Zillow Snubbed

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kbaker

636 Posts

Posted - 04/25/2008 : 05:04:59 AM

Guess I'm not the only one that found the current system to be a waste of time. I think they should make it more interactive. Allow the borrowers to choose up to x lenders and request a custom quote. (Get ALL the specifics.) Then the borrowers should rate the quotes based on speed of response, accuracy, etc. Other borrowers could see these ratings and then decide whether or not this is a company they want to deal with. As you can see below, the current set up is not working.

---------------------------------------

Hello:
Borrowers have submitted thousands of loan requests on Zillow Mortgage Marketplace. Currently, more than 1,300 loan requests have been left completely unanswered. That means not even a single loan quote has been submitted for any of these requests. Since you are a confirmed lender on Zillow, this is a perfect opportunity for you to be the first lender to respond!
Here's how: Go to the Loan Requests page and select your search area, then "Sort by: Quotes" and "Up." This selection will show you loan requests that have few or no quotes returned on them.
If you have questions about how to use Zillow Mortgage Marketplace, check out How it Works for Lenders and Tips for Lenders.

Thanks for using Zillow Mortgage Marketplace.

Scrooge McDuck

7173 Posts

Posted - 04/25/2008 : 05:23:19 AM

so how is the zillow mortgage thing? anything good to work on pop out of that yet?

kbaker

636 Posts

Posted - 04/25/2008 : 05:40:22 AM

I can tell you that the first weekend I put in 42 quotes without any responses. Another LO put in 200 and got one application.

Anybody else have metrics to report?

Banker0679

7715 Posts

Posted - 04/25/2008 : 06:49:11 AM

what states did you put in?

quote:
Originally posted by kbaker

I can tell you that the first weekend I put in 42 quotes without any responses. Another LO put in 200 and got one application.

Anybody else have metrics to report?

buffalobroker

239 Posts

Posted - 04/25/2008 : 06:58:27 AM

So far it is a waste of time. We are trying to focus on local people and sending custom messages to people. I would say over 90% of the quotes are unrealistic and it will remain that way while the response rate is this low.

kbaker

636 Posts

Posted - 04/25/2008 : 06:58:56 AM

quote:
Originally posted by Banker0679

what states did you put in?

quote:
Originally posted by kbaker

I can tell you that the first weekend I put in 42 quotes without any responses. Another LO put in 200 and got one application.

Anybody else have metrics to report?

NJ. Don't recall where the other LO was from.

davidgibbons

26 Posts

Posted - 04/25/2008 : 10:48:44 AM

Hi, it's David G from Zillow,

Hardly desperate, we sent this e-mail to alert LO's to potential business available in the marketplace. Interest in Zillow Mortgage Marketplace has well exceeded our expectations and early feedback is mostly very good. I've spoken with stacks of LO's that have already locked rates and are waiting for loans to close form the marketplace. It's working.

You'll find more feedback from LO's on Zillow in our forums:
http://www.zillow.com/forum/site/ViewThread.htm?p=2&tid=28598
http://www.zillow.com/forum/site/ViewThread.htm?tid=28170

buffalo -

We appreciate the reports we receive of low-ball quotes and have already kicked out at least one lender for lying but your conclusion that "90% of quotes are unrealistic" is just plain false. As I posted on another thread about this ... I pity anyone low-balling on Zillow. I think they'll learn pretty fast that they 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.

kbaker

636 Posts

Posted - 04/25/2008 : 11:13:44 AM

quote:
Originally posted by davidgibbons

Hi, it's David G from Zillow,

Hardly desperate, we sent this e-mail to alert LO's to potential business available in the marketplace. Interest in Zillow Mortgage Marketplace has well exceeded our expectations and early feedback is mostly very good. I've spoken with stacks of LO's that have already locked rates and are waiting for loans to close form the marketplace. It's working.

You'll find more feedback from LO's on Zillow in our forums:
http://www.zillow.com/forum/site/ViewThread.htm?p=2&tid=28598
http://www.zillow.com/forum/site/ViewThread.htm?tid=28170

buffalo -

We appreciate the reports we receive of low-ball quotes and have already kicked out at least one lender for lying but your conclusion that "90% of quotes are unrealistic" is just plain false. As I posted on another thread about this ... I pity anyone low-balling on Zillow. I think they'll learn pretty fast that they 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.

Never said Zillow was desperate. Just making recommendations on how it could work better.

jcanepa

800 Posts

Posted - 04/25/2008 : 11:19:26 AM

I won't use zillow anymore! Not my cup of tea!

ccorica

176 Posts

Posted - 04/25/2008 : 11:23:47 AM

I have had a positive experience on zillow so far. At the point I had in about 100 quotes I had 12 responses which lead to 7 apps and I have 4 loans in underwriting approved with conditions. Of the remaining 5, I have followup calls scheduled down the road for App's once a few issues are resolved. I dont want to encourage more competition for myself but since zillow has been good to me I figured I would report my experience.

dnuex2

2881 Posts

Posted - 04/25/2008 : 11:29:04 AM

quote:
Originally posted by davidgibbons

Hi, it's David G from Zillow,

Hardly desperate, we sent this e-mail to alert LO's to potential business available in the marketplace. Interest in Zillow Mortgage Marketplace has well exceeded our expectations and early feedback is mostly very good. I've spoken with stacks of LO's that have already locked rates and are waiting for loans to close form the marketplace. It's working.

You'll find more feedback from LO's on Zillow in our forums:
http://www.zillow.com/forum/site/ViewThread.htm?p=2&tid=28598
http://www.zillow.com/forum/site/ViewThread.htm?tid=28170

buffalo -

We appreciate the reports we receive of low-ball quotes and have already kicked out at least one lender for lying but your conclusion that "90% of quotes are unrealistic" is just plain false. As I posted on another thread about this ... I pity anyone low-balling on Zillow. I think they'll learn pretty fast that they 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.

Not true at all, most consumers will always fall for the low-ball qoute, hence bait and switch...

davidgibbons

26 Posts

Posted - 04/25/2008 : 11:42:45 AM

kbaker -

Thanks, I should have addressed your suggestion. We do in fact already have a review and reputation system and many lenders are starting to get reviews from borrowers. That feedback is visible on the lender's profile page and to all borrowers they quote. As the reputation system matures it will become a major factor in how borrowers select lenders.

That said, we're not interested in reviews of a lender's rates or fees - those are transparent anyway - what we are looking for is a review of the lenders service after they're contacted by a borrower. We want to know if lenders keep their promises and support a borrower in the critical period between submitting a quote and closing a loan.

JoefromPhilly

436 Posts

Posted - 04/25/2008 : 12:31:44 PM

What is the cost to use the Zillow quote system?

- Joe

davidgibbons

26 Posts

Posted - 04/25/2008 : 5:41:52 PM

Joe -

There's no cost to quote as many loans as you'd like. We do however charge $25 to cover the cost of your application to join the marketplace. More details here: http://www.zillow.com/mortgage/LenderGateway.htm

dmoises

73 Posts

Posted - 05/10/2008 : 12:09:01 PM

I have done over 120 quotes, 41 views, and no success on Zillow. What is really going on?

clarenceworley

3601 Posts

Posted - 05/10/2008 : 12:18:25 PM

quote:
Originally posted by davidgibbons

Joe -

There's no cost to quote as many loans as you'd like. We do however charge $25 to cover the cost of your application to join the marketplace. More details here: http://www.zillow.com/mortgage/LenderGateway.htm

I submitted an application and $25 about 2 weeks ago and have not heard a response yet from Zillow. David I sent you an email with my info.

Thanks,

davidgibbons

26 Posts

Posted - 05/10/2008 : 1:47:59 PM

Clarence -

Just approved your application. Thanks!

dmoises -

Sorry to hear that. Hope your luck changes.

Gilby21

137 Posts

Posted - 05/10/2008 : 8:47:09 PM

I would be interested in hearing more experiences.

financeone

947 Posts

Posted - 05/10/2008 : 8:51:43 PM

quote:
Originally posted by clarenceworley

quote:
Originally posted by davidgibbons

Joe -

There's no cost to quote as many loans as you'd like. We do however charge $25 to cover the cost of your application to join the marketplace. More details here: http://www.zillow.com/mortgage/LenderGateway.htm

I submitted an application and $25 about 2 weeks ago and have not heard a response yet from Zillow. David I sent you an email with my info.

Thanks,

You can qoute me if it'll make you feel better:

O/O 325,000 C/O value $500 full doc 693 mid fico.

ZoolanderMSM

165 Posts

Posted - 05/10/2008 : 9:46:19 PM

I signed up for Zillow almost 3 weeks ago. The site says it takes "a few days" to approve lenders to submit bids. While my credit card was promptly charged the $25, I'm still waiting to use the service. I submitted an email about a week ago to find out what was going on. I have not received a response on that yet. I had hoped this source could have some potential, but I'm certainly not building it into my business plan!

clarenceworley

3601 Posts

Posted - 05/11/2008 : 4:13:00 PM

quote:
Originally posted by financeone

quote:
Originally posted by clarenceworley

quote:
Originally posted by davidgibbons

Joe -

There's no cost to quote as many loans as you'd like. We do however charge $25 to cover the cost of your application to join the marketplace. More details here: http://www.zillow.com/mortgage/LenderGateway.htm

I submitted an application and $25 about 2 weeks ago and have not heard a response yet from Zillow. David I sent you an email with my info.

Thanks,

You can qoute me if it'll make you feel better:

O/O 325,000 C/O value $500 full doc 693 mid fico.

You see this watch? See this watch? It cost more than your car. That's who I am.

How's that for a quote?;)

CoralSnake

10078 Posts

Posted - 05/11/2008 : 5:12:45 PM

Seems like a waste if you ask me

bramous

829 Posts

Posted - 05/11/2008 : 5:17:28 PM

I agree...seems like a waste unless you like doing mortgages for $500 a pop.

clarenceworley

3601 Posts

Posted - 05/11/2008 : 5:26:07 PM

BTW- thanks David! All set.

I figure for $25 bucks it is worth looking into. I think the trick is to find an efficient method of giving quotes, save the template for giving the quote, and try different states for different product. I have a local bank we have a correspondent realtionship with that has very competitive arm/fixed rates in selected areas.

dmoises

73 Posts

Posted - 05/12/2008 : 07:01:50 AM

So, we really have not heard from people who have had positive experience from Zillow. I find it hard to believe that there are so many people requesting quotes. Is there anyone besides the guy from Zillow wanting to give positive feedback?

clarenceworley

3601 Posts

Posted - 05/12/2008 : 08:37:39 AM

quote:
Originally posted by ccorica

I have had a positive experience on zillow so far. At the point I had in about 100 quotes I had 12 responses which lead to 7 apps and I have 4 loans in underwriting approved with conditions. Of the remaining 5, I have followup calls scheduled down the road for App's once a few issues are resolved. I dont want to encourage more competition for myself but since zillow has been good to me I figured I would report my experience.

This sounds like a positive experience. I think you need to really be efficient with your time to get some benefit.

dmoises

73 Posts

Posted - 05/12/2008 : 08:42:26 AM

Clarence,

What has your experience been using Zillow? Honestly, have you had any potential borrower's contacting you?

svallance

29 Posts

Posted - 05/12/2008 : 09:04:21 AM

I dont even know why you would subject yourself to the lowest bid?? Stand out and sell your service. Command more $$, not just the lowest rate.

dmoises

73 Posts

Posted - 05/12/2008 : 09:16:02 AM

I agree but the issue with me is I am questioning the fact that there are many consumers asking for quotes and I am questioning who here has had a great experience.

svallance

29 Posts

Posted - 05/12/2008 : 09:19:32 AM

I understand what your trying to say. Its hard out there. I think your time could be best spent elsewhere, thats all...

dmoises

73 Posts

Posted - 05/12/2008 : 09:25:10 AM

I totally agree. What I have been doing is a lot of direct mail and getting in front of insurance agents, and real estate agents. I have been doing a lot of direct marketing. Now I know who the competition is and it is ugly out there. How are these people staying in business by submitting low rates and low fees. I wish that there was a better system out there for consumers.

svallance

29 Posts

Posted - 05/12/2008 : 09:28:43 AM

Overall direct mail is down all over the country, so the chance of yours being recieved is much better. Just more costly with the postage going up! But a great wat to market. I am doing the same.

dmoises

73 Posts

Posted - 05/12/2008 : 09:38:37 AM

That is great that you are doing the same. I have teamed up with a few other L/O's with different companies to share ideas and beat this market instead of the market beating us. Perhaps you would be interested in joining us to come up with ideas and share ideas. The states that I do is Utah/Arizona. Which one's do you do?

svallance

29 Posts

Posted - 05/12/2008 : 10:08:02 AM

I am in Maryland only!

clarenceworley

3601 Posts

Posted - 05/12/2008 : 10:15:38 AM

I just got signed up this weekend, and need to come up with system for Zillow. I haven't had time yet to set up an efficient system but I will let you know how it works.

dmoises

73 Posts

Posted - 05/12/2008 : 10:18:46 AM

Steve,

That is great! Let us team up and come up with ideas to share since we won't be crossing each other's paths. This is my email: dmoises@msn.com

provide me with your info.

kbaker

636 Posts

Posted - 05/12/2008 : 12:14:17 PM

I've been too busy to check out the email below, but it appears they are listening to our feedback:

------------------------------------------------------------

We have received a lot of feedback on how we can make Zillow Mortgage Marketplace more efficient. Here are some of the improvements we just made, based on your suggestions:
Quote Pre-fill
Apply names to quotes you submit so you can auto-populate new quotes later with minimal customization. The quote pre-fill feature appears at the top of the "Create Quote" page.
Loan Quote Flags
If you see quotes that seem to be inaccurate, click the "Flag quote" link under the Tools section on the left-hand side of Quote Details pages. This will alert Zillow's Customer Support team to review that quote.
Lender Leaderboard
Top lenders from Zillow Mortgage Marketplace will appear on the leaderboard based on the quality and amount of ratings they have received from borrowers who contacted them. Encourage borrowers you've been in contact with through Zillow Mortgage Marketplace to review and rate you.
We continue to work on additional improvements. Your suggestions and input are extremely helpful, so keep your comments coming!

There are currently 24,567 loan requests on Zillow right now.

Search Loan Requests
Thanks for using Zillow Mortgage Marketplace.

riley1p

168 Posts

Posted - 05/12/2008 : 1:14:17 PM

They need to limit the requests sent to the borrowers...I see all the quotes and I am amazed that Zillow will een allow this BS...No ogination fees, no broker fees, no tax fees, no processing fees and the rates are below PAR rates...So you are telling me that all of these quotes are being done for free? If you have ever done business with Buyerzone.com you would see that they limit there quotes to a certain amount of users....

quote:
Originally posted by kbaker

Guess I'm not the only one that found the current system to be a waste of time. I think they should make it more interactive. Allow the borrowers to choose up to x lenders and request a custom quote. (Get ALL the specifics.) Then the borrowers should rate the quotes based on speed of response, accuracy, etc. Other borrowers could see these ratings and then decide whether or not this is a company they want to deal with. As you can see below, the current set up is not working.

---------------------------------------

Hello:
Borrowers have submitted thousands of loan requests on Zillow Mortgage Marketplace. Currently, more than 1,300 loan requests have been left completely unanswered. That means not even a single loan quote has been submitted for any of these requests. Since you are a confirmed lender on Zillow, this is a perfect opportunity for you to be the first lender to respond!
Here's how: Go to the Loan Requests page and select your search area, then "Sort by: Quotes" and "Up." This selection will show you loan requests that have few or no quotes returned on them.
If you have questions about how to use Zillow Mortgage Marketplace, check out How it Works for Lenders and Tips for Lenders.

Thanks for using Zillow Mortgage Marketplace.

MBG

179 Posts

Posted - 05/12/2008 : 1:24:23 PM

How does zillow work?

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