zillow: My Zillow Beef, as requested - 06/17/08 04:39 PM
I have posted a few blog entries, and comments about issues I have with Zillow. I have been asked what my "beef" with Zillow is, so I figure I might as well just lay it out there. This is a post explaining my concerns and will leave it open to discussion and allow each person to form their own opinion.
First off, let me state this emphatically... I love this business. I am a mortgage professional. I am not a Realtor or real estate agent, but my business is directly tied to that of the real estate agents. So in general, … (18 comments)

zillow: Zillow... Make up your own mind - 06/17/08 09:52 AM
Its no secret that I am not a Zillow Fan. As many of you have seen, I have had several exchanges with the folks from Zillow and have stated my opinion.
That being said, I am not out to start some crusade against Zillow. So I will leave that topic to die on its own and move on to more important topics.
I do challenge everyone that reads my posts to seriously consider the impact that websites such as Zillow might have on your business. There is a saying that even bad exposure is exposure. I am not a big fan … (6 comments)

zillow: AVMs, ZILLOW, and REALITY - 06/13/08 01:59 AM
AVM: Automated Valuation Model. A system by which public data is interpretted to come up with an estimation of a property's value. Many lenders rely heavily upon AVMs. IN the past, some lenders used ONLY AVMs in their lending decisions, a practice that has left many of them facing major defaults and losses. Today, AVMs are more typically used by lenders to validate the value of an appriasal. If the appraised value and an AVM value are dramatically different, the lender will require a review of the apraisal, or a second appraisal. To ensure the validity of the AVM, lenders actually … (6 comments)

zillow: Zillow and the Joke that it Is! - 06/12/08 01:46 AM
Come on Zillow. I have had enough! I am calling you out!
Zillow recently posted an article indicating that if a listing real estate agent does NOT post their listings to Zillow, they may not be doing their job properly! Oh, and they did not make it open to the general public so that regular people wouldn't see through them! (Don't worry Zillow, this is made public for them.)
One of my favorite real estate agent bloggers RENEE BURROWS wrote a fantastic response and raised a question that I wanted to address:
Why aren't highly branded websites (and other advertising mediums) held … (22 comments)

zillow: Not Sure, But Will Try It - 04/30/08 06:00 AM
Recently Zillow announced it's Mortgage Marketplace. I have to admit, I am not crazy about the idea of pitting lenders against each other for "blind" annonymous rate quotes. The whole idea of comparing my services against another lender with at best half the facts makes me nervous. Long term I see this giving the lending industry more of a black eye as the "rate shopper" begins to further feel as they have been mislead or lied to.
With rates changing 5 to 6 times a day it only compounds the problem.
That being said, I decided to test the Mortgage Marketplace, first as … (6 comments)

zillow: Zillow Update - 04/12/08 03:36 PM
Earlier I posted my opinion on Zillow's new Mortgage Marketplace. Wow.. I actually got Zillow's attention. Not only did I get comments, I also got phone calls!
So to be completely fair to their new system that allows borrowers to blindly pit lenders against each other to provide quotes based on... well, based on nothing really... I decided to try it out myself.
I registered as a customer and filled out the form. On that form I asked for a mortgage quote for a no money down mortgage loan with a credit score in the mid 600's. 5 days later I have received … (12 comments)

zillow: Why Zillow is Bad for Lenders - 04/04/08 12:10 PM
Zillow has launched their long awaited "Mortgage Marketplace." This not-so-great idea is being billed as a place that consumers can get quotes from multiple lenders without having to provide any personal information.  Spencer Rascoff, Zillow's chief financial officer and vice-president for marketing claims, "This is a huge step forward in terms of putting borrowers in control and giving them access to information." What's wrong with this, you ask?
Read more at http://carolinamortgageconnection/2008/04/04/and-the-bs-floodgates-opened/
(17 comments)

 
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CarolinaMortgageConnection.comDedicated to educating, inspiring and assisting in the American Dream. Information to assist you through the hundreds of mortgage loans available today. Visit my other blogs at CarolinaMortgageConnection.com Charlotte Homes and Mortgages The articles, reviews and stories written and published on this website are simply the opinions of Ed Nailor. While Ed Nailor has professional experience as a mortgage loan officer, the information posted on this website should not be taken as personal counsel or an endorsement of anything. For mortgage related counsel or advice to be meaningful and effective, one must sit down one on one with a professional to discuss the particulars of their situation. Ed Nailor can not be held liable for any decisions you make as a result of what you might read or infer on this website. Proud supporter of the Right to Free Speech.


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