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Zillow Launches Mortgage Marketplace

That’s right! Zillow has launched their long awaited “Mortgage Marketplace.” This not-so-great idea is being billed as a place that consumers can get quotes from multiple lenders without having to provide any personal information.  Spencer Rascoff, Zillow’s chief financial officer and vice-president for marketing claims, “This is a huge step forward in terms of putting borrowers in control and giving them access to information.”

What’s wrong with this, you ask? Read on…

Ok, let’s look at this in real terms. In a day when mortgage lenders are tightening up on underwriting and credit standards and where a 650 credit score is no longer considered “safe” (and thereby has a “rate hit” added to it), Zillow is declaring “open season” on consumers by orchestrating multiple mortgage rate “quotes” based on pure conjecture? (and without any investment, which would keep lenders more honest.)

Why would Zillow do that? Read on.. you’ll see.

As if the mortgage industry didn’t have enough bad press, this will top it off. The lenders using this service get to “compete” for free with other lenders for the hopes that the consumer might choose to eventually contact them. So what do you think will happen? Can you spell “L O W B A L L”? Every single mortgage lender using Zillow’s mortgage marketplace will offer the “lowest mortgage rates” and “lowest mortgage fees” that CAN NOT BE DELIVERED, of course with the nice little disclaimer “some restrictions apply!”

Why would lenders do that? Here’s your answer…

Not one lender will be able to offer real terms because there is no real information provided. And the result will be consumers feeling as if they have been lied to and duped… of course, by the lenders. While mortgage lenders come out looking like liars, Zillow makes out like a hero.. they only offered the space and medium for lenders and consumers to lie to each other (yes, some consumers actually lie)… but Zillow won’t be telling any lies themselves. Of course, what Zillow will do is rake in the cash from ads they sell because this type of bogus hype will without doubt draw a lot of traffic.

So will Ed Nailor be “competing” on Zillow”?

Folks, please understand that when you give generic information for something that requires personal information, you will get misinformation and generic answers. As a Charlotte mortgage lender, I do not speak in generalities and I do not provide a “quote” to someone without knowing I can deliver on my promise. This means I will ask personal questions and get to know you a bit.

If you’ll notice, I do not advertise, especially about the lowest mortgage rates in Charlotte. To do so means I would have to lowball you in order to “compete” with the other lowballers, or I have wasted my advertising money. With this in mind, I will pass on this “opportunity” to compete.

My Promise to You, Charlotte

The idea of “over-promising” and “under-delivering” is an old sales tactic. However, when you get to the end and the delivery is not there, it can make for the worst “last impression” ever. You and I could be great friends through out the entire mortgage process, but if at the end I surprise you with higher mortgage rates and closing fees, we won’t be friends any longer.

I have always strived to deliver above and beyond what I promise. I want to go that extra mile for you during your mortgage loan process in Charlotte and make sure that when its all said and done you can’t wait to do it again!

Don’t get caught up in the “BS” hype and ads about “competing lenders”. Let me help you find the right home mortgage loan program to fit your needs and don’t waste your time with empty promises.