Comments on: Zillow Mortgage Marketplace, Cultivating a Better Crop

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By: Mary

Mary — Thu, 22 May 2008 22:23:26 +0000

Hi Jeff,

Thanks for your post. I wanted to add that we recently conducted a survey with some of the first borrowers who received quotes on Zillow Mortgage Marketplace, and they had some positive feedback.

A couple of key numbers show that Zillow Mortgage Marketplace is working:
More than 40% of borrowers contacted at least one lender, and 30% of borrowers have closed or plan to close a loan soon with a lender from Zillow Mortgage Marketplace.

My recent blog post on Zillow Blog highlights the results: http://www.zillowblog.com/zillow-mortgage-marke...

By: Mike Sweeney

Mike Sweeney — Thu, 22 May 2008 15:32:51 +0000

It's definitely a step in the right direction for anonymous mortgage quotes for the consumer, but you're right, it's not a huge step from Bankrate.

Zillow mortgage quotes are rough. At best they're going to be off by thousands (as much as 12-15k in certain scenarios). At worst, they'll be completely bogus because Zillow omits some key considerations on the consumer's data.

In order for a mortgage site to break new 2.0 ground it has to be focused. Then it can perform precise calculations for specific types of loans. This is how it becomes a true benefit and personalized resource to the consumer. That's web 2.0 and a major step forward.

By: Greg Broadbent

Greg Broadbent — Thu, 22 May 2008 13:38:47 +0000

I noticed that lots of people are using the 2.0. Is there any special significance other then new jargon for the next generation? I am not sure I Old Mutual it.

By: JeffX

JeffX — Wed, 21 May 2008 22:53:03 +0000

You're the best David, and I love your company's courage to innovate

By: David

David — Wed, 21 May 2008 22:42:36 +0000

Hi Jeff,

Thanks for your encouragement.

I agree that automation could have a real positive impact on quote accuracy and efficiency. We will implement an API to automate quotes but that interface will push loan requests and receive quotes; it won't integrate to wholesale rates. Zillow Mortgage Marketplace is not a pricing engine and I'm convinced that having a pricing engine should not be a prerequisite for participating in the marketplace. Remember too that not all quotes on Zillow originate in the wholesale market and so that's probably not the right interface for us when we do tackle automation (but it may well be the right approach for a partner who can provide a pricing engine for brokers that can integrate to Zillow.)

By: jdahleen

jdahleen — Wed, 21 May 2008 22:38:04 +0000

Hey Nate –
You forgot the scrolling live quotes and the daily average 30 Fixed Rates & 15 Year Fixed rates. That really helps a consumer get a feel on current market rates.

I like that feature.