I am sure all of you have heard of Zillow by now and their Zestimate of what your home’s value is. Now, they are entering into the mortgage arena and offering loan originators the opportunity to get “leads” from Zillow for $25 and Zillow runs a background check on the originator. The question to be seen is whether or not this service will benefit the consumer, the originator, or both.
There have been many blog posts already covering the story, so here are a few to get you caught up on what Zillow Mortgage is…
- Zillow Mortgages to give loan originators “absolutely free and unlimited access to consumers looking for a mortgageâ€, Todd Carpenter
- Zillow Mortgage: Zoriginators’ Delight or Bane? , Brian Brady
- Zillow creates the end of the world as we know it, and I feel fine, Teri Lussier
- Zillow Launches Mortgage Lender Sign Ups – Points to a New Way of Consumer Control of Mortgage Process, Morgan Brown
My take is similar to Brian Brady’s in that Zillow has started something that can improve the industry as a whole. We need a method of increasing professionalism and especially accountability. This part will surely benefit the consumer. Brian explains this well in his post, Mortgage Complaint? Welcome to The World Of Consumer-Policing at Zillow Mortgage.
As for the rest of the Zillow Mortgage offering, I remain rather skeptical and hope that I am wrong. For me, I paid the $25 simply to see what its offerings truly are for the mortgage originator and be able to report back on my findings later on.
I have always detested “leads” in any way, shape or form, whether Bankrate.com, Lending Tree, or other site. They simply do not provide a genuine benefit to the consumer and rather keep the focus on “lowest rate and fees” which does more harm than good.
I prefer working with financial planners, CPAs, estate planners, realtors, tax attorneys and other referral sources. I have found that my clients get better service, a thorough education, and genuinely solid advice across the whole spectrum of their transaction and its impact on the financial plan.
Rest assured, that as Zillow Mortgage develops and I start seeing the quality of their offering, I will report accordingly.
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Zillow is a scary animal. I personally don’t put my listings on their site for fear that I would be feeding the monster. I had a meeting with one of their vp’s a few months back. He said all the right things – but there was this underlying sense that things were just not quite right. The more I see the less I like. Great article.