Wednesday, April 9, 2008

Check Out Zillow's New Mortgage Marketplace!

Zillow, who has become known for it's zestimates has now ventured in to the mortgage world by launching it's Mortgage Marketplace.

One feature that should be a real draw if you are a borrower is, you can submit a request for a quote and remain anonymous until you are ready to contact a lender who gives a quote worth follow up on.

The second feature that I think should really keep the system honest is that the borrower can rate the lender they have interactions with. This information will go a long way in helping borrowers determine if they are dealing with someone that is reputable.

I'm not sure if you have ever bought something from Ebay, but I really like to be able to get a review of the person who is selling me something from people who have purchased from them before.

Zillow has a program for mortgage professionals which makes it very easy to take part in. I didn't read all the fine print, but paying a $25 sign up fee was really all I saw one would have to do.

A loan person can then plug in particulars that will notify them when requests they would like to make quotes on become available. Pretty cool if you ask me.

Inman News has posted a couple of articles worth reading if you want some opinions on this new strategy from Zillow. Hey Can I Get A Loan Offer Here, and Zillow Launches Mortgage Rate Quote Platform.

All in all it sounds like a great approach for borrowers who want to use the Internet to see what their options are and it sure looks like a good way for a mortgage professional to generate some new leads.

See You In Escrow

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