Changes Needed on Broker Side of Zillow MTG Marketplace

By
Real Estate Mortgage Broker with Oak Valley Mortgage-California Home Loans and Refinancing

Note: I think Zillow Mortgage Marketplace has a lot of great potential. However, as fast as it shows its appeal...it can be seen just as fast as a place of bogus leads and bogus rate quotes. As such, it is imperative that Zillow and the Mortgage Community communicate and address the issues below for the credibility of the website and we are trying to do for the benefit of all.

This post should be a place of constructive criticism for the benefit of all Mortgage Professionals and for Zillow to create a better user experience on both the Consumer and Lender side of the platform.

I'm just going to keep this spot as a running tally of things I notice as I go through Zillow Mortgage Marketplace. Feel free to post your suggestions to Zillow and/or comments to my recommendations as a comment to the blog post.

1.) The days locked offers 15, 30, 60, days etc... a 45 day option is common and needed.

2.) When the "Interest Only" option is checked by the lender/broker, the payment reflected to the borrower should be the interest only payment. As of now, it's the fully amortized payment.

3.) How the heck is Zillow calculating APR? I put in $0 lender fees and the APR is bumped up anyhow...I've even seen rate quotes with APR's less than the quoted note rate?? WOW!

4.) I'll save a search with all of my preferred parameters and still get leads outside of the chosen parameters on the website and my email??

5.) Once I do a search and post a quote, there isn't a link or anything to go back to that original parameter search. If you click the back button on the browser..all sorts of other leads outside of the original set parameters pop up??

6.) The interest rates are rounded up the the nearest 1/8%...Why?

I have a product that offers 5.45%, yet it is shown to the borrower as 5.5%...If we are to create a level playing field, rounding up should not occur and it is a misleading offer to borrowers. Especially since Transparency is boasted on the website...

Scott Gormley

Broker/Owner

Oak Valley Mortgage

Email: Scott@OakValleyMortgage.com

Direct: 530-592-8362

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Rainmaker
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Sara Bonert
Real Estate Internet Marketing
Zillow

Scott-

Thank you so much for this post!  Here is an update on the things you mentioned.  Some of them we were already working on, and some we didn't know. 

1) 45 will be added to the drop down.

2) This was a bug.  If it isn't fixed now, it will be in the next day or two.

3) We are using a standard APR calculation but we are incorrectly rounding to the nearest 1/8th.  We will fix this ASAP.

4) There is a bug were all parameters are not getting saved with the saved searches.  This is being fixed soon as well.

5) If you click the button on the quote confirmation page to go back to the search page, it should save your filter settings.  The back button does not save all settings.  There should always be a link back to the search page though.  If this doesn't work, please let us know. 

6) This is good to know.  Most people use interest rates rounded to 1/8th.  However, if this is a problem for users, we can change.

 

April 10, 2008 07:34 AM
Rainer
153,251
Scott Gormley
Oak Valley Mortgage-California Home Loans and Refinancing

Good stuff Sara.

Again, I will use this blog as a working list for future things I run across for your reference :)

Thank!

Scott

April 10, 2008 11:32 AM
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Rainer
153,251

Scott Gormley

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