Like trying to drink out of a firehose!
• Too many consumers! Lots of refinances. Many at 80% ltv and below with apparently good credit and above.
• Decent responses thus far from consumers contacting us (slightly above 5%)
• Of those we had one that wanted to lock today and we are proceeding with an application.
Some suggestions to Zillow:
• Automate the quoting process please :) Many lenders will be able to take a ping from you with that consumer request and respond back with a full accurate quote. This will bring you more lenders and a better consumer experience. Also, more time for lenders to interact with non-tire kickers.
• Allow us to see which requests we have already quoted within our “saved searches” – keeps us from having to go back through the volumes of leads to see the ones we have quoted.
• Allow us to quote multiple products – seems like the borrower can request 3 but we can only quote 1 at a time.
• Allow for us to “reprice” or “re-quote” after a set amount of time (4 hrs perhaps)
• Ability to build assignment rules for the routing of a specific type of inquiry to a specific loan officer (or group of loan officers)
2 responses so far ↓
1 davidg // Apr 3, 2008 at 4:50 pm
Hi Guys!
Great news about the response rate and on the lock. And great suggestions:
- automation (via an API) is coming -next- but it’s not trivial so give us a few months.
- re-pricing happens via deleting and re-quoting. This is intentional since it brings the “new” quote to the attention of the borrower. There has been a stack of requests to edit quotes so we’ll look into whether there’s a good compromise here.
- You can submit multiple quotes but they need to be distinct. You won’t be allowed to quote the same loan and rate twice per request but you can quote different loans
- assignment rules are something a lender needs to manage since accounts on Zillow are LO specific. I’ll pass this on though - we may need to eventually introduce brokerage level accounts
- great suggestion about flagging requests you’ve already quoted!
Thanks for keeping us in the loop and good luck closing the rest of your quotes!
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