11.5 Reasons Why the Zillow Mortgage MarketPlace Will Not Work in its Current Form and Will Likely Move to Exclude Most Lenders in the Future | Mortgage Industry Blog: "11.5 Reasons Why the Zillow Mortgage MarketPlace Will Not Work in its Current Form and Will Likely Move to Exclude Most Lenders in the Future
April 2nd, 2008 by Trace Richardson · 18 Comments
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[Disclaimer: I generate no closing cost home loan leads for profit at tracecapital.com]
1. You can’t give an accurate rate quote without knowing the correct LTV based on an accurate assessment of home value. Problem: Zillow or borrower is used for determining value, enough said.
2. A mortgage marketplace quote is based off of the credit score given by the borrower. Need I say more? Compare this to the traditional lead model where credit is pulled once the borrower is contacted.
3. Mortgage marketplace does not take into consideration late payments on mortgages, late payments on credit cards or unsecured debt, or other derogatory credit items. Repeat after me: “Yes Mrs. Smith, I did quote you 6% but the 30 day late mortgage payment changes that quote. Why yes, I am aware that there is a Lender Rating system on Zillow Mortgage Marketplace but really, I"