Success on Zillow Mortgage Marketplace!

By
Industry Observer with Paratex

Hello all: I just wanted to share with you that I received a call from a borrower today who may use me for a loan. He found me on Zillow Mortgage Marketplace. We'll see what happens because he is a first-time homebuyer.

When I initially signed up for Zillow Mortgage Marketplace, I was obviously intrigued about only having to pay $25 for leads. Then, I went through the drill and got nothing. Fortunately, both Spencer and David were very encouraging (thanks guys) and suggested ways I could improve my message, etc.

I'd like to share what my potential borrower related. One, he was looking for a local lender and two, he wanted to know if he could really qualify for what he thought he could. The bottom line is I think Zillow Mortage Marketplace allows the consumer to anonymously check into mortgages which they like. Obviously, us loan officers would like a little more control in the process but, so far, I'm planning on staying a part of ZMM.

One comment I would make to all of you who are already on there. One, make it local. Yes, borrowers can choose you if you're out-of-state and yes, I can lend in every state in the nation. But why? We're still in a pretty people oriented business and let's face it, how strong a long-term relationship can you build with a borrower if you're in Florida lending in Oregon? Also, I sense there are lenders on there producing anonymous quotes just to see what the competition is doing. How do I know? When I see numerous quote requests from small towns, it makes me wonder. If you're doing this, don't insult our intellligence. It's also a waste of your time and mine.

Again, thanks for reading. Thank you Spencer and David as well. In these trying times, you've come up with a solution that, although not perfect in our eyes, works and actually adds to our opportunities. Have a great evening!

 

Paul

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Paul McFadden

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Rainer
12,821
Pedro Gonzalez
REALTY EXECUTIVES - Chino, CA

Thanks for joining our Mastermind Group! It is great to see that people are getting involved bring up some great ideas in here

Jun 20, 2008 03:53 PM #6
Ambassador
664,258
Paul McFadden
Paratex - Seattle, WA
Pest Control, Seattle, WA.

Thank you! I look forward to participating.

 

Paul

Jun 21, 2008 02:25 AM #7
Rainmaker
197,422
Phil Caulfield
Guarantee Mortgage - Burlingame, CA
I Get The Loans Done That The Big Banks Don't!

Paul,

Just wondering - how many quotes did you submit before you got an inquiry? I've made around 50 with no inquiries yet.

 

Thanks,

 

Phil

Jun 22, 2008 01:27 AM #8
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Paul McFadden
Paratex - Seattle, WA
Pest Control, Seattle, WA.

Keep at it, Phil. I just got another one this morning. Again. keep it local. I believe this is what the borrower is looking for. I did over 50 quotes with no response. The last 20 have yielded 2. The jury is still out as I don't know if I can actually help these people. As you know, we're quoting based on incomplete information so time will ultimately tell. Good luck; the way I look at it if it doesn't work I'm out $25. Big deal. I can tell you I've spent a lot more than that with sketchy results. Take care.

 

Paul

Jun 22, 2008 01:47 AM #9
Rainer
56,130
-- Casey Brischle
Columbia Bank - Spokane, WA
Spokane Home Loan Mortgage Professional

Paul, absolutely.  It is a huge way to distinguish yourself from the competitiona nd I think when it comes down to it, people want to meet face to face.

Jun 23, 2008 09:39 AM #10
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Paul McFadden
Paratex - Seattle, WA
Pest Control, Seattle, WA.

Thanks, Casey, for your comments. Have a great day!

 

Paul

Jun 23, 2008 10:43 AM #11
Rainer
55,121
Frank Marta
Nuhome Group, LLC NMLS#:835196 - Houston Tx | Mortgage Broker| 713-373-0345 - Houston, TX
Texas Home Loan Specialist NMLS#: 245813

Thanks for the positive feed back.  I normally see Zillow Bashing, it is refreshing to see something positive....

Jun 23, 2008 03:42 PM #12
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Paul McFadden
Paratex - Seattle, WA
Pest Control, Seattle, WA.

Thanks, Frank, for your nice comments. Although most of us probably work by referral, I think it's important in this market to try a little bit of everything. Have a great day!

 

Paul

Jun 24, 2008 01:25 AM #13
Anonymous
Spencer Rascoff

congratulations! great news

 

- spencer (from zillow)

 

Jun 25, 2008 03:41 PM #14
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Paul McFadden
Paratex - Seattle, WA
Pest Control, Seattle, WA.

Thanks, Spencer. I'm a believer so far!

 

Paul

Jun 26, 2008 02:13 AM #15
Rainer
8,175
Kristeen Smith
First Portland Mortgage Corp - Portland, ME
Maine Mortgage Specialist

Zillow seems to be catching on.  I joined a couple of months ago and have closed a loan already.  I have only quoted on local mortgage requests.  The low ball quotes of others is frustrating, but I'll keep offering true quotes.  Us honest, hard working mortgage brokers need to keep our name out there if we want to be here when this mess is over. 

Oct 30, 2008 07:02 AM #16
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Paul McFadden
Paratex - Seattle, WA
Pest Control, Seattle, WA.

Kristeen: Good for you. I've had a few inquiries but nothing solid yet. I imagine I'll try it for a while longer and then reassess. Have a great day!

 

Paul

Oct 30, 2008 09:40 AM #17
Rainmaker
339,591
Karen Cooper
Karen Cooper | Sr Retail Loan Originator ! NMLS # 223305 | 360 Mortgage Group LLC Austin Texas - Leander, TX
Helping Homeowners w/Home Loans in 27 US States

Hi Paul - I just read through the Zillow  thread on mortgage marketplace to see what has transpired since the furor seems to have died down. What has your determination turned out to be on ZMM - worthy of your time or futile? Appreciate your thoughts...

Dec 07, 2008 01:51 PM #18
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Paul McFadden
Paratex - Seattle, WA
Pest Control, Seattle, WA.

Karen: I received a call the other day from a borrower who found me on ZMM. So far I don't have any loans because of ZMM but continue to quote as part of my overall plan. It doesn't take very long and, obviously, if I get one loan it's worth it. I believe the loan officers who are doing any business on Zillow are probably playing the rate and fee game. I refuse to participate in this because one, everything can change, and two, I'm not the low price leader. That being said, I plan on staying on ZMM for the near future. Zillow has excellent customer service and the consumer on Zillow is usually pretty savvy. I'll be sure to keep you posted. Good luck on ZMM if you decide to quote.

Dec 08, 2008 12:46 AM #19
Rainmaker
339,591
Karen Cooper
Karen Cooper | Sr Retail Loan Originator ! NMLS # 223305 | 360 Mortgage Group LLC Austin Texas - Leander, TX
Helping Homeowners w/Home Loans in 27 US States

Paul - Thank you for your update and feedback. With only so many hours in the day, I need to closely analyze where I'm going to put forth my efforts. Like you, I won't play the low quote game, and prefer to give consumers quality, accurate information tailored to their individual circumstances, as home loan guidelines can vary so much. I'm still not sold on ZMM as fitting in with my business plan, though, but will keep an eye out for your updates.

Dec 08, 2008 05:45 AM #20
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Paul McFadden
Paratex - Seattle, WA
Pest Control, Seattle, WA.

Karen: The latest contact may have been the best. A professional who had been following me for a while (that's the beauty of ZMM-not everything is instantaneous) and is looking to buy an expensive home. Zillow is a great consumer website and, if a real estate professional can build their profile, can lead to some excellent clients down the road. The way I look at it is if one person uses me it has paid for itself many times over. I'll keep everyone posted. Take care.

Dec 08, 2008 08:16 AM #21
Rainer
65,170
Ken Kelly
Benchmark Mortgage - Chesterfield, VA

Paul, thanks for sharing this info. You're right, $25.00 isn't a lot of money especially with some sites you have to (or used to have to) pay that amount for just 1 lead! Right on about being local, still hearing horror stories of clients being mislead by lenders 3 or more states away!

Mar 21, 2009 07:53 AM #22
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664,258
Paul McFadden
Paratex - Seattle, WA
Pest Control, Seattle, WA.

Ken: Thanks for your thoughts. If you're on ZMM let me know your thoughts! Take care.

Mar 22, 2009 12:17 PM #23
Rainer
73,981
Sarah Eubanks
Hill Valley Financial Services - Oregon City, OR
Preferred Oregon Loan Consultant & Notary Public

Hi Paul...I just wanted for you to know that I have had an extremely positive outcome being a part of ZMM.  I fully appreciate your comments on keeping it local.  I will only work in Oregon and Washington (not even licensed in all 50) for the same reason that you discussed.  That $25.00 was the best money I have ever spent on my business.  :)

Oct 07, 2009 11:45 AM #24
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Paul McFadden
Paratex - Seattle, WA
Pest Control, Seattle, WA.

Sarah: Thanks for commenting. I appreciate it! ZMM has taken a back seat since I wrote this post. I occasionally go there to see what others are doing but most if not all of my business has been referral lately. Thanks again!

Oct 08, 2009 01:11 AM #25
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