I try to avoid salesly blog posts about Zillow's products, but occasionally I can't help myself. This is one of those times.
Zillow Mortgage Marketplace has been in existence for around 18 months. If you don't know how it works, please watch the video here. But here's a quick primer. Borrowers fill out a short form loan request -- it takes about 3 minutes. They fill in info about the loan their looking for (refi or purchase) and their financial situation, but they don't include any personally identifiable information (no social security number, no phone #, no email address). This happens around 50,000 times per month. The loan request then gets posted into the marketplace and lenders who are "confirmed lenders" within the Marketplace can respond to those customers for free. The lender pays Zillow only when and if the borrower selects his particul loan quote after comparing all of the custom loan quotes he received, and the reviews of those lenders. Each contact is priced individually so some of them cost the lender $0, and some cost much more, depending upon the attractiveness of the borrower's loan request.
Here's a look inside the Marketplace. Click on any of the loan requests to see more detail.
Zillow gets a lot of attention for our Zestimates -- too much attention in my opinion. There's a lot more to Zillow than just Zestimates, and I've blogged in the past about everything else we have to offer. Well Zillow Mortgage Marketplace is at the top of my list. If you're a lender and want to learn more, please call 877-661-3171 or visit here.
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