We've been hinting at it for a few weeks, but tonight I'm pleased to announce that Zillow Mortgage Marketplace has launched. Here's the 411:
How it works:
1. Borrowers fill out a form for free, entering their financial information but NOT their personal info. No name, email, phone # or Social Security #.
2. Borrower's loan request gets posted into the Zillow Mortgage Marketplace anonymously.
3. Lenders access free leads, choosing which loan request they want to respond to.
4. The borrower then decides which lender they want to reach out to, and contacts the lender via email or phone. In addition, borrowers can leave feedback on lenders (like ebay's rating system), so lenders with great customer service can shine.
Benefits to lenders:
1. FREE LEADS. FREE LEADS. FREE LEADS. Did I mention free leads?
2. Lenders only need to communicate by email or phone with borrowers that reach out to them. No more chasing down leads that don't want to be pursued.
What's the catch?
1. Lenders allow themselves to be rated by borrowers.
2. Lenders have to enter their SS# and credit card info and pay a $25 application fee. We then use a 3rd party to run a background check and vet them as legit lenders.
3. In the spirit of an open and transparent marketplace, the lender's quote to the borrower is available for all to see. Everything is out in the open.
Benefit to borrowers:
1. Borrower remains anonymous and doesn't have to offer up their phone # until THEY decide that THEY want to reach out to the lender.
2. Borrower can receive an unlimited number of quotes.
Benefit to Zillow: We make $ on advertising.
Update on RE.net coverage:
- Todd Carpenter's review on Lenderama. He writes: "In the long term, I think the package is great for both consumers and for honest and ethical loan originators. Really, it couldn’t be any better timed either. Consumers are suspicious of the entire mortgage industry. Originators are struggling to find new business without spending a ton of marketing doe. If Zillow can drive in enough early traffic, I think it’ll be a winner for everyone involved."
- Jay Thompson's review on Phoenix Real Estate Blog:"You’ve got nothing to lose and everything to gain — multiple lenders, transparent information, anonymous quotes, complete control, contact who you want to, and don’t contact who you don’t. Zillow hit a home run with this one."
- Rhonda Porter on Rain City Guide: "I’ll still stick to my guns and say that referrals from the people you trust and respect are the best way to select a Mortgage Professional…however for those of you that have a need to shop rates on line, Zillow’s mortgage tool could be the ticket."
- Joel Burslem on Future of Real Estate Marketing
- I can't keep up on the coverage, so I defer to my friend Drew Meyers who is keeping tabs on all of this.
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