Zillow, Always Creative, Puts a New Twist on Mortgage Lead Generation

RE:Zillow, Always Creative, Puts a New Twist on Mortgage Lead Generation

ron — Fri, 09 May 2008 11:00:00 GMT

Are any of your lenders in the Zillow Mortgage Marketplace interested in financing property, second homes, in Mexico??

RE:Zillow, Always Creative, Puts a New Twist on Mortgage Lead Generation

Douglas M. Thomson Sr. — Fri, 02 May 2008 11:00:00 GMT

First of all you should never pay to receive a mortgage quote. You are in high demand during this time period. 2nd you should never give your financial information over the internet or on the phone. Allways insist on meeting with the broker or lender at their office. You risk serious harm to your credit as you have not verified that the lender is going to protect your private information. Insist that your private information not be shared with anyone other then the company you are working with. Since all mortgage lenders have various loan document requirements, you will need to provide more information and this is were it becomes very important to protect your privacy. I suggest starting at your local Credit Union and then to the local banks. Most people save on the loan as you will not be paying a broker fee or the lender does not have to charge upfront fees to cover the cost of the broker. I would say that your use of Zillow should be for referance only. A real appraisal should be purchased by the buyers lender. You can credit the buyer as an ensentive of the purchase agreement. This will make the buyer more comfortable with their purchase. When listing or buying a home you should refer to a local broker and allways negotiate the fee up front. Start at 1% for listing with flyers and a web show on the listing. The more pictures the better. 3-5% for a buyers agent or credit to the home buyer without an agent is fair in todays market if you want to sell.

RE:Zillow, Always Creative, Puts a New Twist on Mortgage Lead Generation

Mike — Thu, 01 May 2008 11:00:00 GMT

I signed up for the referral program and Zillow debited the $25 fee but never contacted me after that regards how to receive leads. Looks like they made an easy $25

RE:Zillow, Always Creative, Puts a New Twist on Mortgage Lead Generation

Michael Peake — Thu, 01 May 2008 11:00:00 GMT

I care about people I do loans for, this will only hurt them. Nobody knows what their FICO score is - it changes every day! You need good financial counselors (not "credit counselors") to make wise decisions. Problem is this: not many really "good" loan officers. This will only hurt people more.

RE:Zillow, Always Creative, Puts a New Twist on Mortgage Lead Generation

frank munoz — Wed, 30 Apr 2008 11:00:00 GMT

In response to the last blog, you must be another one of those victims who does not take responsibility for anything. You point the finger at Zillow, l.o.'s, and appraisers and yet you fail to realize everyone from the government down to the borrower is a scumbag as it relates to this mortgage crisis. Every single person involved had a vested interest in this.

RE:Zillow, Always Creative, Puts a New Twist on Mortgage Lead Generation

Randy — Wed, 30 Apr 2008 11:00:00 GMT

A Bait and Switch Nightmare !!!

RE:Zillow, Always Creative, Puts a New Twist on Mortgage Lead Generation

Anonymous — Wed, 30 Apr 2008 11:00:00 GMT

this will do nothing but confuse consumers and steer homebuyers away from competent lenders. there is no way (especially today) any lender can give a firm quote without having an application, credit report and income docs. And in most cases the quotes change once these on-line lenders get the full application because they quoted too low just to get the deal. If you call 100 lenders and choose the lowest you will most probably get screwed. Most professional loan officers/bankers do not use these lead services. they receive their referrals from Realtors/Accountants/Financial Planners.... Most of the "salesman" that use these services are merely telemarketers that have little experience or knowledge about mortgage lending. I have been a lender for over 20 years in a high volume marketplace and I don't know one professional who would work for these lenders and I would not hire any of these people to work for me. If your looking for a loan go to a Banker/Broker who you can sit down and talk to in his office. Going to the right person may make the difference between getting a loan or renting for another year.

RE:Zillow, Always Creative, Puts a New Twist on Mortgage Lead Generation

Catherine — Wed, 30 Apr 2008 11:00:00 GMT

Why would I, an experienced loan originator, spend my valuable time looking for a deal for a nameless consumer? I sense that Zillow has no idea what goes into preparing a quote.

RE:Zillow, Always Creative, Puts a New Twist on Mortgage Lead Generation

april fool — Wed, 30 Apr 2008 11:00:00 GMT

oh how i love the timing! the lending tree mess this morning and ZILLOW in the afternoon.you mean to tell me that these guys give a potential client enough information to confusion them even more .what's next ? pyschic mortgage hotline?

RE:Zillow, Always Creative, Puts a New Twist on Mortgage Lead Generation

Scott — Wed, 30 Apr 2008 11:00:00 GMT

This is going to be a tough road for the borrowers. I've been doing internet leads for a while and there is a ton of bait and switch tactics being employed. Without any accurate information, people will consistenly get underquoted on rate and fees, that's just the nature of a lot of these brokers and lenders. Then they'll formally apply and they'll find out about the changes then or at closing.

RE:Zillow, Always Creative, Puts a New Twist on Mortgage Lead Generation

Anonymous — Wed, 30 Apr 2008 11:00:00 GMT

I agree in the short term this will allow telemarketers with artificially low rates an opportunity to deliver less than professional service. With the ratong system, that should allow the good guys to thrive. If any critics of this system take that into consideration, I think they should be able to see the long term value of this system. Fact is we have an internet driven, lowest price crazed society. The rating system is a good way to advertise the value of service.

RE:Zillow, Always Creative, Puts a New Twist on Mortgage Lead Generation

William R — Wed, 30 Apr 2008 11:00:00 GMT

I am a mortgage broker and I cannot think how can an unknowing borrower get accurate information by providing facts such as "what I think my property is worth" or "what i think my credit score is" It will open the door for unscrupulous brokers/lenders to do the good O'l switch-a-roo on customers. You know the saying "you get out of it what you put in it" same thing applies, if you put bogus information your quotes will most likely be bogus. Waste of time and $$$

RE:Zillow, Always Creative, Puts a New Twist on Mortgage Lead Generation

hanh — Wed, 30 Apr 2008 11:00:00 GMT

Zillow's effort is great and this is a good tool. However, rates may change from three to five times a day given today's market conditions, so evaluating rate locks, Good Faith Estimates, in accordance with Federal Truth in Lending, and prepayment penalties, is strongly recommended and should be considered before making a decision. I still would recommend referrals from people you know, trust, and respect, when choosing a mortgage professional as apposed to someone online claiming to give you the best rate with just limited information.

RE:Zillow, Always Creative, Puts a New Twist on Mortgage Lead Generation

steve — Wed, 30 Apr 2008 11:00:00 GMT

This is an attempt to put the mortgage approval process more clearly in the borrowers hands....which is a very good, American kind of thing...of, by and for the people, individual rights, freedom and equality and all. Yes, if the borrower inputs garbage, they deserve to receive whatever happens. But, if used correctly, and the borrower does in fact use real data, they have all the ingredients in their hands to control the process and legally stop the switch-eroos.

RE:Zillow, Always Creative, Puts a New Twist on Mortgage Lead Generation

Gary Clements — Wed, 30 Apr 2008 11:00:00 GMT

With credit score adjustments from Fannie Mae being implemented early this year, it is imperative to have the middle credit score of the borrower. Also, many other factors come into play when trying to buy or refinance a home. I'm intrigued, but very skeptical. I see lowball artist coming out of the woodwork on this one. The sleaze ball brokers will find a way to lie about there fee's & get the borrowers funneled there way. If Zillow has someone who really knows what a Good Faith Estimate must include & require honest quoting from the lenders that participate, it may work. However, it will require someone at Zillow to have extensive knowledge about the mortgage industry.