MortgageOnlineBlog.Com

Since the official launch of the Zillow Mortgage Marketplace our experience can still be best described as “positive.”  It’s an interesting “venue” for Lenders and Consumers to meet in a what amounts to  a  stress free environment.  To this point the Lender community seems to be policing itself fairly well.  While we have seen a small number of  “low-ball ” offers, they are far and few between.
 
A few suggestions we feel would be mutually beneficial to the Consumer and Lender are:
 
**  Allow customers to provide name, phone number, email address, if they choose.  Some customers may want us to contact them. If they don’t want to be contacted, they can opt out.
**  Develop an API to automatically deliver inquiries and post quotes.  Many of us have the ability to post live quotes fairly easily. 
**  Management console to see activity for our Loan Officers.  In particular we would like to be able to see:
     1)  Number of loans quoted, ability to drill down to those quotes,   
     2)  How many loans are quoted per loan based on transaction type,
     3), How many loans have been quoted per LO based on  24 hours, last three days, last seven days, last 30 days,
     4)  Number contacted per LO , and status reports by contacts, declined, active, summary viewed  and details viewed.
**  Ask if they have a  property under contract for a purchase  inquiry.
**  Store the loan amount ranges in saved searches.
**  Increase the number of saved searches to ten  from five.
**  Make it easier to find a loan request. When a consumer requests more information.  The information that is forwarded on the initial loan request is sufficient to find the initial inquiry if the state could be added.
**  Increase the number of deals we can view under “Quotes submitted”  Seems to cap itself at about 35.
 
As of this  8:00am this morning we have had seven loan officers quote 386 inquiries.   Response rate is running  just under 4%.   We will be adding LO’s to the site over the next few weeks.