Zillow Mortgage Marketplace - It's Working! Phones Are Ringing!

Signed up are waitng confirmation..... lets see how it works  thanks

Hi Sara - Thanks for inviting me to the group.  I am already signed up and verified with Zillow. I saw my first "Loan Request" this morning.  Needless to say, I got right back to the prospective client with an "Offer" which I hope is extremely competitive.  I know that I was the first (and I think still the only) one to make an offer, and I am hoping to hear back from the prospective client after normal business hours. 

$25 for 1 good lead is a great deal.  $25 for a steady supply of leads in my area over which I can compete is incredible.  Thank you to Zillow, and I will post a blog about my experience as soon as I hear back from the prospect. 

Hi Sara...thanks for inviting me to the group. I've read a couple of those blogs you referenced and I'm intrigued.

Downside..I'm not the loan guy with lots of time on his hands. I like the transparency and the rating system, but I already have plenty of leads that I don't have to 'compete' for. I've already beat the competition to get the referral.

I'll be watching...checking it out. Very innovative and consumer-friendly.

I guess I'm a little nervous about the 'race to the bottom' idea...I'm not always the least expensive lender, but I'm confident that I'm the best in my region. I've never had a loan fall out, communicate at every step with all parties, and give solid estimates including all costs (not just loan costs).

I'm going to sign up...and then I'm going to see if there's a way to communicate that value in a way that means I don't have to be the least-paid mortgage guy, just the one that you can trust.

I'm on...waiting to be approved. Hey...there's already a request in my home town for a 7/1, and we're under market on that loan so it would be a snap. Interesting. Thanks again for the invitation.

Sara ~  Hi there!  Thanks for inviting me to the group.  I, like Stephen, was already signed up and registered.  I am looking forward to see the success and how it plays out for everyone!  :)

Sara - I'm with Joey on this one, and will watch for his future feedback.

Sara - Thanks for the invite and kudos to this very interesting and fun concept.  I actually dabbled here and there giving out quotes all day and got some replys back which is pretty cool but no responses on phone calls yet.  Very interesting to see how it pans out, still seems like they need to tighten up on the "Free Form Quote" Saw 1 broker advertised a high quote with high fees, I came in an posted a low rate with low fees, the next hour he reposted with a lower rate and lower fees, seems suspicious right.  So hopefully there can be a way to sorta verify the quotes we offer up like maybe send in a GFE to zillow within the parameters like this gfe is good for loan amounts up to 500k full doc o/o and proof that it can be offered than just competition low balling your quote just so the customer can respond.  Just my 2cents

Thanks for the information. I submitted some quotes late today..tomorrow might be a very busy day.

Sara...some modifications that should be made...

1) Title & Escrow fees. 

2) a way to break down into two mortgages.

3) YSP disclosure to comply with many state (soon to be national requirements)  Because an actual quote is being given, this should be included if the State currently requires YSP disclosure.

Thanks for the invite Sara. Signed up this morning.

I was trying to decide this weekend after getting an email from Zillow and this was the first blog I saw, so maybe its a sign. Hee Hee. I will definately try it though.

Thanks for the info.

I'm all signed up.  Sounds interesting... competing on rate is a tricky proposition, so I am very interested in seeing how consumers respond to the rating and feedback system.

Great post.  I need to get on board with this.  Thank you for the heads up Sara.  this is great!

One question though.  What is up with not disclosing the 3rd party partner that you share our SS#'s with?