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Special Reports
Lead Generation
Search May Yield Leads
By Brad Finkelstein
Zillow.com
here has launched the Zillow Mortgage Marketplace, a place where a consumer can go anonymously to search for loan
quote from a participating mortgage originator.
When the consumer makes a submission, when he or she returns to the site, there
will be a customized response waiting for them. This lets the consumer compare on an apples-to-apples basis. "It's
clear from our customer research and from reading today's headlines that borrowers need a better way to research
and shop for home loans," said Rich Barton, chief executive and co-founder of Zillow.com. "Loan shoppers tell us they want
real quotes - not just teaser rates - when doing their research online, and they want to control who and when they
contact by shopping anonymously until they are ready to talk. There is an obvious need for a transparent, free
marketplace, and with this in mind, we are pleased to enter a new business today with the launch of Zillow Mortgage
Marketplace."
What makes this service unique is that the applicant is not providing any information
that identifies them into the system. They are not providing name, address, phone number or Social Security number.
Mortgage Marketplace participants must disclose all fees upfront. Zillow estimates
taxes and insurance. Using this information, it provides the consumer with an estimated monthly payment.
The consumer's identity is revealed only when he or she elects to contact a lender.
Those originators seeking to become part of the program must undergo a confirmation
process at a one-time fee of $25.
The originator creates a public profile on the site, where they can add a photograph
and give information about themselves. The profile will also contain consumer ratings.
Participants also must agree to adhere to the Zillow Mortgage Marketplace code
of conduct.
A survey conducted for Zillow.com by Harris International found that the typical American who obtained a new loan or refinanced
an existing one in the past five years only spent five hours on research for their loan.
For a car, they typically spent eight hours in research.
The same survey found that the primary concern among consumers is that their personal
information is being sold or shared among multiple lenders. Another leading concern is missing the opportunity
to get the best rate. "What most people don't realize is the type and terms of a loan are often more significant
than the actual purchase price as these factors can dramatically affect the affordability of a home," said
Spencer Rascoff, Zillow's CFO.
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