ZILLOW MORTGAGE MARKETPLACE

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brown13

239 Posts

Posted - 04/23/2008 : 10:54:59 AM

I ALWAYS KNEW ZILLOW WAS A LEAD COMPANY. HAS ANY ONE USE THIS BEFORE? CHECK OUT THIS LINK

http://www.zillow.com/mortgage/Mortgage.htm?s_cid=mor-site-topnavmor

Springbok

79 Posts

Posted - 04/23/2008 : 11:03:50 AM

Yeah, I have tried using it for a week now. I have entered realistic quotes, and not received a single response. That is to about 30 or so quotes. I hope it works in the long run.

Carpet Muncher

1385 Posts

Posted - 04/23/2008 : 11:09:44 AM

quote:
Originally posted by Springbok

Yeah, I have tried using it for a week now. I have entered realistic quotes, and not received a single response. That is to about 30 or so quotes. I hope it works in the long run.

That is the problem. Your competitors are entering low ball quotes and then doing a bait and switch. You have to ask yourself if that is a game you really want to join.

CoralSnake

10805 Posts

Posted - 04/23/2008 : 11:32:49 AM

based on Zillos Stats right on that page they tell you that for every quote requested, there are 3 coming in.
Assume at least half are just playing around on the computer or just shopping.
Throw in a few lowballer brokers and the other half who forget all about it right after they get the quote, I dont see much to work with there.
How much does this cost you btw?

clarenceworley

4191 Posts

Posted - 04/23/2008 : 11:36:59 AM

Cost is $25...I submitted one for fun to get some quotes and see what people are quoting. Some were ridiculous lowball quotes, some just really skinny- maybe .5pt ysp total with no points.

CoralSnake

10805 Posts

Posted - 04/23/2008 : 11:49:38 AM

quote:
Originally posted by clarenceworley

Cost is $25...I submitted one for fun to get some quotes and see what people are quoting. Some were ridiculous lowball quotes, some just really skinny- maybe .5pt ysp total with no points.

$25 for what?
Just to sign up?
For how long?
Or is that per-ablity-to-send-quotes-to-another-broker-just-like-yourself-just-to-see-what-everyone-else-is-quoting?

brown13

239 Posts

Posted - 04/23/2008 : 12:56:23 PM

$25.00 SET UP FEE

clarenceworley

4191 Posts

Posted - 04/23/2008 : 1:45:01 PM

Just to sign up? to give quotes, yes

For how long? forever I think

Or is that per-ablity-to-send-quotes-to-another-broker-just-like-yourself-just-to-see-what-everyone-else-is-quoting? No, that was free. It is free to consumers and anonymous.

brown13

239 Posts

Posted - 04/23/2008 : 5:20:24 PM

funny thing it says unlimeted access to leads

racerx

11434 Posts

Posted - 04/23/2008 : 5:26:53 PM

I requested a quote for a vanilla loan and I only received one response. Weird.

CoralSnake

10805 Posts

Posted - 04/23/2008 : 5:32:33 PM

Racerx- did you make it a vanilla loan in CA? All real brokers know those don't exist. If you ask for a sisa neg-am to 150ltv, you may get some responses.

racerx

11434 Posts

Posted - 04/23/2008 : 6:05:36 PM

quote:
Originally posted by CoralSnake

Racerx- did you make it a vanilla loan in CA? All real brokers know those don't exist. If you ask for a sisa neg-am to 150ltv, you may get some responses.

Real brokers?

Yes, I put in my own info....I exist!!

davidgibbons

26 Posts

Posted - 04/23/2008 : 8:27:23 PM

Hi, it's David G from Zillow.com

It's early days for Zillow Mortgage Marketplace but feedback so far is promising. If you've used the marketplace and have suggestions, please let me know. Yesterday I spoke with a mortgage broker in NYC who'd received 6 contacts from his first 69 quotes and 3 of those loan applications are already locked and at the lender; expected to close shortly.

@brown -

Yes, but these aren't your normal leads. Zillow Mortgage Marketplace turns the traditional internet lead model on its head. Leads are free to confirmed lenders who submit quotes in response to borrowers' anonymous loan requests. Then the borrower(s) contact the lender(s) they choose to work with.

There's a one-time (only) $25 application fee to cover the costs of the lender confirmation process which grants lenders access to the marketplace.

@Springbok -

Thanks for joining the Mortgage Marketplace. Good luck out there!
(And with that profile name I have to ask; South African?)

Coralsnake -

Our plan for encouraging more "real" quote requests is to give less serious borrowers easy access to loan quotes so they can figure out more-or-less what they qualify for without having to submit a loan request. So we made it easy for anyone to search for loan requests and view quotes in the marketplace. Next up, we'll be using marketplace data to publish rate tables which should both satisfy the curiosity of the "just shoppers" while teasing out real intent in serious borrowers amongst the 5,2M people who use Zillow each month.

And frankly, I pity anyone low-balling on Zillow. I think they'll learn pretty fast that they're won't get away with it when competing LO's can see their quotes. A few lenders have pushed their luck and were called out on it in public in the site's forums and elsewhere. Most lenders seem determined to keep the low-ballers out of the marketplace and we're glad to have their feedback. We're building a more efficient mechanism for reporting potentially dishonest quotes for our review. And because Zillow lets borrowers compare quotes side-by-side it would also be obvious to many borrowers if they receive an impossible quote.

racerx - that does sound weird but I can tell you we were well short on lenders for the first few days. That, and coral is correct; if you're talking CA, many lenders are looking for 75% LTV or better.

gsgroupinc

2032 Posts

Posted - 04/23/2008 : 8:45:22 PM

They want your SS# number and won;t tell you what they are doing with it. It most likely will end up in another country and no security. I am licensed and FBI and State checked no reason to give SS# to people who can't even speak english.

philinpdx

637 Posts

Posted - 04/23/2008 : 11:09:06 PM

Has anyone actually got any loans off of this service? Seems like its a waste of time so far. I'd be curious to know if SOMEONE has got any results though.

clarenceworley

4191 Posts

Posted - 04/24/2008 : 07:07:58 AM

I may try it and track my progress. It is best if you have a particular niche loan to offer. $25 isn't much, the issue is with "garbage in, garbage out" as far as quotes.

Lincoln78

6 Posts

Posted - 04/24/2008 : 08:32:46 AM

I've been posting quotes from the beginning which was about three weeks ago. I've had 3 borrowers contact me and have taken 1 application that i'm trying to qualify now. I've become very efficient with it and only spend 20-30 min/day on it. We'll see what happens.

davidgibbons

26 Posts

Posted - 04/24/2008 : 09:46:54 AM

Hi, it's DavidG from Zillow,

@gsgroupinc -

We use your SSN to confirm your ID. That's obviously impossible to do with your (public) license number. Once we know that you are who you say you are, we investigate your license and/or employment status. Our goal in this process is to confirm that lenders joining the marketplace are loan originators in good standing. The 3rd party confirmation service we've employed for this process is one of few such services in the US and is also used by financial institutions to review their employees and their loans.

@philinpdx -

I've heard from many lenders who are working with borrowers that contacted them via Zillow. I'm certain that millage will vary from LO to LO but it certainly seems to be working for many people. See the NYC lender's story I mentioned in my previous comment.

@Linoln78 -

that's good feedback, thanks. I hope you can close the loan for the person that's contacted you.

Springbok

79 Posts

Posted - 04/24/2008 : 11:57:34 AM

Yes, I am originally from Cape Town! Good catch. Not a lot of people get it unless they have ties of some kind to SA.

davidgibbons

26 Posts

Posted - 04/24/2008 : 1:31:20 PM

Aangename kennis Springbok. I was also born in Cape Town and still miss it!

philinpdx

637 Posts

Posted - 04/24/2008 : 4:21:02 PM

I went to the "Joburg Summit" in 2002 and then I ended up living in SA for 10 months. About a month of that was spent in Cape Town. I had a lot of good times there and then went back to Joburg for the rest of the time.

Did either of you see that series there called "Isidingo"? I thought it was great.

How about the musician "Rodriguez"? I was playing a few gigs while over there in cafes and a few clubs and was constantly asked if I'd play some Rodriguez. I finally got to check out his music and found out who he was. Great music and its funny that he came out of the Bay Area and became a legend in SA but never made it big in the states at all.

brown13

239 Posts

Posted - 04/24/2008 : 4:41:41 PM

bump

clarenceworley

4191 Posts

Posted - 04/24/2008 : 5:00:41 PM

I got it. Former rugby player and rugby fan.

davidgibbons

26 Posts

Posted - 04/24/2008 : 5:02:55 PM

OK I know we're off topic here, but damn, Rodriguez; now you are taking me back. He had a huge cult following in SA in the 80's and 90's. Urban legend was that he shot himself on stage ... and everyone believed that ... till he re-appeared a few years later.

Springbok

79 Posts

Posted - 04/24/2008 : 5:10:35 PM

I will age myself on this, but my very first boyfriend and I listed to his music non-stop in about 1972-4. I know every word to every song some 34 years later. I even introduced him to my three very American kids (all in college now), and they all know the words to Sugarman etc. to heart! It still surprises me that he was not greater here than he was in good ole' SA. His music is totally timeless........sort of like a latin Dylan. But then what do I know, I am just an aging LO!!!!!!!

Springbok

79 Posts

Posted - 04/24/2008 : 5:12:29 PM

Cold Fact was the name of the album.......yes it was an album

davidgibbons

26 Posts

Posted - 04/24/2008 : 5:15:25 PM

"sort of like a latin Dylan"

Brilliant description. I know what I'll be listening to this evening.

philinpdx

637 Posts

Posted - 04/24/2008 : 5:18:28 PM

Yeah when I went home after this cafe gig that I had with my SA girlfriend at the time and she played me her album of his music I couldn't believe it. Sort of a latin Dylan with better vocals and a bit of an edge is a good description.

I've learned to play like 4 or 5 of his songs including Sugarman, I Wonder, Hate Street Dialogue, and Like Janis/Jane S. Piddy.

Great stuff!!

I haven't though of him or his music in a while so this is taking me back too. I think maybe part of the reason he didn't take off in the states as much is because of all the other bands of that era that were already established. I heard that when Rodriguez went to SA to play for the first time he was just doing construction work and didn't think he had anykind of a real following. But when he got to SA and found out his 2 shows sold out and he had this huge fan base he was shocked.

quote:
Originally posted by Springbok

I will age myself on this, but my very first boyfriend and I listed to his music non-stop in about 1972-4. I know every word to every song some 34 years later. I even introduced him to my three very American kids (all in college now), and they all know the words to Sugarman etc. to heart! It still surprises me that he was not greater here than he was in good ole' SA. His music is totally timeless........sort of like a latin Dylan. But then what do I know, I am just an aging LO!!!!!!!

gsgroupinc

2032 Posts

Posted - 04/25/2008 : 05:19:07 AM

Zillow still won't tell us who they give our SS# number to. Does that not concern anyone?
It concerned me enought not to proceed.

rainmand

3804 Posts

Posted - 04/25/2008 : 06:40:12 AM

The link you provided doesn't work Jose

brown13

239 Posts

Posted - 04/25/2008 : 1:05:41 PM