Zillow has created a Mortgage Market Place, where borrowers can request loan quotes. Any lender who has been approved by Zillow (it's easy) can then begin giving quotes to borrowers who have submitted requests.
I must have looked at 20 actual requests and the quotes given by the lenders who are members of the Zillow Mortgage Market Place.
One thing that was very noticeable to me, was that there were ZERO local lenders giving quotes to borrowers from the Santa Barbara area.
I'm not certain that this is a good way to earn loans. I do know that many loan people I have spoken with would be happy to be giving quotes to borrowers in an effort to earn a loan.
With Zillow's program you can put in your criteria on the types of loans you would like to give quotes on. It sounds pretty easy to me.
This is really just a public service announcement to the local residential lending community, in the hopes that if these borrowers are doing loans that one of our local folks is doing the transaction.
Check out the requests below. You can click on the details to see the quotes along with additional information on the borrower.
This borrower makes $1,400,000 annually!
Refinance 30 year fixed, 20 ... Credit rating: Excellent (760 to 850) Created: Thu, 4/17/2008, 11:51am Quotes: 6 Amount: $2,460,000 Loan to value: 61.5% Debt to income: 19.625 Location: Santa Barbara CA 93109
This borrower is looking for a $1,200,000 loan on a $12,000,000 property
Nobody quoted a loan for this person on a purchase. Maybe 89% loan to value is not doable.
Check it out, and I'll See You In Escrow!
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