenders want to pay for a lead that has been dealt multiple times? I have had borrowers who have started loans only to go back and re-request half way through the process because they noticed rates dropped. What about the Professional who catches a lead from diligent shopper who just wanted to see if the grass was greener with no true intention. My frustration and Zillow's unintended Consequences. The deconstruction of a Free Market in its purist form. As stated I have helped many borrowers, and was able to do so by quickly recognized the potential of the marketplace and implemented bare bones pricing due to the fact I was not spending  thousands of dollars a month obtaining the leads and borrowers. I have been able to pass along great rates and great closing cost, which ultimately benefits my "Borrower". If the cost are prohibitive myself and I am sure many other will have to pass that cost along to our borrowers, it is simple Business and Economics 101. Zillow is ultimately only hurting the American Homeowner when all the dust settles

I posted this on another but will repost here annotated First off  Chip Streater, "TarheelChip"  is spot on. "Nothing will garnish attention for change  faster at zillow than lack of loan officer participation. Without high quality loan officers this site loses integrity with the public and becomes  another puppet for big banks.  The same big banks that carry inferior ratings to the individual loan officers."Zillow is ultimately only hurting the American Homeowner when all the dust settlesWhy the 800# is this a call capture feature to capture the lead and possibly resell as secondary lead for a trigger lead like service, that Zillow could implement in the near future? Did Zillow query any of the professionals using the Marketplace prior to this? What is the cost per lead? This could be worse then internet leads that are stepped on and resold. I am sure there are many other professionals like myself that receive a multitude of inquires asking for GFEs, knowing the shopper requested from multiple other lenders. Only to never hear from that request again. Is Zillow going to put a limit on the number of request the borrower can submit? Most so called internet lead companies claim a lead is only sold up to 3 times, with the back door clause of bulk purchase of leads that are greater then X amount of days old. How is Zillow going to control the borrower from massive shopping? Better yet why would they want to limit the borrower and pigeon hole them to a limited amount of request? On the flip side why would multiple lenders want to pay for a lead that has been dealt multiple times? My frustration and Zillow's unintended Consequences. The deconstruction of a Free Market in its purist form. As stated I have helped many borrowers, and was able to do so by quickly recognized the potential of the marketplace and implemented bare bones pricing due to the fact I was not spending  thousands of dollars a month obtaining the leads and borrowers. I have been able to pass along great rates and great closing cost, which ultimately benefits my "Borrower". If the cost are prohibitive myself, and I am sure many other will have to pass that cost along to our borrowers, it is simple Business and Economics 101. Zillow is ultimately only hurting the American Homeowner when all the dust settles

Has anyone pointed this out with the 3rd party 800#, that there has not been a document signed agreeing to allow? As I do not see a disclosure and this is teetering very close to, if not violating the Gramm-Leach-Bliley Act (GLBA). There is no disclosure anywhere that I can find that states Zillow is the 3rd party operator in phone communication. This is close to an FCC violation unless I signed and agreed to allow Zillow to act as a third party phone transfer. Should I protect myself and place a disclaimer in the quote such as "please refrain from calling as this is a 3rd party line and I am not responsible as to the security and enforcement of recorded calls."  I have a fiduciary duty to all clients and potential clients. If they are unaware of third party 800# transfer I can not be held liable and at this point I am 100% given I do not recall signing or adhering to a 3rd Party 800# transfer.

This has been in the work for months, most lenders sent out the 411 back in July. Just like the DTI DU updates. Get ready for those!!!

How are the refunds going to work especially when you get garbage like this:Dear Sir, I would like to invest my inheritance in real estate business. I have searched the internet and I found out that Real Estate is lucrative business in United States especially now that there is financial crisis. I learnt that houses are cheaper. The main aim of contact you are to assist me in three ways (1) to help and transfer the money to your country (2) and to help me invest on Real Estate. (3)To help me have a stay in your country when I might come over to meet with you and continue my education (4) to help me manage the real estate investment you will get for me until I finish my education. I will wait for your response. You can respond to my private email address thusThis is one of the leads I received today, who wants this one. I will sell it for say $10. Any offers, it's an investor ready to buy!

@Steve Humpfle, "loanbysteve" I did see that, and we are also not paying for any leads at this point.  I posted just for the fact that there will be request very similar and how much time will we spend trying to recoup the cost or refund. They system did catch that, and kudos for it.

If this is a community shouldn't we be able to rate  borrowers/shoppers.