Where Are All The Local Loan Agents?

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

Refinance 30 year fixed, 20 ... Credit rating: Excellent (760 to 850) Created: Wed, 4/9/2008, 3:55pm Quotes: 5 Amount: $1,200,000 Loan to value: 10.0% Debt to income: 0.0 Location: Santa Barbara CA 93108

Nobody quoted a loan for this person on a purchase. Maybe 89% loan to value is not doable.

Purchase 5/1 ARM, Interest ... Credit rating: Excellent (760 to 850) Created: Sun, 4/6/2008, 12:35am Quotes: 0 Amount: $670,000 Loan to value: 89.375% Debt to income: 22.0 Location:
Goleta CA 93117

Check it out, and I'll See You In Escrow!

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