Comments on: Zillows Mortgage Community, On The Cusp of an Anonymous Transparent Credit and Personal Information eXchange Between Mortgage Professionals and Consumer? http://thexbroker.com/2008/04/05/zillows-mortgage-community-on-the-cusp-of-an-anonymous-transparent-credit-and-personal-information-exchange-between-mortgage-professionals-and-consumer-to-create-a-highly-trusted-mortgage-transactio/ Radical Transparency for The Real Estate and Mortgage Industrys Tue, 06 Jan 2009 12:49:26 +0000 http://wordpress.org/ By: Leadscon | Bronte Media http://thexbroker.com/2008/04/05/zillows-mortgage-community-on-the-cusp-of-an-anonymous-transparent-credit-and-personal-information-exchange-between-mortgage-professionals-and-consumer-to-create-a-highly-trusted-mortgage-transactio/#comment-2268 Leadscon | Bronte Media Tue, 08 Apr 2008 19:19:33 +0000 http://thexbroker.com/2008/04/05/zillows-mortgage-community-on-the-cusp-of-an-anonymous-transparent-credit-and-personal-information-exchange-between-mortgage-professionals-and-consumer-to-create-a-highly-trusted-mortgage-transactio/#comment-2268 [...] Interesting in light of Zillow’s launch of a mortgage platform. I think it is a brilliant idea and that is actually something I thought about doing when I was deciding to do Homethinking. [...] [...] Interesting in light of Zillow’s launch of a mortgage platform. I think it is a brilliant idea and that is actually something I thought about doing when I was deciding to do Homethinking. [...]

]]> By: JeffX http://thexbroker.com/2008/04/05/zillows-mortgage-community-on-the-cusp-of-an-anonymous-transparent-credit-and-personal-information-exchange-between-mortgage-professionals-and-consumer-to-create-a-highly-trusted-mortgage-transactio/#comment-2257 JeffX Mon, 07 Apr 2008 22:57:57 +0000 http://thexbroker.com/2008/04/05/zillows-mortgage-community-on-the-cusp-of-an-anonymous-transparent-credit-and-personal-information-exchange-between-mortgage-professionals-and-consumer-to-create-a-highly-trusted-mortgage-transactio/#comment-2257 It doesn't have to be bloated, although I can see how it may appear to be... Throw me on retainer and I'll spec and implement it all for you :) There's this one application that would remedy one aspect of information latency for you guys. But thats a conversation to be had on the phone ;) It doesn’t have to be bloated, although I can see how it may appear to be…

Throw me on retainer and I’ll spec and implement it all for you :)

There’s this one application that would remedy one aspect of information latency for you guys. But thats a conversation to be had on the phone ;)

]]> By: David G from Zillow.com http://thexbroker.com/2008/04/05/zillows-mortgage-community-on-the-cusp-of-an-anonymous-transparent-credit-and-personal-information-exchange-between-mortgage-professionals-and-consumer-to-create-a-highly-trusted-mortgage-transactio/#comment-2256 David G from Zillow.com Mon, 07 Apr 2008 22:52:10 +0000 http://thexbroker.com/2008/04/05/zillows-mortgage-community-on-the-cusp-of-an-anonymous-transparent-credit-and-personal-information-exchange-between-mortgage-professionals-and-consumer-to-create-a-highly-trusted-mortgage-transactio/#comment-2256 I don't disagree with you Jeff but "at some point" is the important clarification here. We're open to suggestions but this one seems bloated for what we're trying to do which is merely to introduce borrowers to lenders. I do agree however that teasing out borrower intent (and lender accuracy) is an important area of focus - please keep the suggestions coming. I don’t disagree with you Jeff but “at some point” is the important clarification here. We’re open to suggestions but this one seems bloated for what we’re trying to do which is merely to introduce borrowers to lenders. I do agree however that teasing out borrower intent (and lender accuracy) is an important area of focus - please keep the suggestions coming.

]]> By: JeffX http://thexbroker.com/2008/04/05/zillows-mortgage-community-on-the-cusp-of-an-anonymous-transparent-credit-and-personal-information-exchange-between-mortgage-professionals-and-consumer-to-create-a-highly-trusted-mortgage-transactio/#comment-2255 JeffX Mon, 07 Apr 2008 21:49:40 +0000 http://thexbroker.com/2008/04/05/zillows-mortgage-community-on-the-cusp-of-an-anonymous-transparent-credit-and-personal-information-exchange-between-mortgage-professionals-and-consumer-to-create-a-highly-trusted-mortgage-transactio/#comment-2255 "from a consumer’s perspective asking for signed documents is equivalent to calling an online borrower a liar and so for the serious borrower it really adds little value and creates unnecessary friction." Asking for signed documents is what any serious borrower must provide at some point, I don't care if you're Mother Theresa. We're all liars until we prove otherwise, this has been the issue in mortgage over the past 5-7 years... Don't make enough income, just 'state' what you make...I digress In any case, physically signed docs aren't required, rather a digital validation that makes consumers feel a greater sense of responsibility to provide 'real' numbers is certainly doable...and it adds substantial value David. The #1 complaint I hear from the professional side re: ZMC is that the consumers are liars. The #1 complaint I hear from consumers is that lenders are liars. Serious borrowers would have no problem representing a heightened level of authentication for reasons laid out above, serious professionals would have no problem playing in this sandbox under these conditions as well. Who is heading up Zillows mortgage operations? If they are anyone who's spent any time in the trenches in this industry they will tell you the same... Stay open minded David, you guys have an opportunity here bigger than you may realize or have planned for. “from a consumer’s perspective asking for signed documents is equivalent to calling an online borrower a liar and so for the serious borrower it really adds little value and creates unnecessary friction.”

Asking for signed documents is what any serious borrower must provide at some point, I don’t care if you’re Mother Theresa.
We’re all liars until we prove otherwise, this has been the issue in mortgage over the past 5-7 years… Don’t make enough income, just ’state’ what you make…I digress
In any case, physically signed docs aren’t required, rather a digital validation that makes consumers feel a greater sense of responsibility to provide ‘real’ numbers is certainly doable…and it adds substantial value David.

The #1 complaint I hear from the professional side re: ZMC is that the consumers are liars. The #1 complaint I hear from consumers is that lenders are liars.

Serious borrowers would have no problem representing a heightened level of authentication for reasons laid out above, serious professionals would have no problem playing in this sandbox under these conditions as well.

Who is heading up Zillows mortgage operations? If they are anyone who’s spent any time in the trenches in this industry they will tell you the same…

Stay open minded David, you guys have an opportunity here bigger than you may realize or have planned for.

]]> By: David G from Zillow.com http://thexbroker.com/2008/04/05/zillows-mortgage-community-on-the-cusp-of-an-anonymous-transparent-credit-and-personal-information-exchange-between-mortgage-professionals-and-consumer-to-create-a-highly-trusted-mortgage-transactio/#comment-2254 David G from Zillow.com Mon, 07 Apr 2008 21:08:50 +0000 http://thexbroker.com/2008/04/05/zillows-mortgage-community-on-the-cusp-of-an-anonymous-transparent-credit-and-personal-information-exchange-between-mortgage-professionals-and-consumer-to-create-a-highly-trusted-mortgage-transactio/#comment-2254 I totally agree that we should pursue features that help lenders further understand how serious the borrower is. But in a perfect scenario only serious borrowers would complete a quote request and so the ultimate solution will be to give less serious borrowers information without having to complete a loan request. That's where we'll be focused initially. My point about buyers' agents was simply that they're in a good position to vouch for the buyers' intent. I agree with the spirit of your suggestion, Jeff but the tactic you recommend won't work ... from a consumer's perspective asking for signed documents is equivalent to calling an online borrower a liar and so for the serious borrower it really adds little value and creates unnecessary friction. I totally agree that we should pursue features that help lenders further understand how serious the borrower is. But in a perfect scenario only serious borrowers would complete a quote request and so the ultimate solution will be to give less serious borrowers information without having to complete a loan request. That’s where we’ll be focused initially.

My point about buyers’ agents was simply that they’re in a good position to vouch for the buyers’ intent.

I agree with the spirit of your suggestion, Jeff but the tactic you recommend won’t work … from a consumer’s perspective asking for signed documents is equivalent to calling an online borrower a liar and so for the serious borrower it really adds little value and creates unnecessary friction.

]]> By: JeffX http://thexbroker.com/2008/04/05/zillows-mortgage-community-on-the-cusp-of-an-anonymous-transparent-credit-and-personal-information-exchange-between-mortgage-professionals-and-consumer-to-create-a-highly-trusted-mortgage-transactio/#comment-2252 JeffX Mon, 07 Apr 2008 20:06:25 +0000 http://thexbroker.com/2008/04/05/zillows-mortgage-community-on-the-cusp-of-an-anonymous-transparent-credit-and-personal-information-exchange-between-mortgage-professionals-and-consumer-to-create-a-highly-trusted-mortgage-transactio/#comment-2252 We should chat David :) We should chat David :)

]]> By: JeffX http://thexbroker.com/2008/04/05/zillows-mortgage-community-on-the-cusp-of-an-anonymous-transparent-credit-and-personal-information-exchange-between-mortgage-professionals-and-consumer-to-create-a-highly-trusted-mortgage-transactio/#comment-2251 JeffX Mon, 07 Apr 2008 20:05:54 +0000 http://thexbroker.com/2008/04/05/zillows-mortgage-community-on-the-cusp-of-an-anonymous-transparent-credit-and-personal-information-exchange-between-mortgage-professionals-and-consumer-to-create-a-highly-trusted-mortgage-transactio/#comment-2251 Stunt? What do you speak of? (Not being coy, truly interested in what you mean...) I really have to believe that you guys are in a position to implement something pretty close to what's outlined above... Don't know if buyers agents want to endorse loan requests since they are often as naive as the borrowers themselves, IMO... Stunt? What do you speak of? (Not being coy, truly interested in what you mean…)

I really have to believe that you guys are in a position to implement something pretty close to what’s outlined above…

Don’t know if buyers agents want to endorse loan requests since they are often as naive as the borrowers themselves, IMO…

]]> By: David G from Zillow.com http://thexbroker.com/2008/04/05/zillows-mortgage-community-on-the-cusp-of-an-anonymous-transparent-credit-and-personal-information-exchange-between-mortgage-professionals-and-consumer-to-create-a-highly-trusted-mortgage-transactio/#comment-2250 David G from Zillow.com Mon, 07 Apr 2008 19:54:16 +0000 http://thexbroker.com/2008/04/05/zillows-mortgage-community-on-the-cusp-of-an-anonymous-transparent-credit-and-personal-information-exchange-between-mortgage-professionals-and-consumer-to-create-a-highly-trusted-mortgage-transactio/#comment-2250 Good food for thought Jeff. I almost forgive you for last week's stunt. ;-) You've got me thinking about "approved borrowers." Something I think could be very interesting there is if buyers' agents were able to publicly endorse loan requests and make themselves a contactable reference for the mortgage broker to get more info on the deal? That could work for communicating intent in purchases. For REFI's, I'm probably a bit naive, but surely a lot of it depends on whether the math is attractive; and that's something a lender can already filter for. Good food for thought Jeff. I almost forgive you for last week’s stunt. ;-)

You’ve got me thinking about “approved borrowers.” Something I think could be very interesting there is if buyers’ agents were able to publicly endorse loan requests and make themselves a contactable reference for the mortgage broker to get more info on the deal? That could work for communicating intent in purchases. For REFI’s, I’m probably a bit naive, but surely a lot of it depends on whether the math is attractive; and that’s something a lender can already filter for.

]]> By: chuck http://thexbroker.com/2008/04/05/zillows-mortgage-community-on-the-cusp-of-an-anonymous-transparent-credit-and-personal-information-exchange-between-mortgage-professionals-and-consumer-to-create-a-highly-trusted-mortgage-transactio/#comment-2247 chuck Mon, 07 Apr 2008 16:09:30 +0000 http://thexbroker.com/2008/04/05/zillows-mortgage-community-on-the-cusp-of-an-anonymous-transparent-credit-and-personal-information-exchange-between-mortgage-professionals-and-consumer-to-create-a-highly-trusted-mortgage-transactio/#comment-2247 Jeff,   I understand that you like the transparency and all, and I agree! However, the zillow model may be anonymous, but is not transparent. It is not giving the consumer "transparent" rates. Isn't transparency, in this description, a method of making the entire loan PROCESS transparent?   I may be missing something, because the way I see this, the lending companies, brokers, etc are still going to quote with YSP's, etc, thereby continuing the rampant confusion that occurs when you receive 20 phone calls or even 20 anonymous rate quotes, each one different and difficult to vet for a consumer who has no working knowledge of the construction of a loan.   True transparency would give the consumer a benchmark, like a par rate, to work from. Then, the rate is obvious and transparent, which, when you give it some thought, is what really needs to be transparent in order to conform with your basis of transparency. (?)   I recall a conversation with an "Up-front Mortgage Broker" (these are the guys who advertise and brag about being Upfront about their charges, etc) member who told me that he (like other he knows) quotes BELOW par, so he can sound cheap. It's bait and switch, and that is exactly what I see rolling downhill from zillow, as all "stuff" does tend to do. This will be worse for the consumer than what they even now deal with.   Transparency, in the end, means TOTAL transparency of RATES so the consumer can deal on a level playing field, thereby creating the total transparency you seek. zillow does NOT do that. Jeff,
 
I understand that you like the transparency and all, and I agree! However, the zillow model may be anonymous, but is not transparent. It is not giving the consumer “transparent” rates. Isn’t transparency, in this description, a method of making the entire loan PROCESS transparent?
 
I may be missing something, because the way I see this, the lending companies, brokers, etc are still going to quote with YSP’s, etc, thereby continuing the rampant confusion that occurs when you receive 20 phone calls or even 20 anonymous rate quotes, each one different and difficult to vet for a consumer who has no working knowledge of the construction of a loan.
 
True transparency would give the consumer a benchmark, like a par rate, to work from. Then, the rate is obvious and transparent, which, when you give it some thought, is what really needs to be transparent in order to conform with your basis of transparency. (?)
 
I recall a conversation with an “Up-front Mortgage Broker” (these are the guys who advertise and brag about being Upfront about their charges, etc) member who told me that he (like other he knows) quotes BELOW par, so he can sound cheap. It’s bait and switch, and that is exactly what I see rolling downhill from zillow, as all “stuff” does tend to do. This will be worse for the consumer than what they even now deal with.
 
Transparency, in the end, means TOTAL transparency of RATES so the consumer can deal on a level playing field, thereby creating the total transparency you seek. zillow does NOT do that.

]]> By: JeffX http://thexbroker.com/2008/04/05/zillows-mortgage-community-on-the-cusp-of-an-anonymous-transparent-credit-and-personal-information-exchange-between-mortgage-professionals-and-consumer-to-create-a-highly-trusted-mortgage-transactio/#comment-2222 JeffX Sun, 06 Apr 2008 18:32:57 +0000 http://thexbroker.com/2008/04/05/zillows-mortgage-community-on-the-cusp-of-an-anonymous-transparent-credit-and-personal-information-exchange-between-mortgage-professionals-and-consumer-to-create-a-highly-trusted-mortgage-transactio/#comment-2222 An affliction in the truest sense of the definition... Your demand for two-way transparency triggered a memory that ironically lead me back to my very first post on this site...So I must thank you again for the inspiration Brian :) An affliction in the truest sense of the definition…

Your demand for two-way transparency triggered a memory that ironically lead me back to my very first post on this site…So I must thank you again for the inspiration Brian :)

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