It has been around since April 2, 2008 and I have been checking it out occasionally to see if it is a viable option for consumers. It does in fact seem to be working well for some lenders and borrowers. However, there are also some definite draw backs...
1) The goal is to be transparent. But when the rates are scrolling there is no way to know if the rate quoted is at no origination fee and no discount points to the borrower or if the rates are quoted with points and origination fees. There is still a wide range in rate quotes with regards to the most recent quotes scrolling through the main page of the Zillow Mortgage Marketplace. This can lead to confusion and bad offers from lenders.
2) Discussions paint Loan Originators in a Negative Light. The goal was to foster healthy competition and honesty within the industry and if you read the discussion areas, it seems that the opposite is still happening. I don't know if this is from LO's not liking the fact they were beat on a quote, or if it is truly a function of the industry. All I can say is that if I were a consumer looking at the discussion boards I might have a hard time trusting the sources of these quotes.
3) Quotes on some Loan Requests seem Bogus. It appears from my brief checking around the Zillow Mortgage Marketplace that there is still too much misleading going on and that is disappointing.
I don't understand the consumer in all of this. The only way to truly know that you aren't being taken advantage of has to be with direct contact with the lender/loan officer. And I think that goes the same for the real estate professionals. Take the time to meet a Loan Officer that believes in giving customers the best value for the product and program. Then allow them to continually evolve and help grow your business by their knowledge of the market and lending guidelines.
It is far too easy to be a Loan Officer/Broker and those lenders, who may or may not be a part of Zillow Mortgage Marketplace, are what makes it difficult for the LO who is willing to work and help people through their actual loan request.
What do you think? Leave your comments here. Have a great day.