No…Zillow with mortgage is NOT boring…quite from it. I’m just a bit worn out after the historic day we’ve all gone through in the mortgage industry today and I’m ready to call it a night. However, just when I’m going to unplug my laptop…Zillow finally provides the public with some more clues on how Zillow will integrate mortgages on their site.
I’m lucky to have been included as one of the Mortgage Professionals getting a scoop before the release. And this has all ready been covered very well at Lenderama, Blown Mortgage and Bloodhound Blog to name a few. What I like the most about this concept (which not all the details have been revealed) is the fact that Zillow is doing background checks by an independent third party before they will accept a Loan Originator to be a part of this feature.
From Zillow’s blog:
While we’re not sharing more details right now, we can say that we’ve built our product around Zillow’s model of openness and transparency that is increasingly important in today’s home lending environment. And, consistent with our information-based model, we have no intention of being part of the transaction. After speaking extensively to both consumers and mortgage professionals about the product, we’re confident that all parties will ultimately benefit from Zillow’s unique approach to home lending that is unlike any other in the market today.
This is the phase for interested loan originators to apply. More zetails to follow…time for me to catch my real z-z-z-z’s.
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The bar has been set too low to call this any kind of national seal of approval. To me it looks like just another lead generation model, but I need to go inside and play around a little more.
Jillayne, I don’t think anyone is calling this a national seal of approval.
Where this model is different is that it does screen the LO’s before they can be a part of Zillow’s program. It’s not about who pays the most bucks for ad space or placement on their list. They say it will promote a new level of transparency…details to follow.
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The “one” account is basically an offset mortgage account. It is probably the most well known, but it is not the only one available. It is still essential to check out the rates that they are offering to you to make sure that you get the best rate. The premise is that you can offset your savings against your mortgage and save on the interest that you pay on your mortgage, this helps you to pay off your mortgage quicker, although it only really works if you have savings, or believe that you will be able to save money, and it is also beneficial if you are a higher rate tax payer.