Comments on: Google Mortgage http://thexbroker.com/2009/08/27/google-mortgage/ Thu, 10 May 2012 07:34:26 -0800 http://wordpress.org/?v=2.8.4 hourly 1 By: from ActiveRain Real Estate Network by Jeff Corbett (7DS Associates) « Anthony Phillips Las Vegas Realtor http://thexbroker.com/2009/08/27/google-mortgage/comment-page-1/#comment-5219 from ActiveRain Real Estate Network by Jeff Corbett (7DS Associates) « Anthony Phillips Las Vegas Realtor Thu, 21 Jan 2010 16:43:39 +0000 http://thexbroker.com/?p=591#comment-5219 [...] at the end of August, exactly one post ago, I wrote of Googles pending entrance into the mortgage lead [...] [...] at the end of August, exactly one post ago, I wrote of Googles pending entrance into the mortgage lead [...]

]]> By: JeffX http://thexbroker.com/2009/08/27/google-mortgage/comment-page-1/#comment-5195 JeffX Mon, 19 Oct 2009 17:16:21 +0000 http://thexbroker.com/?p=591#comment-5195 Hey Fabio-<br><br>I'm pretty well versed on ZMM and pricing engines...<br><br>I agree that ZMM is more than rate quoting (regardless of how its primarily used) and appreciate their attention to consumer service by offering Lender reviews.<br><br>Zillow offering their own integrateable pricing engine, instead of API's that speak to other pricing engines, could actually be quite beneficial to all parties...Lenders could either tie their raw feeds into the engine, Brokers/Bankers could have the feeds of the lenders they are approved with tie directly into the engine under their specific accounts, considering relative adjustments for volume and other such variables. Brokers, bankers, retail, wholesale, credit unions, etc etc etc adjustments and margins would all be considered and as accurate as the source of the data...and consumers would get to see raw wholesale mortgage information. <br><br>By flipping rate and margin face-up, with no ability to manipulate the information, all parties would be forced to compete primarily on service. <br><br>API's provide information that is only as good as the source (or Third Party Provider) they are pulling from. If you make the source of the data the institution that is providing the loan rather than a TPP, there is actually less margin for error or other potentially egregious activity...not to mention the information could be delivered in real time. Latent information delivery is a big problem in the mortgage industry and causes alot of unnecessary grief for the consumer and professional. <br><br>A TPP (Brokers/Bankers/Lenders) could still effectively be represented, since it is through their relationships with lending institutions that they are granted access to rate and margin info they would be providing to and through a community like ZMM. <br><br>Hope that clarifies my position a bit...thx for the comment. Hey Fabio-

I'm pretty well versed on ZMM and pricing engines…

I agree that ZMM is more than rate quoting (regardless of how its primarily used) and appreciate their attention to consumer service by offering Lender reviews.

Zillow offering their own integrateable pricing engine, instead of API's that speak to other pricing engines, could actually be quite beneficial to all parties…Lenders could either tie their raw feeds into the engine, Brokers/Bankers could have the feeds of the lenders they are approved with tie directly into the engine under their specific accounts, considering relative adjustments for volume and other such variables. Brokers, bankers, retail, wholesale, credit unions, etc etc etc adjustments and margins would all be considered and as accurate as the source of the data…and consumers would get to see raw wholesale mortgage information.

By flipping rate and margin face-up, with no ability to manipulate the information, all parties would be forced to compete primarily on service.

API's provide information that is only as good as the source (or Third Party Provider) they are pulling from. If you make the source of the data the institution that is providing the loan rather than a TPP, there is actually less margin for error or other potentially egregious activity…not to mention the information could be delivered in real time. Latent information delivery is a big problem in the mortgage industry and causes alot of unnecessary grief for the consumer and professional.

A TPP (Brokers/Bankers/Lenders) could still effectively be represented, since it is through their relationships with lending institutions that they are granted access to rate and margin info they would be providing to and through a community like ZMM.

Hope that clarifies my position a bit…thx for the comment.

]]> By: Fabio http://thexbroker.com/2009/08/27/google-mortgage/comment-page-1/#comment-5194 Fabio Sat, 17 Oct 2009 14:44:41 +0000 http://thexbroker.com/?p=591#comment-5194 I'm extremely surprised with your comment above regarding the fact that you think Zillow should host their own pricing engine and eliminate lenders API's from tying in to Zillow. Obviously you have no idea what Zillow's Mortgage Marketplace is about in the first place and you have no idea how pricing engines work. <br>Zillow is not just about finding a rate quote... any robot can quote a rate, it's about finding a lender that you would like to work with as well. Lender reviews are posted from prior customers and lenders offer advice and relevant content. <br>If Zillow were to host their own pricing engine, then where would lenders fit in? How would lenders quote rates? More importantly, Lenders are not all pulling quotes from essentially the same place. There are different types of lenders on Zillow including mortgage brokers, mortgage bankers, retail lenders, credit unions, savings and loan, your niche direct lenders, and so many more. Each lender has their own pricing margins which is extremely important when it comes to deciding what rate the lender can offer. In a highly competitive rate pricing environment like Zillow, those margins are crucial.<br>Also, different types of lenders have different needs when it comes to the pricing engine that lender uses. A mortgage banker of 100+ loan officers will have different needs then a mortgage broker of 5 loan officers and different pricing engine technologies have different strengths and weaknesses and markets they focus on. <br>The fact that Zillow allows the lenders pricing engine to integrate with Zillow makes perfect sense for the mortgage shopping experience that Zillow is trying to create. It's not just about rate at Zillow. If Zillow were to have only one pricing engine like Google, then Zillow's marketplace would fall apart. I'm extremely surprised with your comment above regarding the fact that you think Zillow should host their own pricing engine and eliminate lenders API's from tying in to Zillow. Obviously you have no idea what Zillow's Mortgage Marketplace is about in the first place and you have no idea how pricing engines work.
Zillow is not just about finding a rate quote… any robot can quote a rate, it's about finding a lender that you would like to work with as well. Lender reviews are posted from prior customers and lenders offer advice and relevant content.
If Zillow were to host their own pricing engine, then where would lenders fit in? How would lenders quote rates? More importantly, Lenders are not all pulling quotes from essentially the same place. There are different types of lenders on Zillow including mortgage brokers, mortgage bankers, retail lenders, credit unions, savings and loan, your niche direct lenders, and so many more. Each lender has their own pricing margins which is extremely important when it comes to deciding what rate the lender can offer. In a highly competitive rate pricing environment like Zillow, those margins are crucial.
Also, different types of lenders have different needs when it comes to the pricing engine that lender uses. A mortgage banker of 100+ loan officers will have different needs then a mortgage broker of 5 loan officers and different pricing engine technologies have different strengths and weaknesses and markets they focus on.
The fact that Zillow allows the lenders pricing engine to integrate with Zillow makes perfect sense for the mortgage shopping experience that Zillow is trying to create. It's not just about rate at Zillow. If Zillow were to have only one pricing engine like Google, then Zillow's marketplace would fall apart.

]]> By: snvindore http://thexbroker.com/2009/08/27/google-mortgage/comment-page-1/#comment-5183 snvindore Sat, 03 Oct 2009 18:40:02 +0000 http://thexbroker.com/?p=591#comment-5183 Google has services in every field, now its great to hear that Google has started the mortgage comparison also .<br><br>Thanks for information. Google has services in every field, now its great to hear that Google has started the mortgage comparison also .

Thanks for information.

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